Mauritius’ IBL Group purchases Kenyan drugs distributor Harley’s

Mauritius-based conglomerate IBL Group has bought an undisclosed stake in Nairobi-based pharmaceuticals distributor Harley’s as part of a consortium that has taken control of the company.

According to Business Daily, this marks the latest investment in Kenya for IBL which last year acquired a 26.32% stake in supermarket chain Naivas Limited for $100 million (Rs4.7 billion) also as part of a consortium.

“The multinational has several other pending acquisitions and new business formation plans in the local market, underlining its rapid investments in Kenya,” Business Daily reported.

The conglomerate has also reportedly established an office in Nairobi to lead its search for buyout opportunities as part of its strategy to expand in East Africa.

“IBL Group…is the lead investor of a consortium that has signed an agreement to acquire a majority stake in Harley’s, a leading medical and pharmaceutical importer-distributor in East Africa,” the conglomerate said in a statement.

Source: Business Daily