LeapFrog portfolio in $20m plans

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A LeapFrog Investments portfolio company based in Kenya is working on a $20 million expansion plan.

LeapFrog pharmaceutical products distribution company Goodlife Pharmacy is looking to expand the number of stores over threefold to more than 100 – from the current 30.

The International Finance Corporation (IFC) is working on plans to invest $3 million worth of debt to finance the expansion plans.

LeapFrog is not investing additional capital.

The company has previously received a $4.5 million debt investment from the IFC in 2015.

LeapFrog first backed the company in 2016, when it invested $22 million in a secondary buyout, acquiring it from Catalyst Principal Partners. The later generated an internal rate of return (IRR) in the sale that exceeded its targeted 25%, in US dollar terms.

Catalyst first invested in the company in 2014, when it was known as Mimosa Pharmacy.

Headquartered in Nairobi, Goodlife retails pharmaceuticals, food supplements and cosmetics. Additionally, the company offers consultation services in store. Goodlife currently has a presence in Kenya and Uganda.

Created in 2004, the company is headed by chief executive officer Tony McNally and employed 215 people, as of 2016. Goodlife was previously called Acacia Apotheke Two.

Felix Olale [pictured], partner at LeapFrog, sits on the Goodlife’s board of directors.

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