Goodlife II

completed

Goodlife Pharmacy Limited (“Goodlife” or the “Company”), is a business that operates a chain of retail pharmacies across Kenya. In 2015, IFC invested a US$4.5mm C-Loan into Goodlife. IFC’s C-Loan was fully disbursed in two tranches and the proceeds have been used to ramp up the business through both acquisition and greenfield expansion. Leapfrog Investments (“Leapfrog”), is a large regional PE fund that acquired Goodlife in Q4 2016. As part of Leapfrog’s business plan, it plans to both inject and mobilize capital into Goodlife in order to scale up the business, and have asked IFC to participate. Goodlife, which has a presence in both Kenya and Uganda, offers two different outlet models including mall retail stores and convenience retail stores (co-located at fuel stations). Each outlet stocks different categories of pharmaceutical, beauty and healthcare products depending on the profile of the customer and the type of market being targeted. As at appraisal (May 2017), Goodlife had 30 retail stores in Kenya and 2 retail stores in Uganda. Goodlife also operates a central distribution warehouse in Mlolongo, Machakos County, Kenya approximately 20Km from Nairobi central business district. The warehouse building is leased from Waki, a logistics company involved in the transport of Goodlife’s nonpharmaceutical and over the counter products from the port of Mombasa to the warehouse and to the retail stores. The project involves an additional IFC C-Loan of up to US$3mm in Goodlife which will be used by the company to expand its footprint to over 100 stores.