Pharos Holding for Financial Investments announced on Monday, concluding the sale of a controlling stake in the supermarket chain Spinneys Egypt to Investec Asset Management, via its pan-African private equity fund, for undisclosed price.
Pharos acted as the exclusive sell-side financial advisor to the shareholders of Spinneys.
“I am delighted to witness the final closure of the Spinneys transaction which solidifies our capabilities and growing presence in the M&A market in Egypt,” said Elwy Taymour, group chairperson and CEO of Pharos Holding for Financial Investments.
Moreover, Noha El Ghazaly, managing director and head of investment banking at Pharos, said that this transaction manifests the increasingly positive outlook of foreign investors for the Egyptian market.
She added that Pharos remains confident in the continued attractiveness of the Egyptian market for further foreign direct investments.
Spinneys is one of the leading grocery retail stores in the Egyptian market, with a wide footprint including 13 hypermarkets and supermarkets across several governorates in Egypt.
Mohsen Abou El Nour, director of investment banking at Pharos, said: “This transaction is important for Pharos. After fierce competition between foreign and local firms, including financial and strategic investors, the deal has finally come to a successful conclusion. This transaction highlights the attractiveness of the grocery retail industry in Egypt with prominent long-term growth prospects,”