Firm gets majority equity stake in Tanzania’s Zenufa
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.