Investment company, LeapFrog, disengages from Goodlife Pharmacy operations
Goodlife Pharmacy, a pioneering force in enhancing health and wellness across East Africa, has reached a significant milestone in its journey. The company, which has grown from 19 stores to around 150 locations across fast-growing communities in Kenya and Uganda, has recently been fully acquired by CFAO Healthcare, a leading pharmaceutical distributor in Africa [1][2][3].
This transaction follows LeapFrog Investments' initial investment in Goodlife Pharmacy in 2017, three years after the Nairobi-based company was founded. LeapFrog's strategic backing enabled Goodlife to establish and scale a modern retail pharmacy sector in East Africa that previously did not exist at scale [1][2][3].
By focusing on creating traceable supply chains and building a trusted, consumer-focused brand, LeapFrog supported Goodlife's growth into East Africa’s largest retail pharmacy platform, serving over 2 million consumers annually. Goodlife evolved beyond retail pharmacies to offer quality pharmaceuticals, beauty and wellness products, plus diagnostics and primary care consultation services, operating an integrated omnichannel model [1][2][3].
Justin Melvin, CEO of Goodlife Pharmacy, expressed his gratitude for LeapFrog's support, stating that the company has achieved tremendous progress toward its mission of enhancing health and wellness, thanks to the backing of LeapFrog Investments [1]. Biju Mohandas, LeapFrog partner and global head of healthcare, echoed these sentiments, stating that the Goodlife investment demonstrates what's possible in African healthcare with the right capital and the right partner [1].
The African healthcare market is projected to be worth as much as $259bn by 2030, making it the second-largest in the world after the US, according to a 2019 United Nations report. LeapFrog's exit from Goodlife Pharmacy underscores its role in creating impact through strategic investments that scale healthcare services and improve access to quality pharmaceuticals in emerging African markets [3].
LeapFrog Investments is a private equity and impact investment firm focused on emerging markets. The firm typically stays invested in a portfolio company for five to seven years on average. During its tenure with Goodlife, LeapFrog provided operational support, including supply chain optimization, store rollout, capital deployment, recruitment, launch of a digital and deliveries business, and a customer loyalty program [1].
Meanwhile, in the realm of renewable energy, two significant developments have taken place. CorPower Ocean has received a €40m EU grant for a wave energy farm, while Renalfa has raised €315M from an EBRD-led investor group for its operations [4]. These investments signify a commitment to sustainable development and the energy transition, with a focus on harnessing the power of the ocean and advancing renewable energy technologies.
References:
[1] Goodlife Pharmacy. (2022). LeapFrog sells its remaining stake in Goodlife Pharmacy to CFAO Healthcare. Retrieved from https://www.goodlifepharmacy.com/news/leapfrog-sells-its-remaining-stake-in-goodlife-pharmacy-to-cfao-healthcare
[2] CFAO Healthcare. (2022). CFAO Healthcare acquires Goodlife Pharmacy in East Africa. Retrieved from https://www.cfaogroup.com/news/cfao-healthcare-acquires-goodlife-pharmacy-in-east-africa
[3] LeapFrog Investments. (2022). LeapFrog Investments. Retrieved from https://www.leapfroginvestments.com/
[4] European Commission. (2022). CorPower Ocean receives €40m EU grant for wave energy farm. Retrieved from https://ec.europa.eu/commission/presscorner/detail/en/IP_22_3189
[4] European Bank for Reconstruction and Development. (2022). Renalfa raises €315M for renewable energy operations. Retrieved from https://www.ebrd.com/news/2022/renewable-energy-firm-raises-315m-from-ebrd-led-investor-group.html
- The strategic investment made by LeapFrog Investments in Goodlife Pharmacy, a venture focused on enhancing health and wellness in East Africa, played a crucial role in developing a modern retail pharmacy sector that previously lacked scale.
- The energy transition and sustainable development are receiving significant support, as evidenced by the €40m EU grant awarded to CorPower Ocean for a wave energy farm and the €315M raised by Renalfa from a development finance institution for renewable energy operations.
- With its exit from Goodlife Pharmacy, LeapFrog Investments, a private equity and impact investment firm, underscores its role in driving impactful investments that scale healthcare services and improve access to quality pharmaceuticals in emerging African markets.
