NIGERIA – London’s TLG Capital, in partnership with Medical Credit Fund announced an investment through its Credit Opportunities Fund into Express Pharmacy – a Nigerian retail chain.
The growth capital will be used to expand Express Pharmacy’s footprint across Lagos with the roll out of new pharmacies along busy commuter routes and in under-served communities across Lagos.
The investment is made through Medical Credit Fund in partnership with TLG’s Credit Opportunities Fund.
Express Pharmacy targets the under-served middle to low income earners who do not have access to quality medication.
According to a Dalberg study, middle-low income consumers represent over 40% of the population in Lagos
Today, many of them rely on unlicensed drug sellers that source medicines through a highly fragmented and uncontrolled supply chain.
They unknowingly run the risk of taking counterfeit or substandard drugs with potentially life-threatening consequences.
Express Pharmacy is among the champions taking the lead to help to solve the problem by implementing measures such as the standardisation of its supply chain across its retail stores to ensure the availability and the authenticity of the medicine it distributes to its customers.
Ms. Abimbola Faseun of Express Pharmacy said: “We are extremely delighted to announce the investment we have secured from TLG Capital and Medical Credit Fund.
“This is a major step forward for our vision of building a nationwide chain of community pharmacies that will offer underserved communities with high quality medicines at affordable prices.”
Saad Sheikh, Principal of Private Investments at TLG Capital said: “We are excited by our recent investment in Express Pharmacy which further demonstrates our continued commitment to healthcare across Sub Saharan Africa by enhancing innovative business models such as Express.”
Dorien Mulder, Investment Manager at Medical Credit Fund: “As part of PharmAccess Group we are dedicated to improving access to quality healthcare in Africa through innovations and partnerships.
“We value the partnership with TLG to support the entrepreneurs of Express to grow this promising model. Express can make a positive and much needed impact on the quality of care available to lower income Nigerians.”
Express Pharmacy is a chain of pharmacy stores that offers low prices, quality products and world class service. Each store offers its customers the lowest prices within a 2km radius, a guarantee of authentic quality drugs and world class service in a bright and air-conditioned environment.
Medical Credit Fund is part of the PharmAccess Group and it aims to increase access to better healthcare services in sub-Saharan Africa for low-income patients.
TLG Capital is an award-winning investment holding company which focuses on private investment opportunities across the capital structure.