Investec acquires Spinney’s for undisclosed sum, marking its first PE investment in Egypt

M&A WATCH- Investec has acquired Spinney’s Egypt from Abraaj for an undisclosed figure, marking the asset management company’s first private equity investment in Egypt and the eighth investment from its second pan-African private equity fund, according to a statement (pdf). Investec’s Investment Principal Nick Marsh described the Spinney’s model as “a compelling proposition which is well positioned to address the consumer needs of a rapidly modernizing Egyptian retail market.” We reported in March that Investec was conducting due diligence in advance of a potential acquisition, and that five PE firms had been looking to acquire Spinneys from Abraaj following the PE giant’s collapse last year.