Simba Corporation has completed the acquisition of a minority stake in Hemingways Holdings Limited.
The acquisition of the 35% shareholding in Hemingways is a strategic investment that will provide additional capital to fund growth and expansion within the Hemingways group of companies.
The acquisition signals a bold move by Simba to grow its interests in the hospitality sector, from its current three properties: the Olare Mara and Villa Rosa managed by world leading hoteliers, Kempinski, and Acacia Premier Kisumu. Through their collaboration, Hemingways and Simba intend to achieve long-term sustained growth and continue to develop best-in-class hospitality assets built to the highest international standards.
Hemingways Holdings Limited is the parent company of three iconic properties that represent the definitive portfolio of luxury travel in Kenya: Hemingways Watamu, Ol Seki Hemingways Mara and Hemingways Nairobi. The transaction also includes Express Travel Group, a subsidiary of Hemingways, that provides comprehensive and high quality travel management services through its international franchise partnerships with American Express Global Business Travel and Europcar International as well as through Hemingways Expeditions, a premium Destination Management Company.
Partnering with Simba enables the Hemingways Group to reach its goal of developing and growing the luxury segment in the hospitality sector. At this point in the comany’s expansion plans, with the fabulous new mixed use development of hotel and apartments in Watamu nearing completion, this is exactly the right time for the Group to partner with a very respected operator such as Simba.
Further financial deal terms were not disclosed. Following completion of the acquisition, Simba will have representation on the Hemingways Holdings board. BDO were the financial advisors to Simba Corporation.
Simba Corporation is an integrated business group headquartered in Nairobi, Kenya with controlling interests in such diversified fields as motor sales and service, hospitality, investment and financial services. Simba Corporation has grown from a modest used-car sales enterprise, founded in 1948 by Mr. Abdul Karim Popat, into one of Kenya’s most successful indigenous commercial organizations with a rich heritage in motor vehicle sales and service.