IBL Group, a leading conglomerate led by Mauritian tycoon Arnaud Largesse, is set to conclude its acquisition of a significant stake in Nairobi-based pharmaceutical distributor Harley’s by the end of this month.
This move underscores IBL’s commitment to the Kenyan market and its strategic expansion into East Africa. The buyout of Harley’s is the latest development in the thriving medical distribution sector that has been a magnet for significant investors, including private equity funds.
This decision to expedite the acquisition of the stake in Harley’s represents the group’s dedication to realizing its ambitions in the Kenyan pharmaceutical market. The latest move comes nearly nine months after IBL announced its intentions to acquire an undisclosed stake in this well-established pharmaceutical distributor.
Harley’s, headquartered in Nairobi’s Westlands, is a renowned supplier of pharmaceutical products and medical equipment, offering a wide range of items, including pharmaceuticals, hospital beds, intravenous poles, bedside cabinets, examination beds, delivery beds, and stainless steel buckets.
The company has forged strategic partnerships with respected suppliers such as Bayer, GlaxoSmithKline, Merck, and Roche. Harley’s presence spans five key locations, including Nairobi (Central), Mombasa (Coast), Eldoret (Western), Dar es Salaam (Tanzania), and Kampala (Uganda), where it maintains offices and stock points.
IBL Group, under the leadership of Lagesse, stands as a leading conglomerate and one of the largest groups in Mauritius boasting a portfolio of more than 200 brands distributed across more than 19 countries, the group has transformed into a significant conglomerate.
As part of its expansion strategy, the group has diversified its interests into several sectors in Kenya, including construction, agrochemicals, consumer goods distribution, and reinsurance.
Notably, IBL Group recently unveiled plans to subscribe to additional shares in Mambo Retail, a strategic move that will facilitate the acquisition of an additional 11-percent stake in Naivas International, Kenya’s leading retail chain.
This acquisition will enable Mambo Retail to secure a controlling interest of 51 percent in Naivas International, marking a significant step in IBL Group’s growing presence and influence in the Kenyan market.
