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IBL Group, a Mauritian multinational has enhanced its investment in Kenya. The company has picked up stakes in Harleys, the Nairobi-based pharmaceuticals distributor, and joined the consortium that has taken control of the company.
IBL Group, a Mauritian multinational has enhanced its investment in Kenya. The company has picked up stakes in Harleys, the Nairobi-based pharmaceuticals distributor, and joined the consortium that has taken control of the company. Proparco, a subsidiary of Agence Française de Développement (AFD) is also a partner in the consortium.
Harley’s started operations in 1953 as a retail chemist. Later in 1975, the company was acquired by its current management. Over the years, it emerged as a leading supplier of pharmaceutical products and medical equipment and set up its offices and stock points across East Africa. These included Nairobi, Mombasa, Eldoret, Dar es Salaam, and Kampala. The principal supplies include drugs, hospital beds, intravenous poles, bedside cabinets, examination beds, delivery beds, and stainless-steel buckets. Its leading clients are Bayer, GlaxoSmithKline, Merck, and Roche. The statement issued by the consortium said that the company will continue to be managed by the experienced team at Harley’s.
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Last year IBL acquired a 26.32 percent stake in supermarket chain Naivas Limited for $100 million (Sh12.5 billion). According to reports, IBL plans to expand its investments in Kenya and several other acquisitions and new businesses are in pipeline. It set up an office in Nairobi to explore buyout opportunities as part of its strategy to expand in East Africa.
