The World Bank’s International Finance Corporation (IFC), DEG, MCB Private Equity, and French investment fund manager Amethis have decided to sell their shares in Naivas International (Mauritius), which runs the Naivas grocery chain in Kenya.
For an unknown fee, the partners will sell their stake to Mauritius-based conglomerate IBL Group.
Naivas, which was founded more than 30 years ago, calls itself one of Kenya’s major retailers and runs an extensive network of 84 outlets throughout 20 towns.
Amethis paid an undisclosed sum in 2020 for a share in Naivas. According to Reuters, the investment represented 30 percent of the retailer at the time and was the Amethis Fund II’s fourth investment.
In a statement, Amethis said that Naivas had increased the domestic scope of the shop since it had invested in it. Five cities are now being added to its network of stores.
According to David Kimani, managing director of Naivas, “We are delighted to welcome our new partner to Naivas.
“The backing of a leading international conglomerate is a testimony to Naivas’ success and unique profile in the market.
“We have ambitious plans for the company and look forward to combining our strengths to create value for all our stakeholders.
“We really enjoyed the quality of the partnership with Amethis and are looking forward to collaborating further in the future.”