AfricInvest Fund IV has bought a minority stake in the Nigerian retail store, Justrite Superstore.
In a statement made available to our correspondent Monday, AfricInvest said that this move would allow Justrite to contribute to building affordable grocery outlets that source local products, support domestic agriculture value chains, and create new jobs while improving the availability of safe, high-quality foods. With its expertise, the new investor said it aimed to help accelerate Justrite’s growth by putting in place enhanced governance tools, digitalising the company’s processes and services, increasing its reach and providing access to technical expertise.
The transaction was built on AfricInvest’s decade-long relationship with the Justrite team that began with an investment from the firm’s credit vehicle, AfricInvest Private Credit.
“It marks the fifth investment of AF IV, AfricInvest’s flagship fund, which invests in African mid-cap companies across diverse sectors to accelerate their regional growth, delivering attractive risk-adjusted returns and supporting inclusive and sustainable development,” the statement noted.
Speaking on the investment, the Co-founder and Chairman of Justrite, Dr Ayo Aderinwale, said, “As Justrite embarks on a new growth phase, Tosin, Boye, and I are very excited to partner with Africinvest to help both our consolidation in the local market as well as our exploration of other markets outside Nigeria. We look forward to benefiting from their immense experience across Africa to galvanise our expansion.”
Senior Partner and Managing Director, AfricInvest Anglophone West Africa, Abiola Ojo-Osagie, commented, “Justrite is a clear market leader with well-defined growth potential and we are very proud to be partnering with such knowledgeable and dynamic sponsors. The management team has demonstrated a strong willingness to sustainably expand their footprint across Nigeria and beyond. AfricInvest will support them to enhance their corporate structure and improve operational performance. We are indeed excited to play a role in Justrite’s growth journey.‘’
Partner, Africinvest, Mohammed Sebti, added, “Our mission in AfricInvest is to identify companies such as Justrite which possess strong growth potential and support them in their expansion while upscaling governance standards.
Through this partnership, AfricInvest and Justrite will be increasing access in largely underserved neighbourhoods to everyday essentials while upholding high sanitary standards, contributing to the improvement of Africans’ daily lives.”