KENYA – Adenia Partners, a private equity firm investing in Africa, has announced it has completed the acquisition of Africa Biosystems Limited (ABL), a leading distributor of life sciences and clinical diagnostics equipment in East Africa.
Financial terms of the deal were not disclosed.
The Company’s instruments are used to conduct research and diagnosis across the animal, human and crop sectors with product applications that span molecular, cell and protein biology and DNA forensics.
ABL’s customers fall into various end markets including government and non-governmental organizations, academic institutions, and the private sector.
Adenia will work together with ABL to expand its operations in its core East African markets, with a focus on accelerating its installed base of scientific instruments.
Adenia will also help ABL establish a new management structure as well as improve its systems and processes to better capture opportunities in the life sciences market.
“With their trusted guidance, we plan to deepen our commitment to developing the regional markets, while boosting awareness of our products and their applications within East Africa’s life sciences sector”Yasmin Verjee – Managing Director, Africa Biosystems Limited
“At a time when the life sciences market in East Africa is expected to grow significantly due to rising healthcare needs, we are excited to invest in ABL, which has built a strong reputation in the region with its exemplary service and technical know-how,” said Martha Osier, Partner at Adenia.
“We look forward to working together with the management team to capitalize on this growth, expand ABL’s customer base and take the business to the next level,” he added.
On his part, Yasmin Verjee, Managing Director and co-founder of Africa Biosystems said: “We are thrilled to welcome Adenia as an investor and look forward to our next phase of growth. With their trusted guidance, we plan to deepen our commitment to developing the regional markets, while boosting awareness of our products and their applications within East Africa’s life sciences sector.”
Founded in 2002, Adenia has successfully raised US$500 million across 4 funds and has a proven track record of strong and consistent performance with 26 platform investments executed and 16 realized exits.
Based on the ground across Africa, Adenia has one of the most highly qualified African private markets investment teams in terms of educational pedigree, longstanding experience as entrepreneurs and investors, and local in-depth knowledge.