Delete Item

Are you sure you want to Continue ?

Delete

Edit Item

Loading..

Pk Malinz

The Carlyle Group has completed the acquisition of Uganda's Abacus

The Carlyle Group has completed the acquisition of Uganda's Abacus

The Carlyle Group has announced its acquisition of Uganda's Abacus, a pharmaceutical company. "The Carlyle Group announces that it has completed the acquisition of a majority stake in AK Life Sciences (Abacus)," Carlyle wrote.

There were no Financial terms disclosed. But, the Global Asset Manager pointed out that the deal was made by its Africa-focused fund. "Equity for the transaction came from Carlyle Sub-Saharan Africa Fund (CSSAF)."

Established in 2012 with $698 million, CSSAF has offices in Johannesburg and Lagos.

The fund has so far invested over $550 million in energy, financial services, TMT, retail, logistics and more. The countries of focus are; South Africa, Gabon, Nigeria, Mozambique, Zambia, Tanzania, DRC and now Uganda.

Also read: Egypt’s A15 sells its 76% stake in Dubai’s TPAY to Helios

Founded in 1995, Abacus is a distributor of pharmaceutical products in East Africa. It is also a manufacturer of parenterals (IV fluids, ear, eye, and nose drops) in Uganda.

The company has various product offerings. These range from mission-critical parenterals to branded generics for chronic therapeutic areas such as oncology, diabetes and cardiovascular. It also has a distribution network with wholesale branches across Uganda, Tanzania, Burundi, Rwanda, and Kenya.

According to Ramesh Babu, co-founder, and MD, Abacus has over 800 employees across East Africa.

In August, CiplaQCi listed on Uganda's Security Exchange at a valuation of $12.5 million as the PE funds like TLG and CapitalWorks sought an exit. While Guardian Health, a chain of pharmacies across Uganda, also took in investment to the tune of $3 million from an unnamed PE fund mid last year.

This latest development, thus, reflects a growing interest in Uganda's pharmaceutical industry.