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Naivas Limited

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Naivas Supermarket Limited
Company typePrivate, Majority Family Owned
IndustryRetail
Founded27 July 1990; 34 years ago (1990-07-27)
HeadquartersSameer Industrial Park
Nairobi, Kenya
Number of locations
90 (December 10 2022)
Key people
  • Simon Gashwe Mukuha (Chairman)
  • David Kimani Mukuha (Managing Director)
  • Willy Kimani (Chief Commercial Officer)
  • Peter Mukuha (Chief Operations Officer
ProductsFood and Non Food Grocery
Gross sales: US$860 million (2022)
Number of employees
8,000+ (June 2022)[1]
WebsiteOfficial website

Naivas Supermarket, often referred to simply as "Naivas", is the largest supermarket chain in Kenya, with 103 outlets as of March 2024. At that time, Naivas was the largest supermarket chain in Kenya, ahead of Quick Mart Limited with 51 outlets in the country.[1]

Location

The company headquarters, as well as the company's warehouses, are located in Sameer Business Park, in the Industrial Area of Nairobi, the capital and largest city of Kenya.[2] The coordinates of the headquarters of Naivas Limited are: 01°19'36.0"S, 36°52'04.0"E (Latitude:-1.326667; Longitude:36.867779).[3]

Overview

Naivas is headquartered in Nairobi, with retail outlets in many urban centres in the country. In July 2018, the company hired Andreas von Paleske, as an advisor to assist the business with its strategy and operations. This culminated in bringing African private equity firm Amethis on board for a minority stake.[4] At that time, Naivas Limited maintained 47 stores in Kenya.[5] The supermarket chain opened its 53rd store in Kenya in July 2019 at Rongai, Nakuru County, with plans to open two more, the same year.[6]

History

Naivas Limited was registered on 24 July 1990. It previously traded as Rongai Self Service Stores Limited, serving mainly in Rongai in Nakuru County. The company name was changed later to Naivasha Self Service Stores Limited, before re-branding to the current Naivas Limited, in 2007.[2][7][8]

In August 2013, the Johannesburg Stock Exchange-listed Massmart, a subsidiary of retail giant Walmart, offered to acquire a 51 per cent stake in Naivas at a cost of KSh3 billion, giving Massmart a controlling interest in the retail chain.[9] The bid triggered a feud at family-owned Naivas, and some family members asked a court to block the sale.[10] In October 2013, Naivas management stated that they were no longer selling a controlling stake to Massmart.[11] On 16 July 2014, Naivas opened a store in Garissa, making it the first major retailer to open an outlet in the town. This was Naivas' 31st branch in Kenya.[12][13]

Ownership

Naivas Limited is a privately owned company, whose shares are majorly held by the descendants of its founder Peter Mukuha Kago, who died on 6 May 2010.[14]

November 2014

The table below depicts the shareholding as of November 2014:[1][15]

Naivas Limited Stock Ownership As of November 2014
Rank Name of Owner Percentage Ownership
1 David Kimani 25.0
2 Simon Gachwe 25.0
3 Linet Wairimu 15.0
4 Grace Wambui 15.0
5 The Estate of Peter Mukuha Kago 20.0
Total 100.00


April 2020

In February 2020, the Competition Authority of Kenya (CAK) approved the acquisition of 30 percent of Naivas shareholding by the French equity firm Amethis Finance at an undisclosed sum.[16] In April 2020, Business Daily Africa reported that the International Finance Corporation had acquired a minority stake in the company for US$15 million ( approx: KSh2.1 billion). As of that date the new shareholding in Naivas Limited, is as illustrated in the table below:[17]

Naivas Limited Stock Ownership As of April 2020
Rank Name of Owner Percentage Ownership Notes
1 Mukuha Family
70.0
2 Amethis Finance, IFC and Others
30.0
Total
100.00

June 2022

In June 2022, a consortium led by Mauritian investment conglomerate IBL Group, bought out the IFC-led consortium at an undisclosed price. When that deal closes, the shareholding in Naivas Limited will look as depicted in the table below.[18][19]

Naivas Limited Stock Ownership As of June 2022
Rank Name of Owner Percentage Ownership Notes
1 Mukuha Family
60.0
 [18][19]
2 IBL Group, Proparco & DEG
40.0
 [18][19]
Total
100.00

Branches

As of December 2017, the supermarket chain maintained forty-three branches across Kenya with the Nairobi south c branch being the latest.[20] By February 2018, that number had risen to 45, with the latest addition being the Capital Centre Mall Branch, along Mombasa Road in Nairobi.[21] In February 2020, the supermarket chain is expected to open its 64th store as the anchor tenant in the mega city mall, in Kisumu.[22] By June 2022, the retail chain had grown to 84 outlets in Kenya.[1]

See also

References

  1. ^ a b c d Victor Juma (24 June 2022). "PE funds, World Bank arm sell Naivas stake". Business Daily Africa. Nairobi, Kenya. Retrieved 24 June 2022.
  2. ^ a b Naivas Limited (2 November 2016). "Naivas Limited: Company History". Nairobi: Naivas Limited. Retrieved 2 November 2016.
  3. ^ "Location of the Headquarters of Naivas Limited" (Map). Google Maps. Retrieved 24 June 2022.
  4. ^ Bonface Otieno (26 July 2018). "Naivas hires expert to guide expansion". Business Daily Africa. Nairobi, Kenya. Retrieved 24 June 2022.
  5. ^ Bonface Otieno (15 July 2018). "Naivas Mombasa branch increases count to 47 stores". Business Daily Africa. Nairobi, Kenya. Retrieved 24 June 2022.
  6. ^ Annie Njanja (7 July 2019). "Naivas opens Rongai branch in expansion spree". Business Daily Africa. Nairobi, Kenya. Retrieved 24 June 2022.
  7. ^ "Company Overview of Naivas Limited". BusinessWeek Investing. 2 November 2015. Archived from the original on 13 October 2014. Retrieved 2 November 2016.
  8. ^ Eric Matara (27 August 2019). "How Naivas grew from a village shop to a supermarket chain". Daily Nation. Nairobi, Kenya. Retrieved 23 March 2020.
  9. ^ Peter Kiragu (23 August 2013). "Massmart Confirms Naivas Bid, Targets Fastfood Entry". The Star (Kenya). Nairobi, Kenya. Retrieved 13 October 2014.
  10. ^ "Confusion Stalks Naivas Buyout Talks With South Africa's Massmart". Business Daily Africa. Nairobi, Kenya. Reuters. 16 October 2013. Retrieved 13 October 2014.
  11. ^ Miriri, Duncan (16 October 2013). "Kenyan Retailer Naivas Says Talks With Wal-Mart Unit Are Off". Reuters. Retrieved 13 October 2014.
  12. ^ Mutegi, Mugambi (16 July 2014). "Naivas Opens New Front With Garissa Outlet". Business Daily Africa. Nairobi.
  13. ^ Claudia Lacave (23 March 2020). "Kenya's Naivas: Setting up shop for foreign investors". Paris, France: The African Report. Retrieved 23 March 2020.
  14. ^ James Kariuki (7 August 2013). "Naivas in Family Feud Over Sale To South Africa's Massmart". Business Daily Africa. Nairobi. Retrieved 13 October 2014.
  15. ^ Wanjiru Macharia (3 November 2014). "Big Brother Loses As Court Battle for Naivas Ends". Business Daily Africa. Nairobi, Nairobi, Kenya. Retrieved 3 November 2014.
  16. ^ Jon Mutua (28 February 2020). "Competition watchdog approves sale of Naivas stake". Business Daily Africa. Nairobi. Retrieved 29 February 2020.
  17. ^ Victor Juma (15 April 2020). "World Bank arm buys Sh1.5bn Naivas stake". Business Daily Africa. Nairobi. Retrieved 15 April 2020.
  18. ^ a b c Victor Juma (27 June 2022). "Proparco of France buys Sh3.7bn Naivas Supermarket stake". Business Daily Africa. Nairobi. Retrieved 27 June 2022.
  19. ^ a b c Victor Juma (2 September 2022). "Naivas founders get Sh3.8bn in sale of stake to three firms". Business Daily Africa. Nairobi, Kenya. Retrieved 2 September 2022.
  20. ^ Mutegi, Mugambi (26 December 2017). "Naivas moves for Nakumatt clients at rival's vacated space". Business Daily Africa. Nairobi. Retrieved 24 December 2017.
  21. ^ Ngugi, Brian (8 February 2018). "Naivas takes over Uchumi space at Capital Centre Mall". Business Daily Africa. Nairobi. Retrieved 10 February 2018.
  22. ^ Ngugi, Brian (19 April 2018). "Naivas takes space at new Kitengela mall in expansion drive". Business Daily Africa. Nairobi. Retrieved 21 April 2018.


01°19′36″S 36°52′04″E / 1.32667°S 36.86778°E / -1.32667; 36.86778

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