Naivas set to bag US$15m for sale of its minority stake to IFC, Amethis, DEG and MCB Equity Fund

KENYA – Kenyan retail chain Naivas supermarkets is set to receive US$15 million for the sale of its minority stake to IFC, a member of the World Bank Group alongside French private equity fund Amethis Finance, DEG and MCB Equity Fund. “IFC seeks to make an equity investment alongside Amethis which will result in a minority stake in the company,” IFC said in a disclosure. The new capital injection is earmarked for expansion in the highly competitive local supermarket business that has attracted major players across the globe. “Through the…

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CAK approves acquisition of minority stake in Naivas by French PE fund

KENYA – The Competition Authority of Kenya (CAK) has approved acquisition of a minority stake in Kenyan retail chain Naivas by French private equity fund Amethis Finance. Amethis has made the acquisition alongside its partners DEG, MCB Equity Fund and IFC, a member of the World Bank Group. The watchdog while approving the acquisition directed the merged entity to honour all current contracts made by Naivas with local suppliers besides payment of all exiting debts. The approval sets the stage for the continued expansion by Naivas as it seeks to…

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Amethis Fund II to acquire minority stake in Kenyan retail chain Naivas

KENYA – Amethis Fund II, Paris-based private equity fund is set to acquire a minority equity stake of 30 percent in Kenyan retail chain Naivas Limited in a deal estimated to be worth billions of shilling. Sources familiar with the transaction told the Business Daily that talks to conclude the transaction are at an advanced stage with the parties now awaiting regulatory approval before making a formal announcement. The investment follows the fund manager’s 2017 announcement when it sought Sh36 billion for investment in 11 countries including Kenya through Amethis…

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