Shoprite Nigeria gets new owner
Shoprite Nigeria, a leading food retailer, has been acquired by Ketron Investment Limited, a Nigerian company owned by a group of institutional investors led by Persianas Investment Limited.
Ketron Investment Limited made the announcement of the purchase of Shoprite Nigeria’s assets from the Retail Supermarkets Nigeria Limited (RSNL), owner and operator of the Shoprite stores in Nigeria, after the approval from the Federal Competition and Consumer Protection Commission (FCCPC).
According to the terms of this acquisition, Ketron acquires 100 percent ownership of Shoprite in Nigeria and will continue operations across all existing outlets.
Commenting on the acquisition, Chairman, Ketron Investment Limited, Tayo Amusan said: “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.” He added that he is excited about the acquisition as it leads to continued operation of the retail business in Nigeria.
According to him, with benefits from their knowledge of the ever-evolving Nigerian retail marketplace, well-grounded social and economic research, and hands-on experience from their team, they are confident that the acquisition would foster a robust and sustainable business model for the ultimate benefit of all stakeholders.
On his part, Chief Executive Officer, MBO Capital, Jide Ogundare, said the deal signals an opportunity for Ketron to uphold a thriving business.
“It will be hard work,” he said, adding, “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”.
The divestment by Shoprite International is in line with its strategy to change from an ownership model to a franchise model. This change in ownership has also received the approval of the Nigerian regulator, the Federal Competition and Consumer Protection Commission (FCCPC).
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