Fanisi Capital, the Kenya-based private equity fund manager is planning to invest an additional $19 million in Haltons Pharmacy. The capital will be used to expand the firm’s network of outlets which is targeted to quadruple to more than 200 stores by 2017 from its current platform of 50 outlets today.
The announcement was made by Fanisi’s CEO, Ayisi Makatiani, during an event to formalize a partnership deal between Haltons and Vivo Energy Kenya which sees the pharmacy chain set up outlets within existing Shell Service Stations across the country.
“We are confident in Haltons Pharmacy’s business model and we would like to confirm this confidence by making further investment into the company as it expands in terms of geographical reach and product and services offering,” he said. “Haltons Pharmacy is one of the fastest growing retail businesses in Kenya today, growing from 4 stores in 2013 to almost 50 stores today and with an ambitious plan to extend its footprint to 200 in the next two years.”
Fanisi first invested in Haltons in 2013, spending $3 million for an undisclosed stake.