A Nigerian firm, Ketron Investment Limited, has completed the acquisition of Retail Supermarkets Nigeria Limited, owners of Shoprite stores in Nigeria, after winning a bidding war involving three other suitors.
Ketron, owned by a group of investors led by Persianas Investment Limited, made this known in a statement on Tuesday.
Persianas owner and chairman of Ketron, Tayo Amusan disclosed that the company has received approval of the Federal Competition and Consumer Protection Commission (FCCPC) regarding the change in ownership.
Amusan who also owns The Palms, a popular mall in the upmarket Lekki area of Lagos said he was thrilled by the new acquisition.
“We are thrilled to complete the acquisition of Shoprite, ensuring the continued operations of one of the biggest retail success stories in Nigeria,” he said, adding that KPMG Advisory Services, MBO Capital Management Limited and Banwo & Ighodalo advised Ketron on the deal.
“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,” Amusan said.
Ketron said it will continue operations across all existing outlets, with plans to open additional stores and introduce more Nigerian-made products. The business will now operate a franchise model as opposed to Shoprite’s ownership model, the statement read.
Shoprite first informed investors of a potential divestment of its business operations in Nigeria in 2020, citing the COVID-19 pandemic, logistic difficulties, currency devaluation and Nigeria’s peculiar business environment.
Shoprite, which commenced operations in Surulere, Lagos in 2005, currently operates 25 outlets in eleven states across Nigeria’s and the Federal Capital Territory, Abuja.