Zrosk Investment Management Limited, an African-focused investment firm, has acquired a 10% stake in MeCure Industries Limited, a prominent pharmaceutical company based in Lagos, according to a regulatory filing published on Friday.
Zrosk specializes in targeting small and mid-sized businesses with high growth potential in the real sector, and this latest acquisition aligns with its strategy. MeCure, which was listed on the Nigerian Exchange (NGX) Growth Board in November, completed the off-market transaction after receiving clearance from the exchange.
The NGX Growth Board is designed for growth-oriented companies with a relatively smaller market value, offering them opportunities to access capital. Firms with a minimum market capitalization of N500 million are eligible for this listing.
MeCure Industries is known for manufacturing and distributing over-the-counter medications, branded generics, and dietary supplements. The company, with a balance sheet size of N52.9 billion as of June, had a market value of N33.6 billion at the start of trade on Friday.
“This investment reflects confidence in our long-term growth strategy and underscores our commitment to providing quality healthcare solutions to millions of Nigerians,” said Arjun Udani, co-CEO of MeCure. Udani emphasized that with Zrosk’s backing, MeCure is well-positioned to pursue its expansion plans and continue its positive impact on Nigeria’s healthcare sector and beyond.
Zrosk’s investment makes it the first institutional investor to secure a significant stake in MeCure. Prior to the transaction, MeCure’s ownership was concentrated among Mr. Udani (holding 31.8%) and two other key stakeholders, Samir and Avni Udani, who each held 32.3%. The deal also helps MeCure meet regulatory requirements, which mandate that at least 10% of the company’s shares be owned by non-directors or insiders.
Samson Esemuede, Managing Director of Zrosk, highlighted the significance of the investment: “One of our core beliefs at Zrosk is that ownership of assets on the African continent is transitioning towards indigenous hands. We see the stock market as a stage for this shift, and we believe MeCure Industries is poised to become a dominant player in the pharmaceutical value chain across Africa.”
This equity investment marks a strategic shift for Zrosk, which has traditionally focused on alternative assets—investments outside conventional stocks and bonds. The firm’s portfolio spans sectors such as renewable energy, manufacturing, agriculture, fitness, and mining, and includes companies like Max.ng, Ditto Africa, Union54, ZirooPay, Nord, and Gartner Callaway.
The acquisition further strengthens MeCure’s position within the pharmaceutical industry and highlights Zrosk’s expanding footprint in healthcare and beyond.
