Elixir Global Manufacturing Food Limited, a Nigerian entity operating under the Chanrai Summit Group, and a sister company of Fareast Mercantile Co Ltd, has made a 100 percent acquisition of the Procter & Gamble’s Ibadan Healthcare Plant.
The plant covered by this transaction produces medicated throat drops well known and accepted in the Nigerian market under the brands Vicks Blue and Vicks Lemon Plus. Sivaswami Raghavan, a Director at Elixir, said that with the acquisition his company has also obtained the right to manufacture and sell these brands within Nigeria and the Sub-Sahara African markets, in exception of South Africa, through a Brand Licensing Agreement, BLA, valid up to 20 years. Additionally, the agreement also confers on the company “the rights to have these products and its variants manufactured in other third party manufacturing locations both within and outside Africa to meet with the specific requirements of the large market that it intends covering over the brand licensing period,” Raghavan said. The purchase of the Ibadan plant combined with the BLA, gives Elixir Global a ready made market to begin with and also provides the ability to launch both Vicks brands and other completely new brands in the large Sub-Saharan African marketplace including Nigeria. Khululiwe Mabaso, Head Corporate Communications/Associate Director, Procter & Gamble, Sub-Saharan Africa had this to say on this agreement: “P&G is delighted to partner with a local Nigerian party to continue building the Vicks brand not only in Nigeria but across many other parts of Africa.”