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Standard Chartered Private Equity Acquires 13% of Choppies Enterprises Limited- 14 January 2014

Standard Chartered Private Equity Acquires 13% of Choppies Enterprises Limited

Gaborone, Botswana – 14 January 2014: Standard Chartered Private Equity (“SCPE”), the investing arm of Standard Chartered Bank, announced that it has acquired 13% of Choppies Enterprises Limited (“Choppies”), a leading Southern African grocery retailer. This transaction is believed to be the largest private equity investment in the history of Botswana.

Choppies is listed on the Botswana Stock Exchange and operates more than 100 supermarkets and hyperstores, employing more than 10,000 people, in Botswana, South Africa, and Zimbabwe. The Company has grown from a single outlet back in 1986, to become the largest retailer and largest private-sector employer in Botswana. Festus Mogae, the former President of Botswana, is the Chairman of the Choppies Board of Directors.

In addition to its market-leading position in Botswana, Choppies has, in recent years, also built a significant presence in the South African market. The South African expansion has initially focused on semi-urban communities in the North West, Northern, and Limpopo provinces. In 2012, the Company opened a large distribution centre in Rustenburg, and uses that facility to service its current South African network of 23 supermarkets. Over time, Choppies expects to grow the South African business to at least 80 stores, representing about 40% of projected revenues. Choppies also recently acquired 10 supermarkets and a distribution centre in and around Bulawayo, Zimbabwe. Post that acquisition, the Company has already opened two additional stores in Zimbabwe, and plans to continue expanding rapidly in that market.

Ram Ottapathu, the CEO of Choppies, said, “We are pleased to have SCPE as an investor in our company. Standard Chartered Bank has been a good financial partner to Choppies through the years. As we continue our profitable growth across Southern Africa, this major equity investment will further strengthen that productive relationship, bringing additional bandwidth to our Board, and better value to our stakeholders.”

Peter Baird, the head of SCPE’s Africa team, said, “Choppies is a great success story, in progress, of entrepreneurship, job creation, and commitment to Africa’s economic potential. The company is one of Standard Chartered Bank’s valued clients, and this investment is an example of how the bank supports long-term growth, and lives the brand promise to be ‘Here for good’. We are excited to play a part in the next phase of Choppies’ growth.” Baird will join Choppies’ Board as a non-executive director with immediate effect.

About Choppies (Ticker: CHOPPIES BG)
Choppies is the leading grocery retailer in Botswana, and is rapidly expanding its footprint in South Africa and Zimbabwe. It operates over 100 superstores and hyperstores, and employs over 10,000 people in its three markets. Choppies is proud to partner with local producers and farmers, and to bring much-needed employment to small towns, villages and rural areas. Its vision is to give customers the best value for their money, and its mission is to be the best service provider of Fast Moving Consumer Goods in sub-Saharan Africa.

About Standard Chartered Private Equity
SCPE is the private equity arm of Standard Chartered Bank. SCPE invests in companies in need of expansion capital or acquisition finance, and in management buy-outs. SCPE focuses on companies whose principal operations and management are located in Asia, Africa or the Middle East. It is an active partner that provides board-level strategic advice and access to the international network of Standard Chartered Bank. Operating out of Johannesburg and Lagos, SCPE Africa has investments of about $650m in Nigeria, Tanzania, South Africa, and Botswana.

For further information, please contact:

Lauren Callie – Head of Business Communications, Africa
Mobile: +27 (0)82 894 5581


Standard Chartered – leading the way in Asia, Africa and the Middle East
Standard Chartered is a leading international banking group. It has operated for over 150 years in some of the world’s most dynamic markets and earns around 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank’s growth in recent years. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges as well as the Bombay and National Stock Exchanges in India.
With 1,700 offices in 70 markets, the Group offers exciting and challenging international career opportunities for 87,000 staff. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. Standard Chartered’s heritage and values are expressed in its brand promise, ‘Here for good’.
In Africa the Bank has operated for over 150 years and currently covers 37 markets on the continent – 15 on a full presence basis, and an additional 22 on a transaction basis following its clients. Given its unique footprint, Standard Chartered is ideally positioned to facilitate and support valuable trade and investment corridors intra-Africa, and between Africa and the rest of the world. In October 2012, Standard Chartered reiterated its commitment to Africa by confirming the Group will be investing another USD100 million on 110 new branches over the next 3 years, as well as making substantial hires in both their Wholesale and Consumer Banking businesses – 900 sales staff will be added to Consumer Banking by 2015. The Group aims to maintain the 16% Compounded Average Growth Rate it has delivered over the last 5 years.
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