MBO Capital Management Ltd alongside co-investors have completed the acquisition of Shoprite’s Operations in Nigeria

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MBO Capital Management Ltd alongside co-investors have completed the acquisition of Shoprite's Operations in Nigeria

MBO Capital Management Ltd alongside co-investors led by Persianas Investment Ltd, through their investment vehicle, Ketron Investment Limited, have completed the acquisition of the local operations of Africa’s retail giant, Shoprite. The transaction closed on Monday, May 31, 2021.

The Nigerian operations will now operate under a franchise agreement and the new owners are excited about the opportunities to grow the brand in Nigeria both geographically and in terms of the product offerings.

KPMG Advisory Services and MBO Capital Management Ltd served as financial advisers to Ketron and Banwo & Ighodalo acted as legal adviser.

Nigerian firm completes acquisition of Shoprite

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Nigerian firm completes acquisition of Shoprite

Ketron Investment Limited, a Nigerian company owned by a group of local investors led by property firm Persianas Investment Ltd, has completed the acquisition of Shoprite Holdings Limited.

With the acquisition  Shoprite, Africa’s largest food retailer, has completely exited the Nigerians market 16 years after it opened its first outlet.

Ketron in a statement said Shoprite is changing its strategy “from an ownership model to a franchise model. The acquisition has been approved by Nigeria’s federal competition and consumer protection commission.

“We look forward to building an even stronger company following our acquisition,” said Tayo Amusan, Ketron’s chairman.

Shoprite, which operates 2,843 supermarkets in 15 countries, serving 35 million customers in Africa and the Indian Ocean Islands, has struggled with supply-chain disruptions and repatriation of funds – both familiar problems to foreign businesses in the Nigerian market.