Firm gets ma­jor­ity eq­uity stake in Tan­za­nia’s Zen­ufa

The Star (Kenya) - - News Business -

CYN­THIA ILAKO/ East African­fo­cused pri­vate eq­uity firm, Cat­a­lyst Prin­ci­pal Part­ners, has ac­quired a con­trol­ling stake in Tan­za­nia’s Zen­ufa Lab­o­ra­to­ries for an undis­closed value, it an­nounced yes­ter­day. Zen­ufa makes a wide range of over-the-counter and pre­scrip­tion medicines. The ac­qui­si­tion is in line with Tan­za­nian gov­ern­ment’s pol­icy to pro­mote lo­cal in­dus­try in a mar­ket sat­u­rated by for­eign im­ports. It is Cat­a­lyst’s fourth in­vest­ment in Tan­za­nia Chai Bora, ChemCo­tex, Ef­fco So­lu­tions. The firm in­vests $5 mil­lion (Sh2.53 bil­lion) and $20 mil­lion (Sh2.03 bil­lion). “Zen­ufa rep­re­sents a plat­form for growth across East Africa, with op­por­tu­ni­ties for ex­pand­ing its prod­uct range through de­vel­op­ment of cost-ef­fec­tive generic drugs,”Cat­a­lyst in­vest­ment man­ager Martha Osier said.

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