
KKR supports Philippines social enterprise project
KKR has completed its second social enterprise assistance project alongside Impact Investment Exchange Asia (IIX) and its non-profit sister organization Shujog, providing support to Glovax Biotech, which sells affordable vaccines to low to middle income groups in the Philippines.
Launched in 2003, the company imports low-cost vaccines directly from manufacturers and distributes them through a network of hospitals, clinics, and doctors. It currently operates three clinics and 10 retail distribution centers across Manila.
In its first decade, Glovax provided more than four million doses of vaccinations, protecting 1.7 million people from certain diseases. It also manages a low-income relief unit to offer free vaccinations to the Philippines' poorest demographic. Over 130,000 doses of vaccinations have been distributed for free.
KKR, IIX and Shujong have been working with the company so it is better positioned to attract further funding. A team of operational experts, including members of KKR Capstone, has conducted site visits and helped Glovax's management develop a business plan, financial model and impact assessment.
The company has since obtained a $1 million credit line from BDO Universal Bank. This funding will be used to increase the number of vaccinations distributed each year from 400,000 to 500,000 doses and to hire 10 additional staff. Glovax wants to provide approximately 3.5 million additional doses by 2018.
"Leveraging KKR and KKR Capstone's financial and operational skills gives Glovax the opportunity to increase its financial return and scale its social impact," said Steven R. Okun, Asia Pacific director of public affairs at KKR, in a statement. "This is what KKR's technical assistance program is all about - finding ways to help social enterprises get the capital that is available to them to increase their financial and social return."
KKR and IIX previously worked together on a technical assistance project for East Bali Cashews, which sells cashews to domestic and international markets under the Alamente brand.
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