London-based private equity firm Alta Semper Capital has announced a partnership with Nigerian pharmacy retail chain HealthPlus.

Alta Semper is investing $18m into the pharmacy chain, which will allow the firm to expand its footprint in the Nigerian pharmaceutical market.

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This partnership marks Alta Sember’s first investment in Nigeria.

Headquartered in Nigeria, HealthPlus currently operates 80 retail outlets, offering healthcare and professional beauty products to customers across West Africa.

“We believe that this is an opportune time to enter the Nigerian retail market and invest into a market-leading player, such as HealthPlus.”

As part of the deal, HealthPlus plans to establish regional distribution centres in commercial hubs across the country, develop a new wholesale channel, and invest in private labels and e-commerce.

HealthPlus CEO Bukky George said: “We believe Alta Semper is the right partner for our next stage of growth.

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“Alta Semper’s focus on the healthcare sector, as well as its ability to invest patient and flexible capital, will allow us to grow strategically across Nigeria and further our mission to provide high-quality and affordable healthcare products and services to a market that is large and growing.”

The Nigerian pharmaceutical chain offers prescription and over-the-counter medicines, as well as natural remedies, mobility aids, nutritional supplements, home medical equipment and pharmacy services.

Alta Semper managing partner and CEO Afsane Jetha said: “We believe that this is an opportune time to enter the Nigerian retail market and invest into a market-leading player, such as HealthPlus, which presents a unique risk-adjusted entry strategy, given its existing size and geographic scope.

“We are looking forward to working closely with Bukky George and her team to further unlock the company’s growth potential.”