Africa Capitalworks (ACW), an investment company that deploys permanent equity capital in strategically-selected sectors across Sub-Saharan Africa, excluding South Africa, has acquired a majority stake in Cipla Quality Chemical Industries Limited (QCIL).
QCIL, which is listed on the Uganda Securities Exchange is the largest
pharmaceutical manufacturer in East Africa and one of only three World Health Organization prequalified manufacturers in Sub Sahara Africa.
As part of the transaction, QCIL’s Ugandan founders will be increasing their interest in the company. The deal allows QCIL to expand its business and strengthen its position in both domestic and international markets, leveraging its expertise as a high quality, local manufacturer of life-saving medicines.
ACW and QCIL’s management teams will collaborate to deliver growth, including expanding the portfolio of products and building new industry partnerships. The Company will be reverting to its original name of Quality Chemical Industries Limited.
Emmanuel Katongole, chairman and co-founder of QCIL, said: “We are excited to announce our partnership with ACW, as we believe their complementary skillset, strategic insights and global relationships will reinforce our commitment to improving the region’s self sufficiency through the local manufacture of high-quality, affordable medicines.”
Beth Mandel, Managing Partner and Co-founder of ACW, added that “ACW’s mission is to identify and partner with leading and well-managed mid-market businesses, like QCIL. We are excited about the opportunity to partner with the Ugandan founders and management and to assist QCIL to make an even more meaningful impact by contributing further to the growth and development of the healthcare sector in Africa.”