IBL Group, the largest conglomerate in Mauritius, is the lead investor of a consortium that has signed an agreement to acquire a significant minority stake in Naivas International (Mauritius), with private equity firm Amethis exiting its investment. Naivas International owns 100% of the shares of Naivas Limited, a leading supermarket chain in Kenya. IBL’s partners in the consortium are Proparco, a subsidiary of Agence Française de Développement (AFD) and DEG, a subsidiary of German KfW Group. This agreement is subject to regulatory approvals.
The investment in Naivas International is the biggest investment in IBL’s history. IBL also has significant expertise in the retail sector, operating the leading supermarket chain in Mauritius, Winners.
“This is an exciting partnership by our shareholders that will drive us to the next phase of growth. We appreciate the immense knowledge and capacity in the retail industry that IBL brings to the table”, said David Kimani, Managing Director of Naivas. He further added, “This transaction is testament to the hard work by Naivas’ management and shareholders of having put in place strong governance and controls, enabling the business to grow sustainably to become one of the leading retailers in the region.”
“I am proud that our partnership with the shareholders of Naivas International marks IBL Group’s first investment as part of our expansion in East Africa. This is a symbolic move
for us. This family business created in 1990 is an example of success story that has continued to grow despite the pandemic thanks to its strong business model. With 84 outlets in 20 cities and towns across Kenya, it has put modern grocery retail within everyone’s reach. Naivas also contributes to the Kenyan economy, notably by employing over 8,000 people. IBL Group has expertise in the retail sector with our chain supermarket Winners – a flagship of the Mauritian economy.” said Arnaud Lagesse, IBL Group CEO.
Andreas von Paleske, Head of Strategy at Naivas commented, “Amethis invested in Naivas International in 2020, and their strength in partnering with family-owned businesses has led to a demonstrable step-up in governance and growth. Amethis sale of its stake in Naivas International represents the successful culmination of their partnership with the business. We are now thrilled to embark on the next phase this journey and welcome an exciting partnership with IBL.”
Frank-Astère Ndiyo Butoyi, Investment Director at Amethis, added “We are proud to have been in the Kenyan retail landscape and supported a very successful Kenyan business who understands best the Kenyan consumer. As we exit our investment, we wish IBL and the Naivas International team the best for the future”.
Naivas International and Amethis were advised by Bowmans, Ernst and Young, and Rothschild & Co. The IBL consortium was advised by Benoit Chambers, Kaplan & Stratton, and PwC. Terms of the transaction were not disclosed.
About IBL
IBL Ltd is a leading diversified group from Mauritius and is listed on the Mauritius Stock Exchange. The Group employs more than 25,000 people, and is active in various sectors of activity, namely agro & energy, commercial & distribution, logistics, building & engineering, financial services, hospitality, seafood, life & technologies and property.
and world-class expertise, with presence across 18 countries worldwide.
business development in the Region.
www.iblgroup.com
About Naivas
value for money proposition.
Since its founding in 1830, the IBL Group has gone from strength to strength by anticipating market trends, investing strategically, and hiring talented and dedicated people to achieve its ambition. Whilst Mauritius has historically been the driver of its performance, its entrepreneurial culture has guided the Group outside the island’s shores. Today, IBL is an international group operating as a long-term strategic investor, with a culture of excellence
After consolidating its footprint in the Indian Ocean, IBL revealed its ‘IBL Beyond Borders’ strategy that lays out its focus on East Africa, with an office in Nairobi responsible for its
Recognized for its good governance and transparency practices, IBL aims to become a leading employer in Mauritius and in the Region. The Group is also positioned as a reference in terms of sustainable development and has become an important partner for many actors
involved in the social field.
Naivas International owns 100% of Naivas Kenya, which is a leading supermarket chain in Kenya, with 84 stores across the country. Underpinned by strong fundamentals, Naivas has been at the forefront of developing modern retail across Kenya, including the launch of its Foodmarket concept. Core to the business is its strategy of delivering Kenyans a quality,
Established in 1990 by the Mukuha family, Naivas started as a small family business in the small town of Rongai, located on the outskirts of Nakuru town in Kenya’s Rift Valley. From 2001, the company expanded to Nairobi where it opened its first branch on Ronald Ngala Street. The activity of Naivas then progressively migrated to Nairobi through subsequent
openings across the country to become today one of the main retailers in Kenya.
Amethis invested in Naivas International in 2020, as the first external investor to support the strategy implemented by the family and the management team towards the emergence of a
national leader in the retail sector.
About Amethis
Amethis is an investment fund manager dedicated to the African continent, with an investment capacity exceeding €815m. Amethis has been created through a partnership with the Edmond de Rothschild Group. Amethis brings growth capital to promising midcap champions in a diversity of sectors throughout the African continent. As an active shareholder, Amethis offers key support and expertise through its international network, its
opportunities of external growth and its value-added governance.
www.amethis.com
For more information reach out to evaline.njau@naivas.co.ke