Actis invests in pan-African food retailer, Food Lover’s Market

Posted On Friday, 04 December 2015 10:05 Published by
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Actis, a leading emerging market investor, has announced an investment of R760m (US$54m) in Food Lover’s Market, estimated to be the largest independent food retail group in Africa. 

Actis is acquiring a substantial minority stake in the business and backing founders Brian and Mike Coppin, together with the existing management team, who have created a remarkable success story based on a market leadership position in fresh produce retail.

Food Lover’s Market is one of the last few independent food retailers of scale on the African continent. It has a strong brand and a growing footprint across Africa.  With over 120 Food Lover’s Market stores and a presence in 11 countries, in recent years it has added categories such as bakery, grocery, butchery and deli foods to complement its market leading position in fresh produce.

The Food Lover’s Market Group also operates over 200 FreshStop convenience stores in Caltex service stations, Market Liquors, a convenience liquor offering, an import export business and has recently acquired artisanal coffee brand, Seattle Coffee. The newly launched Food Lovers Eatery brand with stores in Cape Town and Brooklyn, Pretoria, is testament to the retailer’s ever-evolving approach to retail innovation and growth.

Actisinvestment in Food Lover’s Market includes funding into the business to continue the companys growth in South Africa and other countries within Sub-Saharan Africa. Food retail is the largest retail sub sector in the South African economy, valued at c.US$35bn (R471bn) having grown historically by 9.5% per annum. Actis has a strong track record of backing high-quality food retail businesses in other emerging markets including supermarket chain, Companhia Sulamericana de Distribuição in Brazil and Nigiris, one of Indias best known food retail brands.

This latest transaction is Actiss fourth investment in South Africa in eighteen months, following its recent investments in Coricraft, one of South Africas leading home furnishings retailers, Tekkie Town, the countrys leading independent sports shoe retailer, and CSH a credit bureau and information services business.

Commenting on the investment, David Cooke, Director at Actis, said: Brian and his team have carved a niche in the South African food retail landscape, offering a distinguished value proposition to aspirational consumers looking for high quality products at real value. We look forward to working together to continue the Groups growth story and expanding further within Africa.” 

Brian Coppin, CEO of Food Lover’s Market said: I am excited to have Actis on board. What drew us to the firm is its experience of working with family-owned businesses and its deep understanding of Sub-Saharan Africa. As a management team, we believe that the firms knowledge of what it takes to be successful in retail and its proven track-record of having built 15 retail malls in 7 countries, is a great business fit for our growth strategy in the future.

Last modified on Friday, 04 December 2015 11:58
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