Cardinal Stone, a Lagos-based independent, multiasset investment management firm led by Nigerian tycoon Michael Nzewi, has sold its majority stake in i-Fitness, the country’s leading fitness and gym chain, to private equity firm, Verod Capital Management — the deal reinforces Nzewi’s prowess in the African investment scene.
The transaction, valued at $18.5 million, marks a significant achievement for Cardinal Stone, which realized $12 million from the sale of its 65 percent stake in i-Fitness.
This lucrative exit not only underscores the success of Cardinal Stone’s early investment but also solidifies Nzewi’s position as a leading dealmaker and business executive in the African investment landscape. Nzewi, who serves as the Managing Director and CEO of Cardinal Stone, has been instrumental in steering the company to this successful deal.
Cardinal Stone and Verod Capital’s Strategic move: Catalyzing growth in Nigeria’s health and wellness sector
This strategic move by Cardinal Stone and Verod Capital Management reflects their commitment to fostering growth in Nigeria’s health and wellness sector. It also serves as a testament to the promising investment opportunities within the local economy.
Yomi Jemibewon, an executive at Cardinal Stone, expressed pride in the partnership with i-Fitness, stating, “We are proud of our partnership with i-Fitness and the role we played in supporting their growth. We look forward to seeing how they continue to innovate and expand their offerings.”
Jemibewon highlighted that the successful exit event further demonstrates Cardinal Stone’s ability to deliver strong returns to its investors while positively contributing to the broader business ecosystem.
Michael Nzewi: Steering CardinalStone to new heights as MD and CEO since 2017
Founded in June 2008, CardinalStone, under the leadership of Nzewi, has grown into an independent, multi-asset investment management firm offering a diverse range of financial services.
Operating across six divisions, including Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services, and Financing, the company collaborates with a wide clientele base, serving institutional, high net worth, and retail clients. Headquartered in Lagos, Cardinal Stone has additional offices in Abuja, Nigeria.
Nzewi, a founding partner of Cardinal Stone, has been at the helm as Managing Director and CEO since January 2017. His prior experience includes a role as Director in the Capital Markets Division at Standard Chartered Bank (SCB) in London and serving as Head of Corporate Finance at Vetiva Capital Management.
The successful sale of i-Fitness reinforces Cardinal Stone’s commitment to strategic investments and positions Nzewi as a key player in shaping the future of African business and investment.
