Food Lovers Market

Food Lovers Market Image

Region

Sub-Saharan Africa

Country

South Africa

Investment date

2016

Status date

Current

Food retail is the largest retail sub sector in South Africa valued at c.US$35bn (R471bn). It has grown historically by 9.5% and forecast to continue at this pace.

Food Lovers Market is one of the largest food retail groups in Africa and one the last few independent food retailers of scale on the continent. With over 130 stores, it has a market-leading position in fresh produce, a key category that drives consumer’s choice of where to shop. Sourcing fresh products direct from the market allows flexibility on pricing as it is able to adapt to supply and demand changes much more swiftly than competitors. Its consumer proposition is centred around its ‘theatre of food’ experience and it has expanded its category offering over time to include butchery, bakery, grocery and deli foods.

The business has also been succesful in rolling out a convenience store format at Caltex (Chevron) forecourts under the Freshstop brand with over 230 stores opened to date.

With a strong brand and a growing footprint across Africa, FLM is a business that aligns with Actis’s investment strategy – offering a distinguished value proposition to aspirational middle class consumers looking for high quality products at real value. The business has 22 stores outside of South Africa and is seeking to expand its retail and logistic network across the continent.

Actis is backing the founders of the business, Brian and Mike Coppin, who have been the driving force behind the company’s success to date. Together we are continuing store roll-out, further expanding in Sub-Saharan Africa and accelerating growth through bolt-on acquisitions.