Advanced Finance and Investment Group (AFIG Funds), manager of the Atlantic Coast Regional Fund, will invest up to $14m in Nigerian-German Chemicals (NGC), a Nigerian producer and distributor of pharmaceutical products and bottled beverages.

Papa Madiaw Ndiaye, CEO of AFIG Funds, said: “We are pleased to invest in NGC. Over the past six years, we have evaluated a number of pharmaceutical companies in West, Central and East Africa, and found NGC to present one of the best investment opportunities in the sector, in terms of local leadership and strong brands.”

“We place heavy emphasis on the quality of the sponsors we back, as illustrated by our partnership with the Shonekan family on this investment. NGC is a resilient company that is poised to capture the tremendous market opportunities in Nigeria,” he added.

NGC produces and distributes a suite of over-the-counter and prescription medicines, such as Abidec, Benylin and Valgin, as well as a leading local brand of bottled and flavored water, Sparwasser.

The investment will provide NGC with the means to embark on its next phase of development, which includes the completion of new and more modern production facilities with expanded production capacity.

It will also enable the company to add an intravenous fluids plant, further cementing its position as a local leader in the manufacture of critical healthcare products.

The investment will also support the company’s continued expansion and diversification of its brand offerings under its own name, and under license from global pharmaceutical leaders such as Johnson & Johnson.

Adeboye Shonekan, CEO of NGC, said: “The partnership with AFIG Funds represents a unique opportunity for NGC. AFIG Funds brings not only capital to accelerate the company’s growth and expansion, but also support to management and international experience that is already helping to strengthen the company’s ability to seize new market opportunities.”

“NGC has a long and proud history as a leader in Africa’s largest market, and we look forward to building on this legacy to help strengthen the Nigerian healthcare sector, as well as facilitate access to world-class medicines for the people of Nigeria,” he said.