Skip to main content

Actis invests R760m to help Food Lovers roll out new stores

| Store Openings

Private equity firm Actis is investing R760m in Food Lovers Holdings, a retail group owned by the Coppin family that founded Fruit & Veg City in 1993.

As well as Food Lover’s Market stores, the group owns the Fresh Stop shops at Caltex garage forecourts. Its partners include Seattle Coffee Company, which plans to have 100 outlets at Food Lover’s Market cafés by the end of the year.

"The overall investment in Food Lovers Holdings is R760m. Part of the capital is going into the business to continue rolling out stores. Part of the money is to acquire the shares," Actis director, David Cooke, said on Thursday.

"We have got a significant minority stake. We are backing Brian and Mike Coppin. Brian continues to be CEO."

The food retailer generated R10bn in annual sales across its 120 stores and over 200 Fresh Stop outlets, Mr Cooke said.

CEO Brian Coppin said: "What drew us to (Actis) is its experience of working with family-owned businesses and its deep understanding of sub-Saharan Africa."

Actis’s "knowledge of what it takes to be successful in retail and its proven track record of having built 15 retail malls in seven countries is a great business fit for our growth strategy in the future".

With more than $7.6bn assets under management, Actis has investments in consumer companies in markets including China and Latin America.


Related Articles

Builders Opens Vereeniging's Ultimate DIY Expre...

Vereeniging, 23 November 2023 – Builders has opened its latest express format store at River Square Mall on 23rd of November 2023 to bring all the latest and innovative DIY, building materials and alternative energy solutions to Vereeniging.

125 new jobs created in Zeerust as the Shoprite...

The Shoprite Group recently created 125 new jobs with the opening of four new stores - namely a Checkers, Liquorshop, as well as the province's first standalone Checkers Outdoor and Petshop Science stores - in a singl...

Massmart opens two new Builders Express stores

Massmart opened two new Builders Express stores last week, one near Mall of The North in Polokwane and the other, in Vergelegen, Western Cape.

Willowbridge home to 11th standalone Checkers O...

Checkers Outdoor is quickly becoming the go-to destination for adventurers looking for quality camping, braai and outdoor essentials at excellent value, with an 11th store now open at Willowbridge Shopping Centre in T...

Clicks baby expands: grand opening of Galleria ...

Say hello to the newest member of the Clicks Baby family! Discover a world of essentials with the widest range of baby gear under one roof – now available to customers in the Amanzimtoti area.