An African private equity company, AfricInvest, has acquired a small share in the Justrite supermarket chain in Nigeria.
The company said in a statement that the acquisition deepens its ten-year partnership with the Justrite group, which started with an investment from the company’s credit vehicle, AfricInvest Private Credit.
According to the statement, the collaboration with Justrite will help develop reasonably priced grocery stores that use local products, promote domestic agriculture value chains, and generate new jobs while expanding access to healthy, high-quality meals.
The team intends to accelerate the company’s growth by implementing improved governance tools and digitalizing the company’s operations and services, building on a 30-year track record of success.
It offers 17 different products to consumers in Nigeria’s southwest stores across Lagos (Ikeja), Ogun (Abeokuta), and Osun State (Osogbo), with a combined shop floor exceeding c.20, 000m2 and 57,000 Stock Keeping Units.