• Offer for sale of 50% of Quickmart at KES 7.50 per share attracted applications worth KES 18.4 billion
• Quickmart has grown from 9 stores to 72 since Adenia first invested in 2018, with FY2025 revenue of US$389 million
• Adenia remains invested through Sokoni Retail Kenya, which retains a 50% stake in the company

Adenia Partners (“Adenia”), a leading Africa-focused private markets investment firm, has completed the partial exit of its investment in Quick Mart PLC ("Quickmart"), Kenya's second-largest supermarket chain, following the successful completion of an oversubscribed KES 15 billion offer and the company's listing on the Nairobi Securities Exchange (NSE). Trading begins today.

The transaction marks a significant milestone in Adenia's investment in Quickmart, which has grown substantially since Adenia first invested in Tumaini in 2018 and subsequently supported its merger with Quickmart in 2019. At the time of the merger, the two chains operated a combined 19 stores. Today, Quickmart is one of Kenya’s leading modern grocery retailers operating 72 stores across 16 counties in Kenya and processing approximately five million customer transactions each month.

The offer, made by Sokoni Retail Kenya Limited, comprised 2 billion existing shares, representing 50% of Quickmart, at KES 7.50 per share, raising KES 15 billion (approximately US$115.4 million¹) for the selling shareholders. At the offer price, Quickmart’s 4 billion shares imply a market capitalisation of KES 30 billion (approximately US$230.8 million¹).

The offer attracted 6,068 applications for approximately 2.45 billion shares, worth KES 18.4 billion, exceeding the offer size by more than 20%. Demand came from a broad base of local and international investors, including four international cornerstone investors: IFC, 337 Frontier, RWC Asset Management and Mobilist. Kenyan and East African retail and institutional investors received their allocations in full, accounting for 45% of the shares offered.

Following the transaction, Sokoni Retail Kenya Limited, whose shareholders include Adenia, Quickmart's founders, and the Group CEO, retains a 50% stake in Quickmart, with Adenia’s funds remaining invested.

“This is a proud moment for Adenia, and a pivotal milestone in Quickmart’s development,” said Martha Osier, Partner at Adenia and Quickmart board member. “Since our initial investment in 2018, we have worked closely with the founders and management team to build one of Kenya's leading supermarket chains. The growth of the business is testament to our vision, and the commitment and hard work of all the Company’s employees. The successful listing enables us to realise part of our investment while remaining a significant shareholder in a business with tremendous opportunities ahead. We look forward to supporting Quickmart as it enters the next exciting phase of its growth.”

Quickmart’s journey to IPO under Adenia’s stewardship

In the seven years since Adenia’s first investment in Tumaini, Adenia has overseen a comprehensive transformation that has created one of Kenya’s leading supermarket chains and one of its most successful businesses. Key achievements include:

A scaled national leader

• The network grew from 9 stores to 72 with revenue up 10.5x since acquisition (US$37 million in FY2018 to US$389 million in FY2025)
• The "Fresh & Easy" concept, (introduced 2019), focuses on fresh produce at the entrance to the stores, on approximately 30% of selling space.
• The Q-Points loyalty programme (launched 2021) has close to 2.5 million members, who account for about 74% of monthly sales
• Quickmart has built an omnichannel offer through the QSOKO app and delivery partnerships with Glovo, Uber Eats and Bolt.

Quality jobs

• Workforce has more than tripled since acquisition, with over 5,700 jobs created with a workforce of 7,974 at 30 June 2026.
• Of 148 supervisory and management appointments, 147 were filled internally, supported by the Quickmart Retail Academy established in 2023.

Women in leadership

• Proportion of women store managers grew from about 3% in 2020 to about 29% (20 managers) at 30 June 2026, with another 19 women managers in deputy store manager positions. Women now account for 40% of the total workforce.
• A gender action plan, introduced after the 2023 gender assessment, has put women on all interview panels and shortlists. A mentorship programme for women runs at head office.

A stronger local economy:

• Fresh produce sourced through women-led aggregators support thousands of smallholder farmers
• Tax contribution up from about KES 395 million (FY2020) to KES 2.9 billion (FY2025).

Environment:

• Quickmart's Environmental and Social Management System is aligned to the IFC Performance Standards. Its rating improved from 4% at acquisition to 92% in FY2025.
• The first rooftop solar installation (380 kWp, Nyali branch) was commissioned in February 2026, with more installations underway.
• The electric motorcycle charging hub launched with Roam supported about 2.41 million km of electric delivery in FY2025, avoiding about 120.5 tCO₂e.

About Adenia Partners

Adenia Partners is a private markets investment firm which has raised over $1 billion across six funds and co-investments, and is committed to responsible investing and a sustainable Africa. Founded in 2002, Adenia has a proven track record with more than 35 platform investments executed and more than 20 realized exits. Based on-the-ground across Africa, Adenia has one of the most highly qualified African private markets investment teams in terms of educational pedigree, longstanding experience as entrepreneurs and investors, and local in-depth knowledge. By creating stronger companies with quality jobs, fostering economic improvement, and elevating companies to meet ESG standards, Adenia is increasing the enterprise value for investors, whilst benefiting workers, communities, and companies in Africa. For more information, please visit: www.adenia.com

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