Development Partners International (DPI), an Africa-focused private investment firm, has announced a $165 million equity investment in egyptian retailer Kazyon Ltd., with co-investors including British International Investment, South Suez and others.
Founded in 2014 in Cairo, Kazyon is a giant discount retailer selling basic food commodities at affordable prices.
Partner at DPI, Ziada Abaza, said: “The retail market in the region remains significantly underpenetrated and there is significant demand for the products and services Kazyon offers with a growth model that has been proven many times in multiple markets.”
The company currently operates more than 600 stores in 18 governorates across Egypt, employing more than 5,000 personnel.
Under the deal, Kazyon will leverage DPI’s expertise in ESG and impact to accelerate its expansion strategy and implement new ESG action plans to become more sustainable and institutionalised for future growth.
Kazyon, a brand of the Egyptian joint stock company Tawfeer for Food Products, is a supermarket chain that is considered one of the largest hard discounter supermarkets in Egypt, present in the Egyptian market since November 2014.