Adenia Partners, a private equity firm investing in Sub-Saharan Africa, announces that it has completed a majority investment in Quick Mart Limited on 19 September 2019. The transaction has been structured through Adenia Capital (IV), a EURO230mn fund.
Incorporated in 2006, Quick Mart operates a chain of 11 supermarkets in Kenya with 9 stores located in neighbourhood estates in Nairobi, and another 2 stores in the town of Nakuru. The investment will be utilized to expand Quick Mart’s store network in convenient neighbourhood locations, as well as strengthen operational efficiencies that are aligned to international retail best practices.
The transaction also paves the way for the merger of Quick Mart with Tumaini Self Service Limited, another supermarket retailer in Kenya that Adenia acquired in December 2018. Quick Mart and Tumaini currently have a combined store network of 25 stores, making the merged entity the 3rd largest retailer in Kenya by store network. Adenia will become the majority owner of the combined company.
Together with the founders of Quick Mart, Adenia has appointed a strong management team to lead the integration process between the two organizations and to strengthen corporate governance and leadership. Adenia Partners and the founders of both Quick Mart and Tumaini, together with the management team, are aligned to achieve the merged entity’s growth objectives of modern and convenient supermarket stores in Kenya.
Mr. Duncan Kinuthia, Managing Director of Quick Mart said: “We believe the partnership with Adenia Partners and new alliance with Tumaini will lead to the creation of a leading retailer in Kenya which not only meets our customers’ changing needs, but also offers excellent customer experience at both our existing and new stores.”
Ms. Martha Osier, Principal at Adenia, said: “We are delighted to partner with Quick Mart, a well-established retailer and recognized brand whose stores have affordable products at convenient locations which complement customers’ busy lifestyles. We look forward to implementing the merger with Tumaini alongside our partnership with management, leveraging Adenia’s expertise in strategy, operational design and the implementation of financial controls, to achieve world-class retail standards.”
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