Tinashe Makichi Business reporter
Investment holding company, Takura Capital is planning to take over three stores of local fruit and vegetables retail giant, Food Lovers Market Zimbabwe.
Food Lover’s Market Zimbabwe is operating under a franchise of the South African Food Lovers Market which has franchise opportunities throughout South Africa and the rest of Africa.
Takura Capital yesterday confirmed the transaction to The Herald Business but could not provide finer details.
“Due to confidentiality agreements in place, we are not at liberty to disclose any finer details. The transaction is structured as an investment in the Food Lover’s Market’s franchise holder in Zimbabwe,” said Takura Capital yesterday.
A source privy to details of the transaction said Takura Capital will take over three stores of Food Lovers.
“Takura is taking Food Lover’s Market Bulawayo, Sam Levy and Greendale outlets. This is part of the company’s expansion strategy,” said the source.
Food Lover’s Market last year invested about $8,5 million towards the expansion of its retail portfolio.
The investment went towards the development of shops in Glen Lorne, Borrowdale and Avondale.
Takura Capital is an investment holding company established in 1997 to invest solely in Zimbabwe.
The company last year successfully completed the acquisition of a significant stake in Cairns Holdings and is also a major shareholder in Lobels among other investments.
The Takura team has a mix of complimentary investment, due diligence, transaction execution and business management experience gained in Zimbabwe, the southern Africa region and globally.
Takura is an active and transformational investor that focuses on companies positioned advantageously in growing sectors and targets scalable business opportunities that have clear and defendable core competences.
The inaugural Takura fund was set up to support the economic liberalisation in Zimbabwe in the 1990s by investing in growing Zimbabwean businesses that had a clear potential to achieve above average growth and profitability.