American multinational pharmaceutical firm Johnson & Johnson has partnered with South Africa and London based Private Equity (PE) firms Inqo Investments Limited and Sumerian Partners to acquire Naivasha’s South Lake Medical Centre in a deal worth Ksh. 98 million.
Johnson & Johnson acquired the medical facility, which is owned by Flamingo Horticulture Ltd, through its social impact fund.
“Participating alongside Inqo in this round are Johnson & Johnson’s social impact fund and Sumerian Partners. A total investment of $950,000 (Ksh. 98 million) between the three parties will be made in a combination of equity and soft loans,” Inqo, which is listed on London’s NEX Exchange, said in a trading update.
Flamingo Horticulture Ltd set up the health facility, which acts as a private referral hospital to smaller clinics in the region, to serve low income workers in the Naivasha’s horticultural, agricultural and tourism industries. The medical facility offers a range of in and outpatient services including consultations, laboratory testing, radiology and pharmacy services.
According to Inqo, South Lake Medical Centre has the capacity to offer quality and affordable healthcare to residents in the area with the hospital attending to approximately 64,000 patients each year. The fact that the closest government hospital in Naivasha is normally overcrowded with patients similarly informed the three companies’ decision to invest in the hospital.
South Lake Medical Centre could receive many more patients moving forward if it signs up for Google’s health programme dubbed Project 47 that seeks to offer the public with vital information on emergency health care centers closest to them in an effort to minimize the number of lives lost during emergency situations.
The initiative, a partnership between Emergency Medicine Kenya Foundation (EMKF), BPS Systems Online and the Ministry of Health, seeks to inform Kenyans about the locations of different health facilities across the country’s 47 counties as well as the services they offer via Google’s search engine and Maps platforms.