Imperial secures majority stake in Kenya-based logistics group
Logistics group Imperial Holdings will buy a 70% interest in Kenyan pharmaceutical group Surgipharm for R470m in cash, subject to regulatory approvals. Surgipharm, headquartered in Nairobi and with offices in Mombasa, is a distributor of pharmaceutical, medical and surgical supplies in the country, with an annual turnover of about R940m. It has more than 330 employees, about 4,700m² of warehousing and its own transport fleet catering to the ministry of health, nongovernment organisations, hospitals, clinics, doctors, pharmacies and wholesalers. Key management will retain their roles. Imperial says the deal is in line with its African growth strategy to be a partner of multinational companies in the consumer goods and pharmaceutical sectors in southern, eastern and western Africa. “Our entry into pharmaceutical distribution in Kenya is also opportune at a time where there is GDP growth, rising income levels and a rising middle class in the region,” Mark Lamberti, group CEO of Imperia...
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