Private Equity News Africa

Ascent Capital Africa Sells Stake in Uganda Pharmacy

Ascent Capital Africa (Ascent), an Africa-focused private equity firm, has sold its stake in Ugandan pharmacy Guardian Health to Kenyan pharmacy and personal care e-commerce company MyDawa Trading. The deal, which was announced on 4 July, was effective from 1 September. The financial details of the transaction were not disclosed.

Ascent Capital Africa Sells Stake in Uganda Pharmacy

Guardian Health, which was founded in 2012 and is headquartered in Kampala, has expanded rapidly in Uganda, with 19 sites and e-commerce and wholesale channels. It has also developed its product range to include beauty and personal care product lines.

Ascent invested in Guardian Health in 2017 through its Ascent Rift Valley Fund, which targets growth opportunities in small and medium-sized enterprises in Ethiopia, Kenya and Uganda. At the time of the investment, Guardian Health had only six sites.

MyDawa Trading was established in Nairobi in 2017 and is a leading player in Kenya’s e-commerce retail pharmacy and beauty sector. Ascent received international legal counsel from global law firm Clyde & Co, while Nairobi business advisory I&M Burbidge Capital acted as the seller’s transactional adviser.