Verod Capital Management Limited is a West African private equity company that has acquired a substantial minority stake in Medplus Limited.
It is part of the company’s wider strategy to increase access and affordability in healthcare.
Medplus is a Nigerian pharmacy retail business. It has a number of product portfolios and sells essential drugs, beauty and everyday household products through its online platform and more than 79 stores.
This investment provides the growth capital needed to accelerate Medplus’ expansion plans, which would enhance the provision of a high-quality product portfolio across Nigeria and contribute to the development of the healthcare sector.
Commenting on this transaction Joke Bakare (Founder and Chief Executive Officer of Medplus) said: “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 our strategic growth strategy. We also thank Stanbic IBTC Capital Limited for guiding us efficiently and strategically through this process.”
The fast-growing urban population has led to a healthier lifestyle and consciousness. There is also better verification of counterfeit drugs and regulatory support. Nigeria’s pharmaceutical industry is poised to grow.
Retail pharmacies are addressing the growing demand for convenient and accessible care by end – consumers. Medplus, with its targeted store expansion plans, and digital retail strategy, is well-positioned to grow in an underserved market.
“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. nutritive 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.”