AfricInvest Fund IV invests in Justrite

25 Jan 2023

AfricInvest is pleased to announce it has taken a minority stake in Justrite, a leading Nigerian family owned retail department store.

The company provides everyday essentials, such as groceries, confectionaries, and clothing to consumers in largely underserved neighborhoods. Founded over 22 years ago by Dr & Mrs. Aderinwale and Mrs. Omoboye Fejeku, Justrite caters to consumers in the Southwestern Region of Nigeria with 17 stores across Lagos (Ikeja), Ogun (Abeokuta), and Osun State (Osogbo), with a combined shop floor exceeding c.20,000m2 and 57,000 Stock Keeping Units (SKUs).

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. Building on a proven track record of 30 years, the AfricInvest team aims to help accelerate the company’s growth, putting in place enhanced governance tools and digitalizing the company’s processes and services. Leveraging its multisector investment platform, AfricInvest will create synergies between its other portfolio companies and Justrite to increase their reach and provide access to technical expertise.

This transaction builds on AfricInvest’s decade-long relationship with the Justrite team that began with an investment from the firm’s credit vehicle, AfricInvest Private Credit (APC). 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.

Dr. Ayo Aderinwale, Co-founder and Chairman of Justrite, 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 galvanize our expansion. We welcome our new partners!”

Abiola Ojo-Osagie, Senior Partner and MD, AfricInvest Anglophone West Africa 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. ‘’

“Our mission in AfricInvest is to identify companies like 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 neighborhoods to everyday essentials while upholding high sanitary standards, contributing to the improvement of Africans’ daily lives,” added Mohammed Sebti, Partner Africinvest

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