AfricInvest buys stake in Justrite

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AfricInvest Fund IV has acquired a small interest in the Nigerian retailer Justrite Superstore, this action would enable Justrite to contribute to the development of reasonably priced grocery stores that purchase local products, promote domestic agriculture value chains, and generate new employment while expanding the accessibility of safe, high-quality foods.

By implementing improved governance mechanisms, digitizing the business’s operations and services, expanding its reach, and giving access to technological skills, the new investment said that it hoped to contribute to accelerating Justrite’s growth with its experience.

The ten-year partnership between AfricInvest and the Justrite team, which started with an investment from the company’s credit vehicle, AfricInvest Private Credit, served as the foundation for the transaction.

Punch

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