African PE firm Ascent Capital exits Ethiopian diagnostics firm

The PE firm’s first investment vehicle, Ascent Rift Valley Fund (ARVF), has sold its stake in Ethiopian medical diagnostic laboratory company Medpharm Holdings Africa, which operates as International Clinical Laboratories (ICL), to Cerba Lancet Africa.

Cerba Lancet Africa, majority owned by the French group Cerba HealthCare, set foot on the African continent in 2019. It now operates in 15 countries, providing access to diagnosis to more than 3 million people yearly.

ICL Ethiopia chief Tamrat Bekele, said the transaction will allow the firm to tap into the huge resources and expertise of Cerba HealthCare, specifically in the fields of oncology, genetics, companion diagnostics, preventive medicine, patient and physician education and research to tackle unique and challenging issues.

“This new foundation will allow us to expand our test menu and offer unique services and tests that will contribute to the growth of the country’s health care system,” said Bekele.

Read More : https://thecapitalquest.com/2022/10/06/african-pe-firm-ascent-capital-exits-ethiopian-diagnostics-firm/