July 2019 - Cairo , Egypt
Cairo – Monday, July 15, 2019 – Pharos Investment Banking (“Pharos”), announces the closing of the sale of a controlling stake in Spinneys Egypt to the private equity arm of Investec Asset Management for an undisclosed amount. Pharos acted as the exclusive sell-side advisor to the selling shareholders of Spinneys Egypt (“Spinneys”).
Spinneys is one of the leading grocery retail players in the Egyptian market, with a wide footprint spanning 13 hypermarkets and supermarkets across several governorates in Egypt. The company has achieved robust growth over the past years in terms of geographical expansion as well as financial performance; positioning it as an attractive investment opportunity for a wide investor base.
“I am delighted to witness the final closure of the Spinneys transaction which solidifies Pharos Investment Banking’s capabilities and growing presence in the M&A market in Egypt.” stated Mr. Elwy Taymour, Group Chairman and CEO of Pharos Holding for Financial Investments.
“This transaction manifests the increasingly positive outlook of foreign investors for the Egyptian market given the positive indicators resulting from the recent economic reforms by the government. We are delighted to see investors like Investec Asset Management embarking on their first investment in the country and we remain confident in the continued attractiveness of the Egyptian market for further foreign direct investments.” stated Ms. Noha El Ghazaly, Managing Director and Head of Investment Banking at Pharos.
“This transaction marks an important landmark for Pharos Investment Banking. After fierce competition between foreign and local, including financial and strategic, investors, the deal has finally come to a successful conclusion. This transaction highlights the attractiveness of the organized grocery retail industry in Egypt with prominent long term growth prospects.” stated Mr. Mohsen Abou El Nour, Director of Investment Banking at Pharos.