Verod Capital Management via its Verod Capital Growth Fund III has completed the acquisition of a significant minority equity stake in Medplus, the largest Nigerian pharmaceutical retail business.

“Medplus has a long track record of pharma excellence and is led by an experienced CEO and management team,” said Eric Idiahi, Partner at Verod Capital.

“We believe in the company’s growth potential and are thrilled about its expansion plans in the traditional and digital channels and in ancillary services, i.e. nutritional and wellness services. We are excited about the opportunity to partner with the team at Medplus in a joint mission to increase healthcare accessibility, reliability and efficiency, and also to contribute to the continued success story of the company.”

Medplus has almost three decades of successful operations, offering a robust product portfolio, retailing a variety of essential drugs, beauty products and everyday household items, through its e-commerce platform and across over 79 stores, to a large and growing consumer base. Medplus is a widely recognised brand with a reputation for genuine products and professional service.

With the fast-growing urban population, increasing healthy lifestyle and consciousness, better verification to address counterfeit drugs, and favourable regulatory support. Nigerian pharmaceutical industry is poised for further growth.

Retail pharmacies are addressing the growing demand for convenient and accessible care by end - consumers.

Reinforced by these factors, Medplus is well positioned for future growth, in a large growing underserved market through its targeted store expansion plans and its digital retail strategy.

This investment provides growth capital needed to accelerate Medplus’ expansion plans, which would enhance the provision of high-quality product portfolio across Nigeria and contribute to the development of the healthcare sector.

Joke Bakare, Founder and CEO of Medplus, said: “We are pleased to have Verod Capital as a partner and look forward to working with their team to expand our network of stores across Nigeria and deepen our digital channel to continue providing quality products to our customers and developing new opportunities for growth in Nigeria’s pharmaceutical sector.”

“Verod Capital has extensive experience supporting the development of companies including providing best-in-class environmental, social and governance practices, and we are confident that their resources, network and insights will help us in executing on our strategic growth strategy. We also thank Stanbic IBTC Capital Limited for guiding us efficiently and strategically through this process.”