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Adenia Partners, an Africa-focused private markets firm, has completed a partial exit from Quick Mart PLC, the second-largest supermarket chain in Kenya.
The partial exit follows the successful conclusion of an oversubscribed approximately $115.4 million (KES 15 billion) offer for sale and Quickmart’s debut on the Nairobi Securities Exchange on 12 November 2026.
“Since our initial investment in 2018, we have worked closely with the founders and management team to build one of Kenya’s leading supermarket chains. The growth of the business is testament to our vision, and the commitment and hard work of all the Company’s employees,” said Martha Osier, Partner at Adenia and Quickmart board member.
Founded in 2002, the Mauritius-headquartered Adenia Partners has raised over $1 billion across six funds and co-investments, with more than 35 platform investments and 22 realised exits across the continent. Adenia’s investment in Quickmart dates back to 2018, when the firm first invested in Tumaini Self Service, a Kenyan supermarket chain. The following year, Adenia facilitated a merger between Tumaini and Quickmart. At the time of the merger, the combined entity operated only 19 stores and now operates 72 stores across 16 counties.
“The successful listing enables us to realise part of our investment while remaining a significant shareholder in a business with tremendous opportunities ahead. We look forward to supporting Quickmart as it enters the next exciting phase of its growth,” added Osier.
Founded in 2006 as a family-owned supermarket, Quickmart has grown into one of Kenya’s most recognisable retail brands, processing approximately five million customer transactions per month. The company holds an estimated 15% share of Kenya’s formal grocery retail market.
Its IPO offer, made entirely by Sokoni Retail Kenya, the holding vehicle whose shareholders include Adenia, Quickmart’s founders, and Group CEO Peter Kang’iri, comprised 2 billion existing ordinary shares. The offer represents 50% of Quickmart’s total issued share capital, priced at KES 7.50 per share, raising approximately $115.4 million (KES 15 billion). At the offer price, Quickmart’s 4 billion shares imply a total market capitalisation of approximately $230.8 million (KES 30 billion).
The IPO attracted 6,068 applications with participation from four international cornerstone investors: IFC, 337 Frontier, RWC Asset Management, and Mobilist. Kenyan and East African retail and institutional investors received their full allocations, accounting for 45% of the shares offered. Following the IPO, Sokoni Retail Kenya retains a 50% stake in Quickmart, with Adenia’s funds remaining invested.
Before its IPO, Quickmart reported revenue growth from $37 million in FY2018 to $389 million in FY2025. During this tenfold revenue growth, the company saw its workforce grow from under 2,300 employees to over 7,974 by June 2026. The company’s Q-Points loyalty programme, launched in 2021, now has nearly 2.5 million members, who account for about 74% of monthly sales.
When trading began on NSE’s Main Investment Market, Quickmart saw its shares close up more than 18% to trade at KES 8.9 per share, giving the company a market cap of approximately $273.9 million (KES 35.8 billion). The company targets opening 10 to 15 new stores per year, funded through internally generated cash flows, and is targeting dividend payouts of 95% of profit after tax for FY2026.
While Adenia has completed a partial exit, the firm remains invested in the business, with Sokoni Retail Kenya agreeing to not sell 60% of its remaining shareholding for 24 months from the listing date.
