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Investec Asset Management Acquires Controlling Stake in Egypt’s Spinneys

Spinneys Egypt - Founder360

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Investec Asset Management Acquires Controlling Stake in Egypt’s Spinneys

Investec Asset Management (‘IAM’) has completed its first private equity investment in Egypt, by acquiring control of Spinneys Egypt (‘Spinneys’), a rapidly growing supermarket chain in Egypt.

The business is one of the leading grocery retail players in Egypt, having expanded to a current footprint of 13 outlets, comprising 2 hypermarkets and 11 supermarkets.

Spinneys has developed a strong customer value proposition combining a high-quality offering and shopping environment, including a focus on fresh produce and in-store bakeries, with competitive pricing and own-label ranges to serve a growing loyal customer base.

“We believe that Mohanad and his team have developed a compelling proposition which is well positioned to address the consumer needs of a rapidly modernising Egyptian retail market, and this investment offers us the opportunity to support the accelerated expansion of the business across Egypt. We are excited about the very attractive growth opportunity for the business”. Nick Marsh, Investment Principal, Investec Asset Management.

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They have also led the expansion of the business beyond Greater Cairo, Giza and Hurghada into Alexandria, the North Coast, Menya and the recently announced new Tanta Mall. The launch of a home delivery service and the ongoing investment into a loyalty programme have also been key initiatives.

“I am delighted to be partnering with IAM for this new phase of development of the business and believe their international experience and financial support will enable us to accelerate our growth and roll-out of new stores, which will help to serve our Egyptian consumer. We have invested significantly to create what we believe to be a very strong value-driven offering, and have a strong pipeline of new stores planned.” Mohanad Adly, CEO, Spinneys Egypt.

This marks IAM’s eighth investment for its second pan-African private equity fund having also invested in OK Zimbabwe, Nigeria’s Seven Energy, and Mobisol, a leading provider of off-grid solar home systems in Africa among others.

Image Credit: Arabian Business

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