Private equity fund Ascent Rift Valley Fund Ltd has sold an undisclosed stake at Medpharm Holdings Africa, a provider of medical diagnostic laboratory services in Ethiopia.
The stake was bought by Cerba Lancet Africa (“CLA”), a network of clinical pathology and medical diagnosis at 170 sites across Sub-Saharan Africa.
“Our exit to Cerba Lancet Africa demonstrates the tremendous potential within the Ethiopian market, and the partnership between Medpharm and Cerba Lancet Africa marks a significant milestone in the Company’s growth. Ascent remains committed to partnering with exceptional entrepreneurs to deliver growth, a commercial return, and positive social impact,” Ascent Capital Advisory Services LLP Managing Partner David Owino.
Medpharm was founded in 2004 and operates under the International Clinical Laboratories brand with laboratories in Addis Ababa, Bahir Dar, Mekelle, Hawassa, Adama, Gondar, Jimma, Dessie, Diredawa, and Harrar in Ethiopia.
Since ARVF invested in Medpharm in 2015, the Company’s revenue has grown nine-fold, with test volumes growing from 15,000 per month to 40,000 per month.
“This investment reflects our desire to develop the existing diagnostic offering in Africa, meeting the needs of the greatest number of people across the continent. We share with ICL management team the same desire to actively and continually upgrade the clinical pathology services in Ethiopia to enable healthcare providers to deliver essential medical support to patients throughout the country,” Cerba Lancet Africa CEO Stephane Carre.
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