HealthPlus the embattled pharmaceutical chain whose CEO and founder Bukky George was recently replaced, received an $18 million capital injection from Private Equity (P.E) firm Alta Semper.
Documents seen by MoneyCentral shows the investment made in 2018, was to be used for working capital, technology and infrastructure, building a distribution centre, and inventory management.
“This $18m growth capital by Alta Semper will allow us to capture the pent up demand for high quality yet affordable healthcare and beauty supplies and enable the Healthplus continue to expand its store footprint,” the document said.
A source speaking to MoneyCentral last night said the P.E firm did not get value for money, hence its move to ask the former CEO George to step down.
Alta Semper via healthPlus Africa holdings owns about 95 percent of shares of HealthPlus via a CAC filing seen by MoneyCentral.
The board of Healthplus had issued a statement terminating the appointment of Ms. George as CEO and appointed Chidi Okoro a former executive at GSK Nigeria to provide interim leadership for the company as its new Chief Transformation Officer.