Singapore-based superapp Grab Holdings Limited has acquired Everrise supermarket business from Malaysia-based private equity firm Navis Capital Partners.

Navis said in a statement on Monday the firm has sold its entire interest in Eastern Grocer Sdn Bhd, the holding company for the Everrise, to D Holdings Inc, H Holdings Inc and Green Aurora Sdn Bhd, holding companies controlled by Grab.

“Everrise business is now well-positioned to take the next step and lead the digitalization 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,” said Edwin Fua, Partner at Navis.

According to him, Everrise has a strong 30-year heritage, loyal customers and a dedicated team.

By combining that with Navis’s prior experience in premium grocery, he highlighted that Everrise quickly became the undisputed leading brand for premium grocery shopping in East Malaysia.

Headquartered in Kuching, Everrise is the largest and fastest growing premium grocery chain in East Malaysia featuring 19 outlets across Sarawak and Sabah.

The grocery chain is dedicated to providing the highest quality fresh produce and meats, in addition to a wide range of imported products from around the world, to its valued customers every day.

This commitment to excellence is reflected in the strong brand score and numerous exclusive supply partnerships that it has with suppliers.

Everrise, founded in 1993 in Kuching, initially catered to the mass-market segment.

As consumer preferences evolved, the grocery chain became a pioneer by introducing a premium grocery shopping experience in 2012.

In 2019, Navis recognized its potential and invested in the company, to establish it as the leading premium grocery brand in East Malaysia.

Since the investment, Navis has closely collaborated with the company to accelerate the roll out of new stores and to refurbish existing ones, further enhancing the shopping experience for customers.

Furthermore, Navis worked closely to bring in new professional talent and has supported management in improving its supplier engagement, broadening its product offerings (including the launch of a private label and securing new exclusive supply arrangements) and in digitalizing its loyalty program, amongst others.

Some of the rapid actions taken were informed from Navis’ experience in the more developed premium grocery market in Peninsular Malaysia, where Navis remains invested in the multi-brand operator, The Food Purveyor.

“We are proud to see Everrise growing from strength to strength. Over the last six years, Navis has helped transition the business to a fully professional team and created a robust foundation for independent future growth,

“We appreciate the partnership, trust and great working relations we have had with Navis over the years,” said Jeffrey Sia, representing the founding family.

“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,” he added.

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

Since 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.

Grab Malaysia partners SDEC to accelerate digital transformation in Sarawak