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The strategy for healthcare investment group AfroCentric is one of acquisition. This type of growth path can be an easy one: go shopping and buy what you like. But it can also be a recipe for disaster, especially for the sensitive smaller-cap stocks. I sincerely hope AfroCentric is paying the right price, appropriately funding these acquisitions and integrating them properly. In its interim results to December 2017, group CEO Antoine van Buuren noted the several small acquisitions made over the past year. "These are not yet having an influence on the bottomline but are starting to add up and will have a substantial impact over the medium term."The growth by acquisition strategy is concentrated in SA at present. Regarding its rest of Africa interests, Van Buuren gives the assurance that the group will go into places only where it knows the environment, for example, where key AfroCentric shareholder Sanlam has a presence. "The Africa strategy is a cautious approach with a big brother ...

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