Proparco and IBL Group has joined forces to acquire Harley’s, a prominent distributor of pharmaceuticals and medical equipment in East Africa.
The funding will contribute to Harley’s expansion strategy, facilitate job creation, and enhance access to pharmaceutical products in East Africa.
This follows IBL’s acquisition of an undisclosed stake in Harley’s a few months ago, as part of a consortium that gained control of the company.
This represents IBL’s continued investment in Kenya, following its acquisition of a 26.32% stake in supermarket chain Naivas Limited for $100 million (Sh15.3 billion) last year, as part of a consortium.
Proparco was also part of the consortium that acquired a combined 40 per cent stake in Naivas for $151.9 million (Sh23.3 billion).
Proparco head of equity for Africa and the Middle East Damien Braud said Harley’s is a historical player in the pharmaceutical sector, making a big impact on the lives of Kenyans, Tanzanians and Ugandans.
“Proparco is very proud to support Harley’s and more generally the pharmaceutical and healthcare sector in East Africa, which we believe are key components of development in the region,” Braud said.
Harley’s is a leading distributor of pharmaceutical products and medical equipment, providing a range of essential items such as drugs, hospital beds, intravenous poles, bedside cabinets, examination and delivery beds, as well as stainless steel buckets.
The company’s suppliers include Bayer, GlaxoSmithKline and Mercl and Roche with operations in Nairobi, Mombasa, Eldoret, Dar es Salaam and Kampala.