Goodlife growth spree continues with pharmacy buyout

Beauty and drugstore chain Goodlife has bought assets belonging to Maghreb Pharmacy as it intensifies an expansion bid kicked off in 2017 that targets to grow its footprint to 100 regionally.

The Competition Authority (CAK) in a legal notice made public a fortnight ago but signed in July, gave Goodlife the green light to acquire certain assets of the Nairobi-based pharmacy since the move would not affect competition negatively.

“In exercise of the powers conferred by section 42 (1) of the Competition Act, 2010 the Competition Authority of Kenya excludes the proposed acquisition of certain assets of Maghreb Pharmacy Limited by Goodlife Pharmacy Limited from the provisions of Part,” said CAK, Director-General Wang’ombe Kariuki.

Over a year ago, Goodlife Pharmacy received Sh309 million debt-financing from the International Finance Corporation (IFC) to fund its growth in Kenya and Uganda.

This is the second time IFC is investing in Goodlife. In 2015, the international financier also gave the firm a $4.5 million (Sh464 million) loan that helped it expand its network from six to 20 outlets.

Goodlife has partnered with oil marketer Vivo Energy Uganda allowing for the opening of stores within its petrol station premises.

Other businesses in Kenya bought out by the chain include Dan Pharmacie, which it took over after in December 2016. Dan Pharmacie had four branches in Nairobi at the time.

Goodlife pharmacy chain provides health, personal care and beauty care products.

In November 2016, PE firm Leapfrog Investments acquired a controlling stake in Goodlife. Leapfrog at the time said it had paid Sh2.2 billion to buy out the entire stake held by PE firm Catalyst Fund.