Tana Africa Capital, a private equity firm linked to South African billionaire Nicky Oppenheimer, has announced a minority investment in Sundry Markets Limited.
The news comes three months after Tana led institutional investors in a $110-million investment in Interswitch, an integrated payment and transaction startup led by Nigerian tech tycoon Mitchell Elegbe.
The investment in Sundry Markets, one of Nigeria’s fastest growing modern grocery retailers, represents a partial realization of capital invested in the company by Tana Africa Capital through its second fund (TAC II) and Sango through its first fund, as well as a new investment through its third fund (Sango Fund III).
Tana and Sango are now collaborating as active and long-term investors with Sundry’s highly experienced founder and CEO, Ebele Enunwa, and its strong management team.
Enunwa commented on the investment, stating: “With the support of our investors, we set out to establish a world-class retail business professionally run by Nigerians for Nigerians.”
He also shared his vision for the company’s future, noting: “We have an ambitious plan to expand the existing store footprint to at least 50 stores and to grow our revenues fourfold by 2025.”
He went on to add that with the investment, the grocery retailer will be well positioned to achieve its long-term goal of becoming Nigeria’s premier grocery retailer, as the minority investment will be used to fuel the company’s development and strategic expansion plans.
Sundry Markets, which was founded seven years ago by Enunwa, operates the market square brand of supermarkets and convenience stores, offering customers a superior shopping experience and a one-stop destination for prepared and packaged food, fresh baked goods, groceries, as well as personal and home care products across various store formats.
Since its inception, the company has rapidly expanded to 21 outlets, disrupting the grocery retail market and directly and indirectly creating more than 2,000 jobs through its 100-percent localized supply chain and various small and medium-sized suppliers.