The North Africa Fund III (RNAF III), managed by the Dutch firm RMBV, has completed the full acquisition of Spinneys Egypt after purchasing the entire stake of TRG in a deal valued at approximately EGP 2.5 billion (around $53 million).
This acquisition marks one of the most notable foreign investment moves in Egypt’s retail sector in recent years.
The newly appointed management team has announced an ambitious expansion plan aiming to double the number of Spinneys branches over the next three years. Spinneys Egypt currently operates around 30 stores, generating annual sales of nearly EGP 4 billion.
RNAF III is the latest investment fund launched by RMBV, targeting $400 million in capital to invest in mid-sized companies across Egypt and North Africa. RMBV already holds several major investments in the Egyptian market, including:
Cleopatra Hospitals Group
Taaleem
Altawfik Hospitals
This acquisition brings a significant injection of foreign direct investment into Egypt’s retail sector, signaling growing international confidence in the country’s economic prospects and expanding competition in the supermarket and hypermarket landscape—along with creating new jobs and increasing market coverage.