Naivas Supermarket is one of the most successful retailer in Kenya operating 84 outlets across Kenya as of June 2022. 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.
Here is the shareholding of Naivas Supermarket as told by WoK.
Naivas Supermarket Shares and Investors
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 during the pandemic, 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 as reported by Business Daily. The Mukuha family continued to own 70 percent shares while Amethis Finance, IFC and others the remaining 30 percent of the total shares.
The New Shareholders Of Naivas Supermarket
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.
“Proparco is pleased to announce its partnership with IBL Group, the largest conglomerate of Mauritius and DEG to jointly acquire a 40 percent interest in Naivas International, which owns 100 percent of the shares of Naivas Limited,” read a part of the official statement from the French sovereign wealth fund.
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. IBL noted that the proposed transaction will give it a platform for further investments in East Africa. However the new deal will not include fresh capital injection into the retailer pumped in the retailer as reported by the Star. Currently, the Mukuha family holds 60 percent of the total shares while IBL Group, Proparco, German Investment Corporation and others hold the remaining 40 percent.