(Ecofin Agency) – Three months after its last operation in the financial services sector in Nigeria, the investment firm Tana Africa Capital is entering the food retail sector in the country, with Sundry Markets.
Tana Africa Capitala company which invests in a diversified portfolio of sectors in more than 20 countries in Africa and Sango Capital which targets operations in Africa’s fastest growing economies, announced a joint and minority investment of an amount undisclosed inside Nigerian food retailer, Sundry Markets.
The company, which has been in business for 7 years, offers around twenty stores of prepared and packaged food products, fruit, bakery products, personal care, etc.
“We are delighted to partner with the founder of Sundry Markets, Ebele Enunwa, and his team […] as well as other shareholders to contribute lessons learned from Tana’s previous retail investments in the African continent, so that Sundry Markets can grow into a world-class retail company founded by Nigerians,” said Mark Tindall, managing director of Tana Africa Capital.
This joint investment comes three months after its last co-commitment. This investment firm had joined forces last May with LeapFrog Investments to invest in Interswitch, an African company focused on technology and the digitization of payments.
With the help of the two investors, Sundry Markets hopes in the long term to become one of the major grocery and retail players in Nigeria. This business sector continues to grow in the English-speaking West African country, according to Mr. Enunwa.
He said his company plans to expand its store footprint to at least 50, and quadruple its revenue, by 2025.
Chamberlain Moko