Naivas has announced that it has signed an agreement with Amethis Fund II, an investment vehicle managed by Amethis.
This agreement is subject to approval by the relevant regulatory authorities.
Naivas has over 60 stores nationwide and was founded 30 years ago by the Mukuha family.
The Mukuha family will remain in the business as majority shareholders.
Over the last few years, Naivas has grown based on prudent management of its operations and finances, combined with strong supplier relationships.
Today, it is one of the strongest home-grown businesses in Kenya.
Amethis first reached out to Naivas over a year ago and will be the first external investor in Naivas.
This investment will represent the 4th commitment from its latest fund.
“We are very excited about this partnership. As we embark on our next phase of growth, having an experienced investor with us will further strengthen the business”, said David Kimani, Managing Director of Naivas.
He further added, “Amethis has a strong track record investing across Africa and in Kenya, which will add value to our operations.”
Andreas von Paleske, a senior advisor to Naivas, commented, “This transaction is testament to the hard work by Naivas’ management and shareholders of having put in place strong governance and controls, enabling the business to grow sustainably. This transaction will further enhance this.”
Jean-Sebastien Bergasse, Partner at Amethis, said, “In a Kenyan retail landscape where many competitors from abroad are settling in, we are proud to support a very successful Kenyan business that has a strong understanding of the Kenyan consumer. We look forward to working jointly with the shareholders and management team to further expand the business’ operations and store network while retaining a strong Kenyan identity.”
No further transaction details are being disclosed.
