1. BUSINESS DESCRIPTION

Sundry Markets operates Market Square, Nigeria's fastest-growing grocery retail chain. In a country where most retail activity is conducted informally, Sundry Markets offers a venue for shoppers to enjoy an affordable premium experience, fulfilling basic needs for home cooking, home care and personal care products.

2. SANGO’S ROLE

In 2015, Sango backed a talented and proven entrepreneur, Mr. Ebele Enunwa, who established the first store that year. In 2022, Sango executed a partial exit via a sale to a financial partner, returning more than 5 times the original USD investment to its investors, notwithstanding the Nigerian naira's depreciation of more than 50% against the USD over that period. Sundry Markets continues to enjoy significant organic growth and Sango is supporting the management team with various initiatives with the goal to reach 50 stores by the end of 2025. Sango is represented on the company's board

3. CONCLUSION

Sundry Markets illustrates a key opportunity available in many African markets: taking a mature industry from advanced economies (in this case, grocery retail) and rolling it out in a country where the industry is at an earlier stage, providing substantial room for growth.

SANGO VEHICLES INVESTED

Sango Capital Partners (“Fund I”) and Sango Private Equity III (“Fund III”).