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Naivas founders strike deal to value supermarket at Sh45.6 billion

The family of the late Peter Mukuha Kago takes home Sh3.8 billion from the deal

Naivas Supermarket has already signed up as a merchant for Faraja

The family behind the success of Naivas supermarket chain has sold shares worth about Sh3.8 billion to a group of international investors.

The 8.5% stake sold by the family is part of the 40% shares that were acquired by the investors led by Mauritius-based conglomerate IBL Group at a cost of Sh18.25 billion.

IBL Group bought the shares through the investment vehicle Mambo Retail.


The supermarket founded by the late Peter Mukuha Kago is now said to be worth Sh45.6 billion, becoming the biggest local supermarket chain.

Mukuha’s family now owns 60% of the Supermarket chain through the Gakiwawa Family limited.

On 10 August 2022, Mambo Retail acquired 40 per cent stake in Naivas International, representing all shares previously held by Amethis Retail Limited and…part of the shares held by Gakiwawa Family,” IBL announced.

Out of the 40% shares sold, 8.5% were sold by the family while the rest were sold by a consortium comprising International Finance Corporation (IFC), German fund DEG, and private equity firms Amethis and MCB Equity Fund.

The group bought the shares in 2020 at a cost of Sh6 billion and sold them at Sh14.37 billion.


The supermarket has stood the test of time. In the year ending June 2021, Naivas reported Sh65.1 billion in sales and a net profit of Sh2 billion.

In the previous year, it posted a Sh1 billion net profit from Sh54 billion in sales. Currently, the supermarket has more than 84 stores and 8,000 staff members.



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