CATALYST PRINCIPAL PARTNERS INVESTS IN LEADING PHARMACY CHAIN
Investment in retail pharmacy chain, Mimosa Pharmacy Limited. The investment will build on Mimosa’s strong reputation for quality health and beauty products within high traffic retail destinations, with plans to expand its footprint across major commercial centers in Kenya and across eastern Africa. Alongside Chris Getonga, the founder of Mimosa, Catalyst has partnered with a strategic investor, Africa Chemist and Beauty Care (ACBC), which has a depth of international and emerging markets pharmacy retailing expertise to support enhancement of the customer offering and to accelerate expansion of the business.
Catalyst Principal Partners’ Managing Director, Biniam Yohannes, said “We are delighted to make our first investment in the healthcare sector. The sector has evolved rapidly over the last decade, with increased consumption of pharmaceutical and personal care products in formal retail channels being driven by increased access, exposure and appreciation of the health benefits of quality products and brands. Our investment will further fill the gap between the consumer demand and market supply, with the aim of building the business into a world-class pharmacy retail chain of regional scale.”
Josh Ruxin, the Chairman and Co-Founder of ACBC, echoed Yohannes’ sentiment: “We look forward to adding value and capability to the leading east African pharmacy chain to deliver a unique high quality customer experience to service increasingly discerning consumers in Kenya and across the region. That experience starts the moment consumers enter our doors to find trusted medicines and related products.”
His colleague David Zapol, Co-Founder of ACBC, added, “We are bringing insights into the business accrued from our team’s depth of experience working with top global pharmacy retailers delivering health and pharmacy products to service a diversity of consumer segments”.
Established ten years ago, Mimosa Pharmacy is a quality-focused pharmaceutical retail company with 6 branches strategically located in premier sites within Nairobi and Mombasa with stores at Junction Mall, Crossroads Mall – Karen, Ridgeways Mall, Oasis Mall – Malindi and WPS Building – Watamu.
“I am confident that the strategic partnership with Catalyst and ACBC will create a platform for Mimosa to realize its vision of becoming the most convenient and trusted provider of pharmaceutical and personal care products in the region, in line with the growing opportunities that exist, while empowering and strengthening our team through skills transfer and capacity building”,
Chris Getonga, founder of Mimosa.
The investment in Mimosa Pharmacy represents the continued expansion and diversification of Catalyst’s eastern Africa focused investment portfolio, following earlier investments across the region in consumer goods, agro-processing, financial services and equipment leasing.