Private equity firm the Abraaj Group has invested in Vine Pharmaceuticals, a pharmacy chain in Uganda.
Abraaj made the investment through its Africa Health Fund. It is the fund’s first investment in the pharmaceutical retail and distribution sector.
The deal should help Vine expand its market share in Uganda’s pharmaceutical market. The chain, founded in 1999, has 21 stores.
Africa Health Fund was established in June 2009 with the International Finance Corp., the African Development Bank and Bill & Melinda Gates foundation as some of its investors. The fund aims to improve the access of low-income Africans to health services. Terms of the investment were not disclosed.
Dubai-based Abraaj manages $7.5 billion in capital across 25 funds. The firm’s investments include Air Arabia, Champ Resto Indonesia and ECI Engineering & Construction.