Naivas Sold 30pc Stake For Sh6bn to French PE – Kenyan Business Feed

 local retail chain Naivas Limited allegedly received Sh6 billion from the sale of 30pc ownership of its company to international investors including French Private Equity Fund Amethis, International Finance Corporation, MCB Equity Fund, and Germany’s sovereign wealth fund.

The investment follows the fund manager’s 2017 announcement when it sought Sh36 billion for investment in 11 countries including Kenya through Amethis Fund II investment vehicle. Amethis announced the final close of the Pan-African fund in July last year after raising Sh42 billion, which was Sh6 billion above the set target.

The retailer, which owns more than 58 retail stores spread across Kenya, received approval for the transaction from the Competition Authority of Kenya in February 2020. “The Competition Authority has authorised the proposed transaction as set out herein on condition that the merged entity to honour all the current contracts with suppliers for the duration of those contracts,” said CAK in a gazette notice.

The capital injection into Naivas will enhance the retailer’s financial muscle necessary in accelerating the supermarket’s expansion plans in major towns across the country.

“In a Kenyan retail landscape where many competitors from abroad are settling in, we are proud to support a very successful Kenyan business that has a strong understanding of the Kenyan consumer,” Jean-Sebastien Bergasse, a partner at Amethis, said in the statement earlier this year.

“We look forward to working jointly with the shareholders and management team to further expand the business’ operations and store network, while retaining a strong Kenyan identity.”

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