Ketron Investment Limited, an indigenous company, owned by a group of reputable investors led by Persianas Investment Limited, has announced its acquisition of Retail Supermarkets Nigeria Limited (RSNL), owner and operator of the Shoprite stores in Nigeria.
The company, in a statement issued on Wednesday, said the divestment by Shoprite International in line with its strategy to change from an ownership model to a franchise model.
It said the development had already received the blessings of the Nigerian regulator, the Federal Competition and Consumer Protection Commission (FCCPC).
Confirming the deal, the Chairman, Ketron Investment Limited, Tayo Amusan, expressed delight that the company was able to complete the acquisition, ensuring the continued operations of one of the biggest retail success stories in Nigeria.
“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 said.
According to the terms of acquisition, Ketron Investment Limited acquires 100 per cent ownership of Shoprite in Nigeria and will continue operations across all existing outlets. It also plans to open additional stores and introduce more Nigerian-made products in the stores.
This, Amusan said, would also result in vast opportunities for more Nigerians.
The chaurman expressed confidence that with the company’s knowledge of the ever-evolving Nigerian retail marketplace, well-grounded social and economic research, and hands-on experience from its team, the acquisition would foster a robust and sustainable business model for the ultimate benefit of all stakeholders.
He said that Shoprite International will continue as technical advisers, adding that Ketron will sustain the relationships established by Shoprite over the last decade and a half while ensuring a smooth “transfer of values.”
Bloomberg had earlier reported that Shoprite’s owners valued its sale at N30 billion. However, the deal between Ketron and Shoprite remains undisclosed
Since its launch in Lagos in December 2005, Shoprite has expanded to 25 outlets across 11 states and Federal Capital Territory.