Saturday September 26, 2020 / 04:23 PM / by Health Plus/ Header Image Credit: Health Plus
On Friday 25th September 2020, a Press Release
was purportedly released by Health Plus
Limited ('the Company' or 'HealthPlus') announcing the alleged appointment of Chidi Okoro 'on secondment as incoming
Chief Transformation Officer ("CTO")' of the Company, and that 'The founder of
the Company Mrs. Bukky George
continues to be a director and a shareholder''.
We wish to inform the General Public, the Pharmacists Council of Nigeria, our Staff, loyal Customers, Vendors, Landlords, Bankers and all Stakeholders that the Press Release was NOT authorised by the Company or anybody acting on its behalf and that the announcement of the appointment of a CTO is wholly FALSE, wrongful and illegal and should be totally ignored. It is the handiwork of unscrupulous foreign and local businesswoman and businessmen intent on reaping where they have not sown simply because they now see opportunities from the COVID-19 Pandemic, like scavengers and vultures.
Thus the endeavour was to run into troubled waters primarily on account of Alta Semper's futile attempts to take-over the Company, leading to it deliberately starving the Company of pledged funds as well as the intransigence of Alta Semper's owners when reminded of their obligations. This present unilateral unlawful attempt that purports to remove Mrs. Bukky George as CEO and install their puppet appointee using the cover-term 'Chief Transformation Officer' is the latest escalation of their bid to subvert the laws of Nigeria and perpetuate the foreign domination of a flagship of the Nigerian pharmaceutical industry. This unprincipled and unethical behaviour, typical of PEF's who use local stooges to achieve their nefarious ends will continue to be stoutly and vigorously resisted.
About Alta Semper Capital LLP
Alta Semper, a private equity manager investing flexible and strategic capital across select African growth markets, announced in 2018 a partnership with Nigeria's leading retail pharmacy chain HealthPlus. Under the terms of the agreement, Alta Semper invested US$18mn into HealthPlus, which was to enable the company expand its retail footprint and enhance its competitive position. Alta Semper specifically invests into market-leading businesses in defensive sub-sectors within the consumer and healthcare verticals.
The healthcare and retail markets in Nigeria are characterised by growing demand, driven by favourable demographics, increased consumer awareness and evolving consumption patterns. Furthermore, Nigeria is home to one of the least penetrated formal retail markets in the world, despite its large and growing population. The retail pharmacy sector is highly fragmented, with many independent drug stores and several patent medicine outlets. Furthermore, given structural challenges with the industry supply chain, counterfeit pharmaceuticals find their way into over forty percent of the retail market, while most wholesale and retail sales across the country are still made through informal markets. Moreover, much of the healthcare infrastructure is confined to major cities, with people living in urban areas having approximately four times as much access to healthcare as those living in rural areas.
The investment into HealthPlus was to enable the Company capture the pent-up demand for high-quality yet affordable healthcare and professional beauty supplies by developing regional distribution centres in commercial hubs across Nigeria, rapidly expanding the Company's footprint across Nigeria as well as developing a wholesale channel and investing in private label and e-commerce.
Healthplus was Alta Semper's first investment in Nigeria.
About HealthPlus Limited
HealthPlus was founded in 1999 by Mrs. Olubukunola Adewunmi (Bukky) George, FPSN, a Nigeria and UK-trained pharmacist with over 25 years of experience in the pharmaceutical industry, who has organically grown the business into the leading pharmacy chain and retailer of beauty supplies in West Africa.
The Company's quest is to provide the Nigerian consumer with high-quality, life-saving and affordable products and services. Furthermore, the Company aims to make a meaningful and lasting impact by contributing its quota to the achievement of universal healthcare coverage and to increasing life expectancy for all Nigerians.
The Company targets a broad base of consumers through the provision of healthcare products such as prescription and over-the-counter medicines, nutritional supplements, natural remedies, home medical equipment, mobility aids and pharmacy services. The Company employs over 700 people which includes 150 pharmacists, with at least two pharmacists dispensing prescription medicines and providing counselling, free health screenings and value-adding pharmacy services at each pharmacy. It operates branches in strategically-located residential areas, shopping centres and airports across 11 of the 36 states in Nigeria. HealthPlus has one of the highest brand recognition and ratings of any consumer company in Nigeria.
The Company's dedication and professionalism has been recognised with several excellence awards including the ICERTIAS Best Buy Award for #1 Pharmacy in Best Price-Quality Ratio 2017, the Nigerian Customer Service Award for Best in the Pharmaceutical Category 2017 and the Nigeria Healthcare Excellence Award (NHEA) 2016, 2015, 2014.
The Deal Advisors in 2018
Related News to HealthPlus and Alta Semper
1. Health Plus Announces Leadership Changes, Appoints Chidi Okoro as CTO - Proshare, Sept 26, 2020
2. 2 years after receiving $18m from Alta Semper Capital, HealthPlus is witnessing a power struggle - Tech Point, Sept 28, 2020
3. Alta Semper Capital Commits US$18mn to HealthPlus, West Africa's Leading Retail Pharmaceutical Chain - The African Private Equity and Venture Capital Association, Mar 27, 2018
4. Project Description - Alta Semper Ilera Fund I Limited (IFC-42586) - Early Warning System, Sept 04, 2019
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