Deals - Mar 03, 2022

Asafo & Co. advised Kitea Group, the leading furniture retailer in Morocco, alongside Tana Africa Capital, in acquiring a majority stake in Furniture Palace Limited, the leading furniture retailer in Kenya.

Working alongside Tana Capital Limited, a Pan-African private equity firm, Kitea Group’s acquisition of Furniture Palace Limited marks its first acquisition in East Africa. The investment is a significant step towards Kitea’s ambition to maintain its leadership position in Morocco and build a leading Pan-African furniture retail business serving all segments of the African consumer from the mass market to luxury.

Asafo & Co. mobilized a multi-office team to advise the Kitea Group and Tana Africa Capital led by partners Patrick Larrivé and Benoit de Monval (Casablanca), which included partner Ricardo Bernard (Nairobi) and associates Martin Van Box Som and Louis Raymond Gomes (Casablanca) and Yvette Akoth and Maxwell Mafubo (Nairobi), along with an antitrust team led by Asafo & Lawtons Director Nkonzo Hlatshwayo (Johannesburg).

The Furniture Palace Limited’s shareholders were advised by ENS Africa.