IBL Group, a multinational conglomerate led by Mauritian multimillionaire businessman Arnaud Lagesse, has acquired an undisclosed stake in Harley’s, a pharmaceutical distributor based in Kenya.
As the lead investor of a consortium that includes Proparco, a subsidiary of Agence Francaise de Developpement (AFD), IBL Group entered into a definitive agreement to acquire a majority stake in Harley’s.
The buyout of the pharmaceutical distributor is the latest in the medical distribution sector that has attracted major investors including private equity funds.
The transaction marks the group’s latest investment in Kenya, following the acquisition of a 26.32-percent stake in Naivas Limited for Ksh12.5 billion ($100 million) last year, also as part of a consortium, underscoring the group’s commitment to the Kenyan market.
Based in Nairobi’s Westlands, Harley’s supplies pharmaceutical products and medical equipment. It offers a range of products such as pharmaceuticals, hospital beds, intravenous poles, bedside cabinets, examination beds, delivery beds, and stainless steel buckets.
Additionally, it has formed strategic partnerships with renowned suppliers such as Bayer, GlaxoSmithKline, Merck, and Roche.
Harley’s presence spans across five locations including Nairobi (Central), Mombasa (Coast), Eldoret (Western), Dar es Salaam (Tanzania), and Kampala (Uganda), where it operates offices and stock points.
Rupen Haria, the managing director of Harley’s, expressed his enthusiasm for the newly formed partnership with IBL, stating: “We are excited to collaborate with IBL and believe that our shared values and strategic objectives will lead to a successful partnership.”
“With this alliance, we are poised to accelerate our growth and move into the next phase of our development,” Haria added.
IBL Group is a leading Mauritian conglomerate and one of the island’s largest firms, with more than 200 brands spread to more than 19 countries. The group has also set up an office in Nairobi to spearhead its search for potential buyout opportunities as part of its strategy to expand its operations in East Africa and establish a stronger foothold in the Kenyan market.
Under Arnaud Lagesse, one of the richest men in Mauritius, the group has grown into a leading conglomerate, and as part of its expansion plans, it is now venturing into Kenya’s construction, agrochemicals, consumer goods distribution, and reinsurance sectors.
