Amethis, an Africa-focussed investment fund manager has acquired a minority stake in Avacare, a key regional distributor and manufacturer of both pharmaceuticals and healthcare consumable products across South Africa. Avacare is a pan-African distributor and manufacturer operating across several African countries among them Namibia, South Africa, Lesotho, Botswana, eSwatini, Zimbabwe, Zambia, and Kenya.
Avacare sells more than 9,000 products and has more than 1300 employees achieving a turnover of $200 million in the 2021 financial year, with a network spanning 32 warehousing facilities, 15 manufacturing facilities, and 47 sales offices across Africa.
Avacare also plans to promote research development and manufacturing across the regions it operates. The goal is to bridge the healthcare divide across the African continent by a transfer of cutting-edge technology in the fields of messenger RNA, biologicals, bioequivalent, biosimilars, and the development of healthcare technology aimed at broadening access to quality healthcare. The company has also expanded its product range to fast-growing markets such as South Africa, Canada, Australia, and the United States.
Amethis will support Avacare in its shift towards manufacturing as it continues to consolidate its position towards existing and new markets. This should also help the groups upgrade their governance and reinforce management.
In the press release, Dr. Naik, the founder and Chairman of Avacare said, “welcome Amethis as a partner is an exciting new chapter in the journey for Avacare.” Partner at Amethis Khady Koné-Dicoh who led the investment said, “Avacare which plays a decisive role in providing access to affordable and innovative treatments in Africa.”