Co-founder and chairman of Justrite, Dr. Ayo Aderinwale, has said that the collaboration with AfricInvest will make Justrite Superstore become the king of retail in Nigeria. He added: “The superstore’s promoters are determined to keep growing the business exponentially. Justrite currently employs a diverse pool of workers put at well over 1000 talents and growing.
“As Justrite embarks on a new growth phase, we 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 galvanise our expansion. We welcome our new partners.”
Abiola Ojo-Osagie, Senior Partner and MD, AfricInvest Anglophone West Africa, said: “Justrite is a clear market leader with well-defined growth potential. We are 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.
AfricInvest will support them to enhance their corporate structure and improve operational performance. We are indeed excited to play a role in Justrite’s growth journey.”
Mohammed Sebti, Partner, Africinvest, said: “Our mission in AfricInvest is to identify companies like Justrite which possess strong growth potential and support them in their expansion while up scaling governance standards.
“Through this partnership, AfricInvest and Justrite will be increasing access in largely underserved neighbourhoods to everyday essentials while upholding high sanitary standards, contributing to the improvement of Africans’ daily lives.
“Over the past quarter century, we have raised more than $2billion to finance more than 200 companies at various development stages, delivering value and impact for our investors, portfolio companies and the communities we serve.”