Verod backs Nigeria’s largest pharmacy chain with growth capital

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Lagos-headquartered Verod Capital Management announced the latest deal for its third fund last week, investing growth capital into a three-decade-old pharmacy business that is now the largest in Nigeria. The amount of capital being invested in Medplus has not yet been disclosed, but the deal earns Verod’s latest fund a significant minority stake in the business. Medplus joins two other businesses in the fund’s portfolio – Do The Right Thing Apparel and Tangerine Financial.

Medplus sells a variety of essential drugs, personal care and beauty products, as well as everyday household goods to a growing customer base through its chain of 79 pharmacies in Nigeria and its eCommerce platform. The Medplus brand is well-recognized in the market as a provider of genuine products and professional service, particularly important in a market where counterfeit drugs and products are not uncommon. Medplus will use the capital from the investment to push its growth plans further, opening more stores across Nigeria and deepening its digital offering to meet increasing demand pressures in the market.

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