One of the fastest growing retail businesses in Kenya today Haltons Pharmacy has signed an agreement with Vivo Energy to open 200 outlets at its service stations countrywide.
Haltons Pharmacy's Sh2 billion expansion will be financed by Fanisi Capital which acquired a stake at the retail company.
The retail business has grown from four stores in 2013 to over fifty in 2015.
Fanisi Capital chief executive Ayisi Makatiani said the project is so far the biggest undertaken with Haltons Pharmacy.
“We are confident in Haltons pharmacy’s business model and we would like to confirm this confidence by making further investment into the company as it expands in terms of geographical reach, product and services offering,” said Mr. Makatiani.
VIVO ENERGY STATIONS
Haltons’ chief executive Sam Njuguna welcomed the deal adding that the stores will be put up in two years’ time.
“It’s difficult and expensive finding space for business premise. This partnership now makes it much easier for us to establish outlets in more than 150 Vivo Energy stations across the country,” he said.
Fanisi Capital made its first investment in Haltons Pharmacy in 2011 with a Sh300 million ($3 million) stake in the chain.
Founded in 2009, Fanisi focuses on agro-processing, healthcare, education, and retail sectors.