Spinneys Egypt draws interest from RMBV: North Africa Fund III (RNFA III), a private equity vehicle managed by RMBV, reportedly signed an agreement to fully take over Spinneys Egypt for roughly EGP 2.5 bn, Asharq Business reports citing people it says are familiar with the matter. Spinneys Egypt didn’t immediately return our request for comment.

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Expansion in the cards: The move, which is said to be pending approval from the Egyptian Competition Authority, will see the fund double the retailer’s roughly 30-store network over the next three years.

IN CONTEXT- This transaction directly aligns with RMBV’s previously announced intentions to ramp up its investment in the domestic market, particularly targeting consumer-facing sectors. RMBV had earlier stated its plan to invest USD 100 mn in Egypt during 2025 by acquiring stakes in four to five companies. It is said to be targeting at least USD 400 mn in commitments. RMBV’s current investments in Egypt include Cleopatra Hospitals Group and EGX-listed higher ed outfit Taaleem.

ADVISORS– Arqaam Capital is said to be quarterbacking the transaction, while Matouk Bassiouny & Hennawy provided legal counsel.

ICYMI- The Sovereign Fund of Egypt is in talks to invest in North Africa Fund III, a source told us last month, though the size of its potential stake remains under negotiation.

We sat down with Spinneys Egypt CEO Mohanad Adly in 2023, check out the full conversation here.

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