OK Zimbabwe has formally announced the acquisition of Food Lovers Market in the country.
OK concluded the acquisition of the assets and business of Talwant Investments (Private) Limited trading as Food Lovers Market in Harare’s Borrowdale and Avondale as well as Bradfield, Bulawayo.
The transaction excludes the Greendale store, which remains independently owned.
The transaction includes the grant of a Territorial License Agreement, which endows OK Zimbabwe with territorial exclusivity for the expansion of the Food Lovers Market Brand within the Zimbabwean market.
Max Karombo, OK Zimbabwe Limited Group Chief Executive Officer, welcomed the new stores into the stable.
“With this acquisition, OK Zimbabwe Limited will enhance its participation in the premium retailing of gourmet food as well as fruit and vegetables categories,” he said.
“The Group also welcomes access to promising supply chain synergies within the Food Lovers Market ecosystem and the rest of the OK Zimbabwe Limited Group. Our expectation is to build economies of scale in supporting local farmers and food processors to serve a wider range of stores.”
OK Zimbabwe Limited is a diversified, customer-oriented retail group.
It has three brand formats known as OK, Bon Marche and OKmart.
Source : Caj News Africa
