AfricInvest, a leading investment platform in Africa, has acquired a 36% stake in AutoXpress, the largest importer, distributor and retailer of tyres, auto parts and accessories operating in Kenya, Rwanda, Tanzania and Uganda.
The investment has been made in partnership with IFC, a member of the World Bank Group.
AutoXpress has recently expanded its longstanding range of products and services, introducing car servicing and brakes replacement, becoming the leading automotive aftermarket player in the region.
“We look forward to this new partnership. We expect to draw from the strong investment expertise of AfricInvest on the continent, and similarly the strong global experience of IFC, which together should take AutoXpress to the next level.” Sandeep Shah, Managing Director of AutoXpress.
Through its investment, AfricInvest, working together with the company, aims to strengthen AutoXpress’s pan-regional business through a strategy to enter new markets, leverage technology, and further improve access to its services.
AfricInvest and IFC will be following on the heels of the successful investment in AutoXpress by Actis, a leading global private equity group, which saw the company more than double its branches to 56, increase its market presence from two to four countries, and grow its revenues from retail channels.
“We have seen rapid adoption of AutoXpress and their platform, growing to four regional markets and 56 branches. Consumers have shown an increasing willingness to connect online, making the sales process easier. Our investment into this scalable business supports our vision of further growing regional companies and creating omnichannel experiences for consumers, resulting in increased access to goods and services. George Odo, AfricInvest’s Managing Director for East and Southern Africa.