Transaction Summary
AfricInvest ($2.5m) and Proparco (€450,000) have approved a $2.99 million debt financing for Lapaire Glasses Kenya Limited. This optical retail chain provides free eye tests and affordable eyewear across Francophone West Africa and East Africa using a network of 80+ shops. This financing aims to enhance Lapaire's operational capabilities across Côte d'Ivoire, Benin, Togo, Mali, Burkina Faso, and Uganda and expand its market presence to Senegal, the D.R. of Congo and Tanzania. The deal is one of 3 early commitments from the Transform Health Fund, a blended-finance debt fund closed by AfricInvest and The Health Finance Coalition, of which Proparco is also a Limited Partner.
Terms:
- Fund Managers: AfricInvest and Proparco
- Funds: Transform Health Fund (AfricInvest) and The Bridge Fund by Digital Africa (Proparco)
- Target Company: Lapaire Glasses SA
- Transaction Type: Debt
- Investment Amount: $2.99m
Transaction Rationale
Commercial funding has fallen short in addressing the financing needs of Africa’s healthcare sector. Despite Africa
