IBL Group, led by Mauritian multimillionaire businessman Arnaud Lagesse, is set to invest an additional $60 million in new buyouts. This decision reflects the conglomerate’s commitment to diversify beyond its home market of Mauritius and underscores its determination to strengthen its foothold in the East African market.
IBL Group, which owns an indirect stake of 37.32 percent in Naivas Limited, a prominent supermarket chain primarily owned by the Kenyan Mukuha family, made this announcement as part of a trading update.
The conglomerate has invested $140 million in the East African region in the full year up to June 2023 and has committed to invest an additional $60 million in the current financial year. This new investment is expected to increase IBL’s total recent regional investments to $200 million, marking a substantial step towards its regional expansion.
This decision comes on the heels of IBL Group’s recent announcement to conclude its acquisition of a significant stake in Nairobi-based pharmaceutical distributor Harley’s. The move signals IBL’s strategic commitment to the Kenyan market and its broader expansion into East Africa under the visionary leadership of Lagesse.
IBL Group, operating under Largesse’s guidance, had identified more than 60 deals since 2018, when it established an office in Nairobi to lead its regional expansion strategy. Out of these opportunities, the company prioritized 12 transactions, with nine receiving approval from its strategic committee.
The conglomerate, one of the largest groups in Mauritius and boasting a portfolio of more than 200 brands distributed across over 19 countries, has transformed into a top player in the region. It has diversified its interests across various sectors in Kenya, including construction, agrochemicals, consumer goods distribution, and reinsurance.
Notably, IBL Group has made a strategic investment in the flourishing East African solar energy industry. Through their company, IBL, the multimillionaire Mauritian Lagesse family acquired an undisclosed stake in Equator Energy Limited, a reputable Kenyan solar power firm.
This partnership, which includes STOA S.A., aligns with IBL’s strategic focus on implementing eco-friendly solutions such as renewable energy, energy conservation, and waste recycling.
