NIGERIA – Sundry Markets, one of Nigeria’s fastest growing modern grocery retailers has received a minority investment from Africa-focused investment companies Tana Africa Capital and Sango Capital.
Established in 2015, Sundry Markets operates the Marketsquare brand of supermarkets and convenience stores, providing a superior shopping experience to customers.
The stores offer a one-stop destination for prepared and packaged food, fresh baked goods, fruits and vegetables, butchery products and beverages, as well as personal and home care products across different store formats.
Currently, the company boasts of having 21 stores today, disrupting the grocery retail sector and demonstrating exceptional financial and operational performance across economic cycles.
So far, it has created over 2,000 direct jobs and many more indirectly through its 100% localised supply chain and several small & medium scale suppliers.
Ebele Enunwa, Founder and Chief Executive of Sundry Markets said, “With the support of our investors, we set out to establish a world class retail business professionally run by Nigerians, and for Nigerians.
“The modern retail sector in Nigeria continues to grow tremendously and we are committed to continue serving our customers around the country by offering them a one-stop shopping experience for all their home cooking, personal care and home care needs.”
Sundry Markets has an ambitious plan of expanding its existing store footprint to at least 50 stores and grow its revenue fourfold by 2025.
Charles Mwebeiha, Managing Director and Co-Founder at Sango Capital said, “Modernizing the retail sector leads to better quality jobs, better experiences for customers, improved supply chain and sales channels for suppliers, and more tax revenue for the government.
“Sango has proudly backed a strong entrepreneur who has managed to continue growing his business through very tough times and we are grateful for the continued partnership.”
The transaction was actualized through Tana Africa Capital Fund II (TAC II) and Sango Fund III, marking the second investment undertaken by Sango Capital in the company following its initial backing through Sango Fund I.
With Tana and Sango now working together as active and long-term investors, Sundry Markets is well positioned to realise its long-term vision of becoming the leading grocery retailer in Nigeria.
According to reports by Market Research, the Nigerian food & grocery retail market had total revenues of US$45.7 billion in 2020, representing a compound annual growth rate (CAGR) of 5.8% between 2016 and 2020.
“We are delighted to partner with Ebele Enunwa and his team, who have built a great business that is well positioned to capitalize on the exciting growth opportunities in the Nigerian grocery retail market.
“We plan to work with Ebele and the Sundry Markets team, as well as fellow shareholders to contribute the learnings from Tana’s other retail investments across the African continent so that Sundry Markets can develop into a world class Nigerian-founded retail company,” commented Mark Tindall, Managing Director at Tana Capital.
Deloitte and Jackson, Etti & Edu (JEE) served as financial and legal advisors to Tana. Webber Wentzel and CardinalStone served as legal and financial advisor to Sango.
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