Anambra Entrepreneur Michael Nzewi's Company Sells i-Fitness Share for $12 Million

Anambra Entrepreneur Michael Nzewi’s Company Sells i-Fitness Share for $12 Million

Spread the love

Cardinal Stone, an independent multi-asset investment management firm based in Lagos and led by Anambra-born mogul Michael Nzewi, has finalized the sale of its majority stake in i-Fitness, Nigeria’s leading fitness and gym chain, to private equity firm Verod Capital Management. This transaction solidifies Nzewi’s stature in the African investment landscape.

The acquisition, valued at $18.5 million, marks a significant achievement for Cardinal Stone, which realized $12 million from divesting its 65 percent ownership in i-Fitness.

This lucrative exit not only underscores Cardinal Stone’s early triumphs but also underscores Michael Nzewi’s prominence as a top dealmaker and corporate leader in African investment circles. Nzewi, serving as Managing Director and CEO of Cardinal Stone, played a pivotal role in orchestrating the successful transaction.

The decision by Cardinal Stone and Verod Capital Management underscores their dedication to fostering growth in Nigeria’s health and wellness sector, while also highlighting the favorable investment prospects in the local economy.

Yomi Jemibewon, an executive at Cardinal Stone, expressed satisfaction with the company’s collaboration with i-Fitness, stating, “We are proud of our partnership with i-Fitness and the support we provided for their success. We look forward to witnessing their continued innovation and expansion.” Jemibewon emphasized that the successful divestment event underscores Cardinal Stone’s ability to deliver exceptional returns for its investors while positively impacting the wider business ecosystem.

Established in June 2008 and helmed by Michael Nzewi, Cardinal Stone has evolved into an independent multi-asset investment management firm offering a comprehensive range of financial services.

Serving a diverse clientele including institutional, high net worth, and retail clients, the firm operates across six divisions: investment banking, asset management, securities trading, trust services, registrar services, and financing. Cardinal Stone is headquartered in Lagos with branch operations in Abuja, Nigeria.

Michael Nzewi, the founding partner of Cardinal Stone, has served as Managing Director and CEO since January 2017. His prior experience includes roles as a Director in the Capital Markets Division of Standard Chartered Bank (SCB) in London and as Head of Corporate Finance at Vetiva Capital Management.

The successful divestment of i-Fitness underscores Cardinal Stone’s strategic investment approach, firmly establishing Michael Nzewi’s pivotal role in shaping the future of African business and investment.

Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *