Singapore-based technology firm Grab has acquired Eastern Grocer, the holding company for the Everrise supermarket business, from Malaysian private equity company Navis Capital Partners.
The transaction transferred complete ownership from Navis to a trio of holding companies: D Holdings, H Holdings and Green Aurora, which are under Grab’s control.
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Headquartered in Kuching, Malaysia, Everrise operates a network of 19 stores throughout the states of Sarawak and Sabah.
The retailer offers fresh produce, meats and range of imported products from around the world.
Founded in1993, Everrise is committed to delivering a selection of high-quality fresh produce, meats and international products to its customers daily.
Initially, Everrise served the mass market segment but has adapted to changing consumer tastes by introducing an upscale grocery shopping experience in 2012.
Navis invested in the retailer in 2019 and has since been working with the company to expand the store network, renovating existing locations and enhancing overall customer service.
Under its ownership, Navis also improved supplier relationships, expanding product lines including the introduction of a private label and digitising the customer loyalty program.
Edwin Fua, a partner at Navis, stated: “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.
“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.”
