(Ecofin Agency) - South African asset manager, Investec Asset Management, makes its first private equity investment in Egypt, acquiring controlling stake in supermarket chain Spinneys Egypt. This operation is the eighth investment by Investec’s second pan-African private equity fund.

“This investment offers us the opportunity to support the accelerated expansion of the business (Spinneys Egypt) across Egypt,” commented Nick Marsh, Investment Manager at Investec Asset Management.

According to Spinneys Egypt’s MD, Mohanad Adly, who shows enthusiasm in this new development step for his company, the operation will boost growth including opening new branches.

Spinneys Egypt, founded in 1924 by Arthur Spinney, specializes in the distribution of food products, groceries and bakery products. The firm has 2 hypermarkets and 11 supermarkets.

Chamberline MOKO