AfricInvest backs Nigerian retailer
AfricInvest has taken a minority stake in Justrite, a Nigerian family-owned retail department store chain. The company provides everyday essentials, such as groceries, confectionaries and clothing to consumers in largely underserved neighbourhoods.
Founded over 22 years ago by Aderinwale and 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 20,000 sqm 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. The AfricInvest team aims to help accelerate the company’s growth, putting in place enhanced governance tools and digitalising the company’s processes and services. Leveraging its multi-sector 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. It marks the fifth investment of AfricInvest Fund IV, the firm’s flagship fund which invests in African mid-cap companies.
Abiola Ojo-Osagie, senior partner and MD for 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.”