Ascent Capital Africa Ltd, a private equity fund manager, has sold its stake in Uganda’s Guardian Health Ltd, to Kenya’s online retail pharmacy and beauty platform, MyDawa Holdings Limited.
The sale of Guardian Health Ltd. marks the second exit for Ascent Rift Valley Fund, following the sale of Medpharm Holdings, a pharmaceutical manufacturer in Ethiopia, in Q4 2022.
The deal was advised by I&M Burbidge Capital, a corporate finance advisory firm.
Guardian Health Ltd was founded in 2012 with the aim of providing affordable and quality medicines to Ugandans.
It also sells beauty and personal care products. The company has grown to have 17 branches across the country, offering online and offline services to its customers.
Ascent Capital Africa Ltd invested in Guardian Health Ltd in 2017 through its Ascent Rift Valley Fund, which focuses on investing in small and medium-sized enterprises in East Africa.
The fund helped the company expand its network, diversify its product range, and improve its governance and operations.
The fund manager said it was pleased with the performance of Guardian Health Ltd and the return on its investment.
I&M Burbidge Capital acted as the sole transaction advisor to Ascent Capital Africa Ltd.
The advisory firm said it was proud to have worked on another successful deal for the fund manager, highlighting its expertise and experience in the sector.
The deal is expected to benefit both Guardian Health Ltd and MyDawa Holdings Limited, as they leverage their synergies and capabilities to offer better services to their customers in the region.