The World Bank through its private lending arm, the International Finance Corporation (IFC) is on the process of buying a stake at Naivas Supermarket worth Ksh1.5 billion.
Naivas is owned by the Mukuha family and Private Equity Fund Amethis, and the transaction will see the Mukuha family shed part of their shareholding.
“IFC seeks to make an equity investment alongside Amethis which will result in a minority stake in the company,” read a statement from IFC.
Mukuha family will remain in the business as the main shareholders.
“IFC will provide a food safety advisory program that will ensure that the company complies with the Global Good Agriculture Practice (GGAP) that is more stringent than local standards. IFC will also help the company improve environmental and social (E&S) standards across its operations,” IFC notes in their statement.
Amethis Finance acquired a 30 percent stake of Naivas Supermarket in 2020 which had 62 outlets by then and has been registered for the last three decades.
Naivas which first began as Rongai Self Service Stores Limited in Nakuru County changed later to Naivasha Self Service Stores Limited, before re-branding to the current Naivas Limited, in 2007.
Naivas Supermarket was rebranded and registered on 24 July 1990 and is a source of livelihood and employment to thousands of Kenya.