Nigerian company, Ketron, Acquires Shoprite Stores – Ketron Investment Limited, a Nigerian firm has completed the acquisition deal of Retail Supermarkets Nigeria Limited (RSNL), owner and operator of the Shoprite stores in Nigeria.
Ketron is owned by a group of investors led by Persianas Investment Limited, a statement from Ketron, said on Tuesday.
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It said the change in ownership has also received the approval of the Nigerian regulator, the Federal Competition and Consumer Protection Commission (FCCPC).
Daily Trust had reported the process of Shoprite acquisition in Nigeria since last year when the South African retail giant announced it was divesting its retail outlet in the country.
Shoprite Holdings is Africa’s largest food retailer, operating 2,843 supermarkets in 15 countries and serving 35 million customers in Africa and the Indian Ocean Islands; its supply chain includes over 300 local suppliers comprising small businesses and farmers.
Speaking on the acquisition, Chairman of Ketron, 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.”
Amusan who also owns Persianas added: “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”.
It was also learnt that Persianas own the major buildings that house Shoprite outlets in Lagos, Ilorin, among others.
Since its launch in Lagos in December 2005, Shoprite has expanded to 25 outlets across 11 states and Abuja, FCT.
Ketron acquired 100% ownership of Shoprite in Nigeria and will continue operations across all existing outlets, with plans to open additional stores and introduce more Nigerian-made products, the statement said.
“It is our vision to create fundamental change for the better within Nigeria,” said Amusan.
Professional services firms, KPMG Advisory Services, MBO Capital Management Limited and Banwo & Ighodalo advised Ketron on the deal. Jide Ogundare, CEO, MBO Capital, in his comment, said: “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.”The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.