LeapFrog Investments has officially exited its investment in Goodlife Pharmacy, East Africa’s largest retail pharmacy chain, following the full acquisition of the business by CFAO Healthcare, a leading distributor of pharmaceutical and medical products across Africa.
This marks the culmination of a strategic partnership that began in 2022, when CFAO Healthcare acquired a minority stake in Goodlife from LeapFrog. With this latest transaction, CFAO has now acquired 100% ownership, positioning itself to further scale Goodlife’s operations and impact across the region.
LeapFrog first invested in Goodlife in 2017, at a time when modern pharmacy retail was still in its infancy in East Africa. Over the course of its investment, LeapFrog played a pivotal role in transforming Goodlife into a category-defining brand, helping to establish a trusted, consumer-focused pharmacy network that now serves over 2 million customers annually.
Key milestones during LeapFrog’s tenure include:
- Establishing traceable, high-integrity supply chains to ensure product quality and safety.
- Scaling a modern retail footprint to approximately 150 locations across Kenya and Uganda.
- Expanding service offerings to include not only pharmaceuticals, but also beauty and wellness products, diagnostics, and primary care consultations through licensed partners.
- Building an omnichannel model that integrates physical stores with digital platforms to enhance accessibility and convenience.
Dr. Biju Mohandas, Partner and Global Head of Healthcare at LeapFrog, highlighted the significance of the exit:
This is a powerful demonstration of what’s possible in African healthcare with the right capital and the right partner. Together with a world-class management team, we built Goodlife into a household name – trusted by millions for vital medicines and health services. CFAO Healthcare is the ideal partner to carry this mission forward.
Jean-Marc Leccia, CEO of CFAO Healthcare, praised the platform’s evolution:
Goodlife has built a trusted brand and an extensive network of pharmacies across East Africa. Thanks to LeapFrog’s operational expertise and vision, the platform now stands as a benchmark for delivering affordable, high-quality care to emerging consumers.
Justin Melvin, CEO of Goodlife Pharmacy, expressed optimism about the next chapter:
With the backing of LeapFrog Investments, we’ve achieved tremendous progress toward our mission. Partnering with CFAO Healthcare offers a unique opportunity to expand that mission, delivering greater impact and value for our customers and communities.
With CFAO Healthcare now at the helm, Goodlife is poised to deepen its role as a wellness hub for East African communities. The acquisition aligns with CFAO’s broader strategy to enhance healthcare accessibility, service quality, and innovation across the continent.
This exit underscores LeapFrog’s investment philosophy of profit with purpose, demonstrating how private capital can drive both financial returns and meaningful social impact in emerging markets.
