RMBV fund agrees to buy retailer Spinneys Egypt for about US$ 52.4M
Private‑equity vehicle RMBV (via its North Africa Fund III) has reportedly struck a deal to acquire Spinneys Egypt for roughly EGP 2.5 billion, about US$ 52.4 million at current exchange rates.
EGYPT – RMBV’s North Africa Fund III has signed an agreement to take full ownership of Spinneys Egypt in a transaction valued at around EGP 2.5 billion (US$52.4M).
The takeover remains subject to approval by the Egyptian Competition Authority, which must clear the transaction before it can be finalized.
Upon receiving regulatory clearance, the fund plans to double Spinneys Egypt’s retail network, currently numbering around 30 stores, within the next three years.
RMBV’s interest in Spinneys fits its broader 2025 strategy of increasing investment in Egypt’s consumer‑facing sectors.
Earlier this year the fund said it aimed to deploy US$ 100 million in the Egyptian market and was evaluating stakes in four to five companies.
RMBV has already invested in groups such as Cleopatra Hospitals Group and the listed education provider Taaleem.
Spinneys Egypt has expanded in recent months despite a challenging operating environment.
Toward the end of June the retailer opened a new branch in the Al‑Kawthar district of Hurghada. The store, covering 900 sqm, marks its 33rd location across 11 governorates.
According to previously disclosed information, the branch offers more than 9,000 SKUs spanning fresh produce, meat, dairy, groceries and home‑essentials.
It also supports home delivery via the company’s mobile app and website.
Capital and operational investments for the Hurghada store reportedly reached EGP 50 million (about US$1.05 million).
The upgrades included advanced refrigeration systems and a flexible layout designed to enhance the shopping experience.
Egypt’s retail scene
In Egypt’s retail food sector, small traditional grocery shops dominate, accounting for about 74% of total sales and nearly 97% of all outlets, leaving modern supermarkets, hypermarkets, and online platforms with a smaller but growing footprint.
The combined total of modern retail outlets is roughly 4,120, and the segment is expanding steadily, supported by rising internet penetration that drives online grocery sales, contributing to the sector’s estimated annual revenue of US$17.5 billion.
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