French development finance institution Proparco and Mauritian conglomerate IBL Group have finalised the acquisition of a majority stake in Harley’s, a leading East African distributor of pharmaceutical products and medical equipment.
The deal, valued at €13 million (Sh5 billion), will enable Harley’s to expand its reach and improve access to essential medicines and healthcare supplies across the region.
Damien Braud, Proparco Head of Equity for Africa and the Middle East said, “Harley’s is a historical player in the pharmaceutical sector, making a big impact on the lives of Kenyans, Tanzanians, and Ugandans. Proparco is very proud to support Harley’s and more generally the pharmaceutical and healthcare sector in East Africa, which we believe are key components of development in the region.”
Founded in 1953 as a retail chemist, Harley’s has grown to become a leading distributor of pharmaceutical products and medical equipment in East Africa.
The company’s suppliers include Bayer, GlaxoSmithKline, Mercl, and Roche, with operations in Nairobi, Mombasa, Eldoret, Dar es Salaam and Kampala.
In 2022, IBL acquired a 26.32 per cent stake in supermarket chain Naivas Limited for $100 million (Sh15.3 billion) as part of a consortium.
Proparco was also part of the consortium that acquired a combined 40 per cent stake in Naivas for $151.9 million (Sh23.3 billion).
