CardinalStone leads $18m equity capital raise for HealthPlus

CardinalStone Partners Limited says it acted as the exclusive financial adviser to Health Plus Limited, for the health company’s recently concluded $18 million equity capital raise from Alta Semper Capital LLP, a private equity firm based in the UK.
HealthPlus is West Africa’s foremost retail pharmacy chain, and the investment by Alta Semper, according to a statement, will enable the company continue to expand its store footprint, invest in best in class human capital and develop regional distribution centres in commercial hubs across Nigeria.
Olubukunola George, founder/CEO of HealthPlus, says in the statement, “CardinalStone was very instrumental in spearheading an efficient and competitive process that ultimately paired HealthPlus with the ideal partner. Its commitment and demonstrated professionalism throughout the capital raising journey was extremely commendable.”
Michael Nzewi, managing director of CardinalStone, in the statement, says, “We were honoured to have assisted HealthPlus as it embarks on its next phase of growth. We believe that this strategic combination will serve as a major catalyst in greatly improving the access of the everyday Nigerian to healthcare products and will provide HealthPlus with the right platform to continue delivering exceptional service and quality products to its customers.”
CardinalStone is an indigenous, full service investment banking firm that provides comprehensive financial advisory and capital raising services to its clients across various sectors of the Nigerian and the broader West African region.
“This transaction represents another successful milestone for CardinalStone in the healthcare sector, with the company having completed five transactions in the space, cutting across both equity and debt deals, over the last year alone,” according to the statement.
CardinalStone’s focus is to avail best in class financial advisory and capital raising services to leading entrepreneurs and businesses with a view to assisting them achieve their strategic goals and ambitions of becoming market leaders within their respective sectors. “CardinalStone aims to be a long-term trusted adviser and financing partner to its clients and has built a competence in supporting businesses as they navigate economic headwinds through the course of their operating lifecycle,” it notes.

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