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Actis, the Africa-focused private equity firm, has invested $52.8 million to acquire a minority stake in Food Lover’s Market, Africa’s largest independent food retail group.

The investment will help fund the expansion of Food Lover’s Market in South Africa and other countries in sub-Saharan Africa. Food Lover’s Market currently operates 120 stores in 10 countries in sub-Saharan Africa.

“I am excited to have Actis on board,” said Brian Coppin, CEO of Food Lover’s Market. “What drew us to the firm is its experience of working with family-owned businesses and its deep understanding of Sub-Saharan Africa.”

With the Food Lover’s Market investment, Actis’ has boosted its portfolio in South Africa, which includes, Coricraft, a leading home furnishings retailer; Tekkie Town, a leading independent sports shoe retailer; and CSH, a credit bureau and information services business.

“Brian and his team have carved a niche in the South African food retail landscape, offering a distinguished value proposition to aspirational consumers looking for high quality products at real value,” said David Cooke, Director at Actis.

Actis, which has $7 billion in assets under management, has invested over $3 billion in African businesses across 23 countries. The London-listed company has invested over $300 million in Nigeria alone.

Chibuike Oguh is Financial Nigeria's Frontier Markets Analyst