By: Nicola Mawson – IOL Business

The Ackerman family has once again sold down its stake in Pick n Pay, pushing the retailer further into a new era of ownership after decades of family control.

In the latest transaction, completed through an accelerated bookbuild on 21 November 2025, the family’s holding fell from 25.4% to 16.8%.

This news is contained in Pick n Pay's latest note to shareholders about the founding family's stake. 

This comes shortly after another disposal in which the family sold 8.5% of its shares, dropping voting power from 49% to just under 37% and reducing economic interest to about 18%.

The sell-downs follow the 2024 restructuring that ended the Ackermans’ majority ownership.

The family injected R1.1 billion to support Pick n Pay as the retailer battled shrinking market share and rising competition from Shoprite and its Checkers chain.

Gareth Ackerman held senior roles across the group before becoming chair, a position he occupied for more than a decade.

His twin brother, Jonathan, served in key marketing and customer roles and became one of the most recognisable public faces of the brand.

Their sister, Suzanne, led transformation and public affairs for many years and remains active in community and enterprise development linked to the group.

Together, the siblings helped shape Pick n Pay’s culture, growth strategy, and community footprint, extending their father’s legacy long after he stepped back from day-to-day operations.

Pick n Pay’s story is intertwined with the Ackermans.

Raymond Ackerman bought a single struggling Cape Town store in 1967 and transformed it into one of South Africa’s largest supermarket groups.

For more than 50 years, the family built the brand’s reputation for affordable groceries and strong customer service. Raymond remained involved until his death in 2023.

But in recent years, operational inefficiencies and underperforming stores weighed on performance as competitors modernised and expanded aggressively.

Pick n Pay launched a major reset, brought in new leadership, and separately listed its discount chain, Boxer Retail, on the JSE.

CEO Sean Summers is currently implementing Pick n Pay’s turnaround plan.

This includes closing or converting underperforming stores, streamlining operations, and refocusing on growth.

Summers himself was persuaded out of retirement to turn the company around.

Despite the latest sale, the Ackermans remain significant shareholders. Their disposals form part of a long-planned shift following the recapitalisation, not an exit from the business.

Whatsapp