Kuala Lumpur, Malaysia – Regional super-app giant Grab is set to acquire Everrise, a Malaysian supermarket chain, from private equity firm Navis Capital Partners. This acquisition follows a similar acquisition done by Grab to Jaya Grocer in 2022.
Everrise, founded in 1993 in Kuching, initially catered to the mass-market segment. As consumer preferences evolved, Everrise introduced a premium grocery shopping experience in 2012. In 2019, Navis recognised Everrise’s potential and invested in the company, to establish it as a leading premium grocery brand in East Malaysia.
Since the investment, Navis has closely collaborated with the company to accelerate the rollout 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 digitalising 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.
Jeffrey Sia, representing the founding family of Everrise, said, “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.”
He added, “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.”
Meanwhile, Edwin Fua, partner at Navis, commented: “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.”
He added, “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.”