“We are pleased to have SCPE as an investor in our company. Standard Chartered has been a good financial partner to Choppies through the years,” Choppies CEO Ram Ottapathu said in a statement.
“As we continue our profitable growth across Southern Africa, this major equity investment will further strengthen that productive relationship, bringing additional bandwidth to our Board, and better value to our stakeholders.”
Choppies is a leading Southern African grocery retailer based in Botswana, and the group holds more than a 30 share of the retail market in the county’s Fast Moving Consumer Goods industry.
Choppies has 100 supermarkets and hyperstores, and employs over 10,000 people in Botswana, South Africa, and Zimbabwe.
“Choppies is a great success story, in progress, of entrepreneurship, job creation, and commitment to Africa’s economic potential. The company is one of Standard Chartered Bank’s valued clients,” said Peter Baird, head of Standard Chartered Private Equity (SCPE)’s Africa team.
SCPE is the investing arm of Standard Chartered, which invests in companies in need of expansion capital, acquisition finance or management buyouts.
SCPE Africa has investments of roughly 650 million dollars in Nigeria, Tanzania, South Africa and Botswana. Standard Chartered bank has operated for over 150 years, and roughly 90 per cent of its income and profit are derived from Asia, Africa and the Middle East.
According to Standard Chartered, the transaction between its investing arm and Choppies is believed to be the largest private equity investment in the history of Botswana.
“This investment is an example of how the bank supports long-term growth, and lives the brand promise to be ‘Here for good’. We are excited to play a part in the next phase of Choppies’ growth,” said Baird.