Verod Capital Management Limited announced that it has acquired a significant minority equity stake in Medplus, a leading health and beauty retailer chain pharmacy in Nigeria.
Though the amount is undisclosed, the investment is from its latest Fund, Verod Capital Growth Fund III, and is part of its broader strategy to deepen access and affordability in the healthcare sector.
Founded by CEO Joke Bakare, Medplus is the pioneer and largest Nigerian pharmaceutical retail business, with about three decades of successful operations. Medplus offers a robust product portfolio, retailing a variety of essential drugs, beauty products and everyday household items, through its e-commerce platform and across over 79 stores, to a large and growing consumer base.
According to Joke Bakare; “We are pleased to have Verod Capital as a partner and look forward to working with their team to expand our network of stores across Nigeria and deepen our digital channel to continue providing quality products to our customers and developing new opportunities for growth in Nigeria’s pharmaceutical sector. Verod Capital has extensive experience supporting the development of companies including providing best-in-class environmental, social and governance practices, and we are confident that their resources, network and insights will help us in executing on our strategic growth strategy. We also thank Stanbic IBTC Capital Limited for guiding us efficiently and strategically through this process.”
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With the fast-growing urban population, increasing healthy lifestyle and consciousness, better verification to address counterfeit drugs, and favourable regulatory support. Nigerian pharmaceutical industry is poised for further growth. Retail pharmacies are addressing the growing demand for convenient and accessible care by end-consumers. Reinforced by these factors, Medplus is well positioned for future growth, in a large growing underserved market through its targeted store expansion plans and its digital retail strategy.
“Medplus has a long track record of pharma excellence and is led by an experienced CEO and management team,” said Mr. Eric Idiahi, Partner at Verod Capital. “We believe in the company’s growth potential and are thrilled about its expansion plans in the traditional and digital channels and in ancillary services, i.e. nutritional and wellness services. We are excited about the opportunity to partner with the team at Medplus in a joint mission to increase healthcare accessibility, reliability and efficiency, and also to contribute to the continued success story of the company.”
This investment provides growth capital needed to accelerate Medplus’ expansion plans, which would enhance the provision of high-quality product portfolio across Nigeria and contribute to the development of the healthcare sector.
