IBL Completes Buyout of Naivas Supermarket Chain in Kenya

On 3 July 2023, Mauritian-headquartered IBL Group released an announcement that it has become the majority shareholder in the Naivas Supermarket Chain in Kenya. According to the announcement, IBL acquired an extra 11% from Peter Mukuha, who is part of the founding family, for an estimated KSH 5.92 billion ($41.7M).

IBL Group owns Naivas indirectly via a Special Purpose Vehicle called Mambo Retail, which is a consortium involving Mauritius’ IBL, France’s Proparco and Germany’s DEG. After the transaction, Mambo Retail will own 51% in Naivas, while the Mukuha’s family still holds 49%. IBL’s effective share in the venture expanded to 37.32%.

In 2022, Mambo Retail acquired a 40% minority stake in Naivas. Mambo Retail bought out shares from institutional investors such as IFC, MCB Equity Fund, and Amethis. At that time, IBL contributed USD 100 million for a 65.8% stake in Mambo Retail, which translated into a 26.3% stake in Naivas.

A recent valuation of Naivas put its value at around USD 379 million. The Naivas supermarket chain was fully owned by Naivas International, registered in Mauritius. At the time of the deal, Naivas operates 94 outlets and plans to expand to100 supermarkets by the end of 2023.