AfricInvest has announced that its partnership with Justrite will contribute to building affordable grocery outlets that source local products, support domestic agriculture value chains, and create new jobs while improving the availability of safe, high-quality foods.
AfricInvest recently took a minority stake in Justrite, a leading Nigerian family-owned retail department store. The new investor has a proven track record of 30 years across markets and aims to help accelerate Justrite’s growth by putting in place enhanced governance tools and digitalizing the company’s processes and services.
Co-founder and Chairman of Justrite, Dr. Ayo Aderinwale, said, “As Justrite embarks on a new growth phase, Tosin, Boye, and I are very excited to partner with Africinvest to help both our consolidation in the local market as well as our exploration of other markets outside Nigeria. We look forward to benefiting from their immense experience across Africa to galvanize our expansion. We welcome our new partners”
Senior Partner and MD, AfricInvest Anglophone West Africa Abiola Ojo-Osagie, noted that AfricInvest will support Justrite to enhance their corporate structure and improve operational performance.
“Justrite is a clear market leader with well-defined growth potential and we are very proud to be partnering with such knowledgeable and dynamic sponsors. The management team has demonstrated a strong willingness to sustainably expand their footprint across Nigeria and beyond,” she said