OK Zimbabwe has concluded the acquisition of Food Lovers Market, which gives the supermarket chain exclusive rights to the brand in Zimbabwe, the company said.
The transaction will enhance the retailer’s participation in the premium retailing markets, the Zimbabwe Stock Exchange-listed company said in a statement.
“The company successfully concluded the acquisition of the assets and business of Talwant Investments trading as Food Lovers Market in Harare’s Borrowdale and Avondale as well as Bradfield, Bulawayo,” said company secretary Mrs Margaret Munyuru.
The transaction excludes the Greendale store, which remains independently owned. Mrs Manyuru said the transaction includes the granting of a Territorial License Agreement, which provides OK Zimbabwe with “territorial exclusivity” for the expansion of the Food Lovers Market brand within the Zimbabwean market.
OK chief executive Mr Maxen Karombo said with this acquisition, the grocery chain, which also owns other popular brands, Bon Marche and OK Mart would enhance its participation in the premium retailing of gourmet food and fruit and vegetable categories.
“The group also welcomes access to promising supply chain synergies within the Food Lovers Market ecosystem and the rest of OK Zimbabwe.
“Our expectation is to build economies of scale in supporting local farmers and food processors to serve a wider range of stores,” said Mr Karombo.
Food Lovers is a South African supermarket chain that operates franchised grocery stores in southern Africa.
During a recent analyst briefing, Mr Karombo said the company had also entered into other new business spaces such as the pharmacy running under the brand Allowel.
He said through the pharmacy, the group would be providing a health service to its customers. – The Herald