Private equity firm LeapFrog buys Kenyan pharmacy chain stake: Reuters

Emerging markets-focused LeapFrog Investment has bought a majority stake in Kenyan pharmacy chain GoodLife for $22 million, the private equity firm said on Wednesday.

Private equity is gaining popularity in the region as funds and wealthy individuals seek higher returns than stock and debt markets can offer.

LeapFrog, which previously invested in the Kenyan healthcare sector through medical insurer Resolution, said it paid $22 million, or 2.2 billion shillings, for the stake in GoodLife.

Emerging markets-focused LeapFrog Investment has bought a majority stake in Kenyan pharmacy chain GoodLife for $22 million, the private equity firm said on Wednesday.

The pharmacy retailer serves 600,000 customers from 19 outlets in East Africa, LeapFrog said, calling the deal the largest direct investment in East African retail pharmacy so far.