Naivas Announce Plans To Open Three Branches Before End Year

Local retail chain Naivas Supermarket is set to open three new branches this Christmas season.

The shopping retailer will open Naivas Foodmarket Ojijo in Parklands, Nairobi on Friday, December 9 and Naivas Nairobi West on Sunday, December 10.

The supermarket will also open Naivas Express Uthiru on Thursday, December 15.

Naivas Chief Commercial Officer Willy Kimani said they are looking forward to offer their clients a world-class shopping experience.

“This new development was motivated by the need to offer convenience to our shoppers by offering them a world-class shopping experience at their doorstep. We have not had a presence in all these three places and we are elated to be welcoming more communities into Team Naivas

“Our excitement is also compounded by the fact that this is when all the get-togethers, sherehez and homecomings are held and we now have three additional communities where we shall be a part of these life moments,” he said.

On the opening day, customers will enjoy sale promotions, Naivas Gift vouchers giveaways, a goat and Ksh 200 cash backs from Visa.

They also stand a chance to walk away with 65 inches TVs from Coca-Cola.

As highlighted on WoK, the retailer is privately owned with a majority of the shares held by the family of its founder Peter Mukuha who passed away on 6th May 2010.

Mauritian Investment company, IBL Group, acquired a stake in the company to become the second largest investor.

As of November 2014, Naivas Limited Stock Ownership was held by Mukuha family members including David Kimani – 25%, Simon Gachwe – 25 %, Linet Wairimu 15%, Grace Wambui 15% and the estate of Peter Mukuha Kago – 20%.

In February 2020, the Competition Authority of Kenya (CAK) approved the acquisition of 30 percent of the company’s share valued at Ksh 1.5 billion by French equity firm Amethis Finance.

The Mukuha family continued to own 70 percent shares while Amethis Finance, IFC and others the remaining 30 percent of the total shares.

At the beginning of this year, Naivas management announced that French Sovereign wealth fund Proparco, Mauritian conglomerate IBL Group and German sovereign wealth fund DEG were going to acquire a minority stake in the company.

In June 2022, CAK approved Proparco to acquire a Ksh 3.7 billion stake in the supermarket as part of a consortium that will take a combined 40 percent ownership of the giant retailer.

The stakes were bought from a group of investors who acquired a 30 percent stake of the company which was worth Ksh 6 billion in April 2020.

The group included World Bank’s International Finance Corporation (IFC), MCB Equity Fund, Amethis and German sovereign wealth fund DEG.

According to IBL Group which is part of the consortium, the Naivas deal is the biggest investment the company has ever made in the past two centuries.

The investment firm which has been in existence since 1860, has also assembled a group of investors to buy out the IFC Consortium.