Naivas Group (“Naivas”), a Kenyan retail company has raised US$15-million from a consortium of investors which include the IFC, Amethis, DEG and MC Equity Fund. Naivas is a family business that holds 60 retail supermarkets in Kenya and has been operating for 30 years. The consortium will acquire a minority stake, though it remains controlled and majority held by the Mukuha family. The investment will be deployed to improve retail operations in the exponentially growing Kenyan retail sector. Naivas recently acquired 6 stores from Nakumatt Holdings a previously large retail player in Kenya which collapsed in 2019.
IFC is the finance provider of the World Bank with more than 60 years of experience in unlocking private investment and therefore delivering more than $285-billion in financing for businesses in developing countries.
Amethis is an investment fund manager dedicated to the African continent, with an investment capacity exceeding €725-million (US$788-million). Amethis is a partnership between its founders (Luc Rigouzzo and Laurent Demey) and Edmond de Rothschild Private Equity. Amethis brings growth capital to promising midcap companies in a diversity of sectors throughout the African continent.