Ascent Capital Africa sells its stake in a Ugandan pharmacy

by MMC
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Ascent Capital Africa sells its stake in a Ugandan pharmacy

The Africa-focused private equity firm has sold its stake in Guardian Health to a Kenyan company, Mark…

The Africa-focused private equity firm has sold its stake in Guardian Health to a Kenyan company, marking its exit after six years.

Ascension Capital Africa (Ascent) sold its stake in the Ugandan pharmacy Health Guardianselling it to a pharmacy and personal care e-commerce company based in Kenya MonDawa Tradingstarting September 1.

Transaction values ​​have not been released for the transaction, which was first announced on July 4. Ascent received international legal advice from an international law firm Clyde & Co.with Nairobi Business Advisory I&M Burbidge Capital acting as transactional advisor to the seller.

Guardian Health, headquartered in Kampala, continues to experience rapid growth in Uganda since its inception in 2012, having expanded to 19 locations, founded e-commerce and wholesale channels and expanded its product range beyond medicines to encompass lines of beauty and personal care products.

Private equity firm Ascent first invested in 2017, when Guardian only had six locations, and made the investment through its $80 million. Ascent Rift Valley Fund, which targets growth opportunities in the small and medium enterprise (SME) sector in Ethiopia, Kenya and Uganda.

MyDawa Trading in Nairobi remains a leader in the pharmacy and beauty retail e-commerce sector in Kenya since its inception in 2017.

Clyde & Co brought in a team supervised by the Tanzanian managing partner Pierre Kasanda with input from Kenya Senior Associate Alex Devereuxwhile CEO Edward Burbidge and Senior Vice President Kevin Kuria were part of the I&M Burbidge team.

In July, the technology and distribution company Kyosk Digital Services acquired Kwikbasket, another Nairobi founderwhich connects food producers with commercial kitchens and other stakeholders to improve supply chain efficiency.

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