BIC announced today that it has signed a definitive agreement to acquire 100% of Lucky Stationery Nigeria Ltd (LSNL). The transaction has been reviewed and approved by the Nigerian Federal Competition and Consumer Protection Commission (“FCCPC”). The closing is expected at the end of 2019.
LSNL is Nigeria’s number one Writing Instruments manufacturer, with approximately 5 million euros in Net Sales and approximately 30% market share in volume. Its main Writing Instrument manufacturing facility is currently located in Ilupeju-Lagos and will be relocated to a new modern facility north of Lagos in Shagamu.
BIC has been operating in Nigeria for more than forty years through a distribution partnership with CFAO – Nipen. LSNL’s brand, product portfolio, and distribution network will strengthen BIC’s current position in Nigeria.
This acquisition is consistent with BIC’s continued growth strategy in Africa. Nigeria is the largest economy and most populous nation in Africa. Nigeria is also number one in the pens market in the region, selling approximately 425 million items a year, with expected double-digit annual growth within the next five years.
“After the transfer of HACO’s Kenyan Stationery business to BIC last year, the acquisition of LSNL is another key accelerator for BIC’s growth in Africa. This is our fourth facility in Africa, complementing BIC’s Writing Instrument manufacturing footprint in the fast-growing West African region, making BIC the clear number one Stationery manufacturer in one of the most dynamic and promising consumer markets in the world,” said Gonzalve Bich, BIC Chief Executive Officer.
Prakash Hathiramani, Director of LSNL stated, “The management of LSNL congratulates BIC on their investment in Nigeria’s market-leader in Writing Instruments. BIC’s investment in Nigeria will ensure the continuity and success of LSNL, as well as provide the business and its stakeholder’s with new avenues and opportunities for growth.”