Aureos Capital has sold its stake in Shelys Africa Ltd. to Aspen Pharmacare Holdings of
Aureos Capital's East Africa Fund has successfully sold its stake in Shelys Africa Limited to
As part of the transaction, Aureos sold its shares alongside other shareholders to give Aspen Pharmacare a 60% interest in the Shelys Africa Group.
Shelys Pharmaceuticals, founded in 1984, manufactures and distributes over-the-counter (OTC) medicine and ethical pharmaceutical products throughout East and
To achieve this, in 2003 Aureos assisted Shelys in acquiring Beta Healthcare, the leading local OTC manufacturer in the region. The acquisition delivered Shelys greater product diversity and a much broader geographical reach. Combined revenues in 2007 reached US$38 million.
In late 2007 Aureos introduced the Shelys Group to Aspen Pharmacare, based in
Comments Shakir Merali, the Aureos Partner responsible for the deal: “We are delighted to have secured Aspen Pharmacare as a strategic partner for the business and we are sure both companies will see robust growth coming from their combined strengths and synergies.”
Adds Davinder Sikand, Aureos East Africa Managing Partner: “Shelys has proved a highly successful investment for our Aureos East Africa Fund and this transaction further illustrates our success in transforming the companies we invest in into regional leaders.”
Shelys Africa Group Chairman, Jayesh Shah, commented that Shelys' tie up with
Aspen Group CEO, Stephen Saad, stated: “We are delighted to have formed this partnership which is instrumental to achieving our goal of providing quality, affordable medication throughout
Aureos will soon achieve the first close of its new US$400 million Africa Fund, which will continue to progress Aureos' goal of investing in and growing the next generation of regional leading companies across Africa.