Toyota Tsusho affiliate CFAO Healthcare has set plans to buy Africa Chemist & Beauty Care Inc. (ACBC), the parent company of GoodLife Pharmacy, from LeapFrog Investments in motion.
- The COMESA Competition Commission has set up an inquiry into the proposed acquisition — seeking to evaluate its potential impact on competition within Kenya and the broader Common Market.
- If approved, the deal would raise CFAO’s total shareholding in ACBC to 100%, following its earlier 30.1% minority stake acquired in 2022 from LeapFrog Investments.
- Toyota Tsusho and CFAO have been on a diversification phase in the pharmaceutical sector, operating wholesalers in 23 countries as of 2022 and operating local manufacturers in Algeria and Morocco.
Leapfrog Investments, an emerging markets investor, acquired the then two-year old Goodlife Pharmacy for KSh 2.2bn in November 2016. It then drove the company’s expansion over the next six years, evolving it from a traditional pharmacy chain with 19 stores to one of the most dominant health-hubs in Kenya.
CFAO Healthcare will integrate GoodLife’s retail operations with its broader pharmaceutical distribution network to expand its healthcare footprint. ACBC is a Mauritius-licensed firm which owns Goodlife Holdings Limited, Goodlife Pharmacy Limited in Kenya and Africa Chemist and Beauty Care Uganda Limited operating as Goodlife Pharmacy in Uganda.
GoodLife Pharmacy, operating across Kenya’s major urban centers, is a key player in the country’s retail health sector. With a broad network of branches, the pharmacy chain offers prescription medicines, beauty and personal care products, as well as health services such as primary care consultations and pathology sample collection.
