PCP announces Ubipharm investment

27 Dec 2015

Abidjan, Cote d’Ivoire, December 27, 2015: PCM Capital Partners (“PCP”), Managers of the West Africa Emerging Markets Growth Fund (“WAEMGF”) has announced an investment in Ubipharm SA (“Ubipharm” or “the Group”) to part fund its African expansion. The investment is being executed through Ubipharm Development (UD), a newly created subsidiary company which will have an initial presence in Guinea and Madagascar. The WAEMGF investment of Euro 4.1 million (in two capital increases) will give the Fund a 49% stake in UD with Ubipharm SA maintaining the majority.

This strategic relationship with the WAEMGF is the first of its kind with an institutional partner and as Gerard Mangoua, one of the founders and current Managing Director of Ubipharm, indicates, “the financial partnership with WAEMGF will enable Ubipharm increase its distribution capacity into newer markets and expand its business network.”

Commenting on the investment, Michel Abrogoua, Managing Partner at PCP explained: “We are pleased to provide financial and technical support to an international pharmaceutical distributor seeking to expand its continental presence. We are furthermore proud that this partnership will improve the well-being of the local population    ”

Complementing these comments, PCP Senior Investment Officer Wilfrid Korsaga who worked directly on the deal, opined « The Ubipharm network and business model is unique to Africa. At a time when the pharmaceutical market in Africa can be defined by its peculiarities, this partnership aims at improving access to high quality pharmaceutical products »

Ubipharm is a major distributor of pharmaceutical products in Francophone Africa (UEMOA and CEMAC) and the French Overseas Territories (“DTOMS”). With a shareholder base comprising more than 1200 pharmacists, a network of 3500 registered clients and 400 suppliers, the Group covers almost all of the pharmaceutical requirements for these markets. Ubipharm offers best practices and ensures that authentic products are accessible to all. Group turnover for 2014 was put at Euro 572 million as against Euro 442 million in 2012. The group plans to expand in its second phase into the Anglophone markets.

About Ubipharm

Ubipharm was established some 25 years ago by a group of pharmacists in Francophone Africa and the DTOMS with a view to taking over and improving the pharmaceutical supply chain into their respective territories.

The group today controls some 14 companies distribution companies in 11 countries in West Africa and three in the French West Indies territories.

About West Africa Emerging Markets Growth Fund (“WAEMGF”)

Promoted by Phoenix Capital Management (PCM), the Côte d’Ivoire based financial services group, WAEMGF, is a Euro 38.5 million regional PE Fund whose investors include the South Africa Government Employee Pension Fund (GEPF) and is managed by the Public Investment Corporation (PIC), the African Development Bank (AfDB), the ECOWAS Investment and Development Bank (EBID) and select regional financial services institutions. WAEMGF provides growth and expansion capital to SMEs with potential to grow into regional businesses and targets investment opportunities with potential for strong value creation in sectors such as energy, finance, telecoms, multimedia, ICT, agro business and distribution.

The Fund is managed by PCM Capital Partners (PCP) a subsidiary of Phoenix Capital Management.

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