This archive report was first published on 5 September 2019.
Published on September 5, 2019, Quickmart and Tumaini Supermarkets have announced their intention to merge, a move that will see the two retail giants operate as a single entity by the end of 2020.
The merger was triggered by the acquisition of a controlling stake in Quickmart by Sokoni Retail Kenya Limited, which is also the majority shareholder in Tumaini.
The deal, facilitated by Private Equity Adenia Partners, has received approval from the Competition Authority of Kenya (CAK).
According to a joint statement by the supermarkets' Managing Directors, the combined entity aims to become Kenya's third-largest retailer by store network, enhancing its capacity to expand and strengthen operational efficiencies.
The merger is expected to create opportunities for employee advancement and growth, as well as enable the retailers to better adapt to changing consumer tastes and preferences.
Under the terms of the merger, the new Group Managing Director, Peter Kang'iri, will take over at the close of 2019 to oversee the implementation of the business strategy.
Quickmart and Tumaini have set their sights on expanding their store network to 30 from the current 24 by the end of the calendar year.
