2 years after receiving $18m from Alta Semper Capital, HealthPlus is witnessing a power struggle

 


On September 25, a press release appearing to be from the Board of HealthPlus, one of West Africa’s largest integrated pharmacy chains, stated that the company no longer needed the services of its Founder, Bukky George, as CEO.


The decision to terminate George’s appointment came with the announcement of an interim leader: Chidi Okoro.


A renowned pharmacist and management executive, Okoro is to assume the role of Chief Transformation Officer. Akin to a CEO’s role, Okoro will optimise day-to-day management, help the business scale, and attain profitability.


And a letter appearing to be from HealthPlus’ board to the Pharmacists Council of Nigeria (PCN) says George “remains a shareholder of the company, a member of the board of the company, and can participate in the decision-making process of the company at board level.”


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It was signed off by Afsane Jetha and Zachary Fond, Managing Partner & CEO, and Director of Alta Semper Capital, respectively.


From investment and partnership to a power struggle

Alta Semper Capital LLP is a private equity (PE) firm that invests in healthcare and consumer companies across Africa. In 2017, the PE firm invested in Egyptian medicated cosmetics company, Macro Pharma.


The following year, it made deals with HealthPlus and Moroccan oncology and radiology clinic, Oncologie et Radiologie du Maroc (ODM).



The letter from Alta Semper Capital to the PCN

The investment in HealthPlus was $18 million.


Founded in 1999 by George, HealthPl

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