KUALA LUMPUR (March 3): Technology company Grab Holdings Inc is acquiring the entire stake in the operator of Everrise supermarkets from Navis Capital Partners, a private equity firm based in Kuala Lumpur.

The transaction details were not disclosed in Monday’s press statement announcing the deal. Navis invested in Eastern Grocer Sdn Bhd in 2019, when it mainly catered to the mass market, before turning the business into a premium grocery chain with 19 outlets in Sabah and Sarawak.

This follows Grab’s purchase of a majority stake in Jaya Grocer Holdings Sdn Bhd, a leading mass-premium supermarket chain in Malaysia, two years ago.

“Everrise has a strong 30-year heritage, loyal customers and a dedicated team. By combining that with our prior experience in premium grocery, Everrise quickly became the undisputed leading brand for premium grocery shopping in East Malaysia, said Navis partner Edwin Fua.

“We are extremely proud of our partnership with the Sia family and appreciate their contributions in making this journey with us. The business is now well positioned to take the next step and lead the digitalisation of the grocery shopping experience in East Malaysia together with Grab. It will be an exciting next few years and we look forward to its continued success,” he said

Jeffrey Sia, representing the founding family for Everrise, said Navis has helped transition the business to a fully professional team and created a robust foundation for independent future growth.

“Grab’s vision for the future comes at a perfect time and will be the beginning of a new milestone for the business to reach even greater heights. The team at Everrise is looking forward to this new partnership to deliver an even better shopping experience to all our customers”.

Navis has been advised by Rothschild, Wong & Partners and PwC.

Founded in 1998, Navis manages approximately US$5 billion (RM22.3 billion) in private equity and private credit capital and focuses on investments primarily in Southeast Asia and its adjacent economies.

Since its inception, Navis has completed over 95 control transactions, of which over 60 have been exited, and consistent with Navis investment strategy, the majority of these exits have been to trade buyers.