Proparco invests $31.5m in Kenyan retail chain

Proparco, announced its partnership with IBL Group (listed on the Mauritius Stock Exchange), and DEG, a subsidiary of German KfW Group, to jointly acquire a 40% interest in Naivas International, which owns 100% of the shares of Naivas Ltd, a modern retail chain in Kenya. Successful completion of the transaction is subject to conditions.

Established in 1990 by the Mukuha family, Naivas started as a small family business in the small town of Rongai, located on the outskirts of Nakuru town in Kenya’s Rift Valley. From 2001, the company expanded to Nairobi where it opened its first branch on Ronald Ngala Street. The activity of Naivas then progressively migrated to Nairobi through subsequent openings and selective acquisitions of locations to become today a leading retailer in Kenya.