A pan-African asset management company, AfricInvest, has taken a minority stake in a Nigerian retail store, Justrite.
This was contained in a statement dated January 25, 2022, and made available to our correspondent.
Through its partnership with Justrite, AfricInvest will 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.
The statement added, “Building on a proven track record of 30 years, the AfricInvest team aims to help accelerate the company’s growth, putting in place enhance governance tools and digitalising the company’s processes and services
“Leveraging its multi-sector
investment platform, AfricInvest will create synergies between its other portfolio companies and Justrite to increase their reach and provide access to technical expertise.”
Speaking on the partnership, 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. We welcome our new partners!
Senior Partner and MD, 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.”