Private equity firm Catalyst-backed pharmaceutical retailer plans to open five new outlets by year-end as part of an expansion strategy funded by the World Bank’s private lending arm.
Mimosa Pharmacy, now rebranded to Goodlife Pharmacy, said it targets growing its footprint from the current 15 stores to 40 by end of next year to grow market share and consolidate a fragmented retail pharmacy market.
Goodlife Pharmacy’s Tony McNally said the new stores will be funded by the $4.5 million (Sh450m) loan it got last March from the International Finance Corporation.
“We will grow by acquisitions and greenfield stores. We mostly target malls, petrol stations,” said McNally at a ceremony to unveil the new brand.
The drugstore chain was in September granted regulatory approval to acquire Eldochem Pharmacy’s branches at Nairobi’s Green Span Mall and Mombasa Nyali Centre besides Dove Pharmacies.
Catalyst Principal Partners in September 2014 bought an undisclosed stake in Mimosa.
SOURCE: BUSINESS DAILY