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Nedbank CIB LeapFrog Investments deal announcement
Nedbank CIB announces the successful LeapFrog Investments deal. Read more about this joint advisory deal.
Nedbank CIB and I&M Burbidge Capital jointly advised LeapFrog Investments on the sale of Goodlife Pharmacies to CFAO Healthcare.
LeapFrog Investments exits and French Corporate CFAO enters
Nedbank CIB and I&M Burbidge Capital jointly advised LeapFrog Investments on the exit of their majority stake in Goodlife Pharmacies, the largest retail pharmacy chain in East Africa to CFAO Healthcare, a division of CFAO Group. Also known as Corporation for Africa & Overseas, CFAO is headquartered in France and a subsidiary of Toyota Tsusho Corporation.
‘LeapFrog acquired a majority stake in Goodlife in 2017, in what was the largest direct investment in East Africa’s retail pharmacy sectore. Together with a world-class management team, we have built Goodlife into a household name - trusted by millions for vital medicines and health services.’ Biju Mohandas | Partner and Global Healthcare Lead | LeapFrog Investments
‘By being an integrated operator across pharmaceutical manufacturing, wholesale, and retail distribution, we’ll be able to better serve our partners and, more importantly, African patients with the same unwavering goal of contributing to the improvement of healthcare outcomes throughout the continent,’ says Jean-Marc Leccia, CEO of CFAO Healthcare.
The role of Nedbank CIB in the LeapFrog deal
Nedbank CIB has global reach to international investors interested in African Assets. ‘This transaction epitomises our strength working with Global Private Equity Firms such as LeapFrog, where we are able to bring international best-practice, sector knowledge and a combination of both on-the-ground knowledge as well as global reach’ says Teurai Nyazema, Associate Principal of Corporate Finance at Africa Nedbank CIB.
‘Nedbank CIB’s strong relationships with potential investors around the world, our experience working on M&A transactions on the continent and deep understanding of the sector means we are able to navigate complex situations and secure the best deal outcomes for our clients,’ adds Axel Smeulders, Head of Corporate Finance at Africa Nedbank CIB.
The history between LeapFrog and Goodlife Pharmacies
LeapFrog Investments’ involvement with Goodlife Pharmacy has significantly influenced the company’s growth and service offerings. In 2017, LeapFrog acquired a majority stake in Goodlife, marking the largest direct investment in East Africa’s retail pharmacy sector at that time.
This partnership enabled Goodlife to expand its footprint from 19 locations to around 150 across Kenya and Uganda, reaching approximately 2 million customers. With the support of LeapFrog, Goodlife launched the MyGoodlifeClub loyalty programme, which now serves over 500 000 members.
The future of Goodlife in Africa
Goodlife is the largest retail pharmacy chain in East Africa with various formats to cater for the different demographics in the region. Goodlife also plans to launch new formats and brand offerings, solidifying its health hub offering, and intensifying its social impact.