Ketron Investment Limited has completed the deal for the acquisition of Shoprite Nigeria.
Gatekeepers News reports that a Nigerian company, Ketron Investment Limited, led by Persianas Investment Limited has acquired Shoprite stores in Nigeria and this has been assented to by the owner, Retail Supermarkets Nigeria Limited (RSNL).
The Nigerian regulator, the Federal Competition and Consumer Protection Commission (FCCPC) has also received the approval of the change of ownership.
Gatekeepers News gathered that the divestment by Shoprite International is in line with its strategy to change from an ownership model to a franchise model.
The Chairman, Ketron Investment Limited, Tayo Amusan said, “We are thrilled to complete the acquisition of Shoprite, ensuring the continued operations of one of the biggest retail success stories in Nigeria. We look forward to building an even stronger company following our acquisition and are excited about the greater impact we will achieve to the benefit of our customers and other stakeholders now and well into the future”.
Shoprite which was launched in Lagos in December 2015, has expanded to 25 outlets across eleven states and Abuja, FCT.
Gatekeepers News gathered that Ketron acquires 100% ownership of Shoprite in Nigeria and will continue operations across all existing outlets to the terms of this acquisition.
According to the acquisition, Ketron plans to open additional stores and introduce more Nigerian-made products in the stores.
Amusan noted that this will also result in more opportunities for Nigerians:
“It is our vision to create fundamental change for the better within Nigeria,” said Amusan. “With benefits from our knowledge of the ever-evolving Nigerian retail marketplace, well-grounded social and economic research, and hands-on experience from our team, we are confident that this acquisition will foster a robust and sustainable business model for the ultimate benefit of all stakeholders.”
Meanwhile, professional services firms, KPMG Advisory Services, MBO Capital Management Limited, and Banwo & Ighodalo have advised Ketron on the deal.
CEO, MBO Capital, Jide Ogundare, said that the deal signals an opportunity for Ketron to uphold a thriving business.
Ogundare said, “It will be hard work… but with the plans, we have in place, and with the support of the larger Shoprite family in Nigeria including our staff and every Nigerian shopper that walks through our doors, we are confident of success.”
Shoprite Holdings being Africa’s largest food retailer operates 2,843 supermarkets in 15 countries and serves 35 million customers in Africa and the Indian Ocean Islands.
Currently, its Nigeria’s supply chain includes more than 300 leading Nigerian suppliers, small businesses, and farmers among its partners and suppliers.
Ketron stated that Shoprite International will continue as technical advisers, adding that it will sustain the relationships established by Shoprite over the last decade and a half while ensuring a smooth “transfer of values.”
