American Pharmaceutical Firm Buys This Kenyan Hospital
American multinational company, Johnson& Johnson has partnered with various Private Equity firms to acquire Naivasha-based, South Lake Medical Centre at a deal valued at KSh 100 Million.
It has teamed up with South Africa’s Inqo Investments Limited and London-based Sumerian Partners.
The New York Stock Exchange (NYSE)-listed firm invested in the hospital through its social impact fund, it deals in medical devices, pharmaceutical, and consumer goods
The Naivasha based hospital was previously acquired from Flamingo Horticulture Ltd which had set it up to serve low-income farmworkers in the region.
“Participating alongside Inqo in this round are Johnson & Johnson’s social impact fund and Sumerian Partners. A total investment of $950,000 (Sh98 million) between the three parties will be made in a combination of equity and soft loans,” Inqo, stated in the latest trading update.
The hospital receives around 64,000 patients per year and it is estimated to have a capacity of treating up to 192,000 patients.
In 2017, the American pharmaceutical firm launched operations in Africa and it opened a Nairobi office which is meant to coordinate the company’s global public health capabilities and resources to deliver sustainable, measurable impact in the region.
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