Investec Asset Management, via its pan-African private equity fund, has bought a controlling stake in supermarket chain Spinneys Egypt.

“The business is one of the leading grocery retail players in Egypt, having expanded to a current footprint of 13 outlets, comprising two hypermarkets and 11 supermarkets, and including two new openings in the last eight months,” Investec Asset Management said without disclosing the deal’s value.

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