Michelmores advised on the funding of Express Pharmacy, a Lagos-based mass-market pharmacy retail chain in Lagos, Nigeria.
The Nigerian pharmaceutical market is widely affected by counterfeit products, poor supply chain management and issues with product licensing. Express Pharmacy’s mission is to offer reliable, standardised medication to low-to-middle income earners across the country.
TLG Credit Opportunities Fund, a global investment fund, along with Medical Credit Fund, a Dutch non-profit health investment fund, provided debt funding to the group.
Michelmores also acted on a simultaneous refinancing of Grace Lake Partners. Grace Lake Partners is a Nigerian investment and advisory firm with an extensive portfolio of investments and projects across the country.
Senior associate from the Restructuring & Insolvency team said:
“The Express project is a great example of the junction between impact investment and entrepreneurship, and the opportunities arising in Nigeria. We expect to see more investment of this kind as the Nigerian market continues to develop, and we are delighted to be able to continue our working relationship with Grace Lake Partners on this project.”