A Nigerian firm, Ketron Investment Limited, has completed the 100 percent acquisition 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 issued by Ketron on Tuesday said.
The company said the it has received approval the Federal Competition and Consumer Protection Commission (FCCPC) regarding the change in ownership.
BizWatch Nigeria had reported that the South African company classified its Nigeria subsidiary as discontinued operations as it had marked the business for sale.
The company had in August last year, announced that it would gradually end its operation in Nigeria, after getting board approval.
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.”
He 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 is our vision to create fundamental change for the better within Nigeria,” he added.
Ketron said it will continue operations across all existing outlets, with plans to open additional stores and introduce more Nigerian-made products.
The Statement said KPMG Advisory Services, MBO Capital Management Limited and Banwo & Ighodalo advised Ketron on the deal.
Commenting on the deal, the CEO of MBO Capital, Jide Ogundare, 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.”
Since its launch in Lagos in December 2005, Shoprite has expanded to 25 outlets across 11 states and Abuja, FCT.