Cardinal Stone, a Lagos-based independent, multi-asset investment management firm led by Anambra born tycoon Michael Nzewi, has sold its majority stake in i-Fitness, the country’s leading fitness and gym chain, to private equity firm Verod Capital Management — the transaction cements Nzewi’s position in the African investment market.
The $18.5 million acquisition represents a big milestone for Cardinal Stone, which earned $12 million from the sale of its 65 percent ownership in i-Fitness.
This rich exit not only demonstrates Cardinal Stone’s early success, but it also validates Michael Nzewi’s status as a top dealmaker and corporate executive in the African investment environment. Nzewi, Cardinal Stone’s Managing Director and CEO, has played a key role in the company’s successful transaction.
Cardinal Stone and Verod Capital Management’s strategic decision demonstrates their commitment to driving growth in Nigeria’s health and wellness sector. It also demonstrates the positive investment potential in the local economy.
Cardinal Stone executive Yomi Jemibewon expressed delight in the company’s connection with i-Fitness, saying, “We are pleased of our partnership with i-Fitness and the role we played in supporting their success. We are excited to see how they continue to innovate and expand their offerings.”
Jemibewon emphasized that the successful exit event indicates Cardinal Stone’s ability to generate excellent returns for its investors while also favorably contributing to the broader business ecosystem.
CardinalStone, founded in June 2008 and led by Michael Nzewi, has grown into an independent multi-asset investment management organization that provides a wide range of financial services.
The organization interacts with a diverse clientele base, serving institutional, high net worth, and retail clients through 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, Cardinal Stone’s founding partner, has served as Managing Director and CEO since January 2017. His previous expertise includes working 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 sale of i-Fitness demonstrates Cardinal Stone’s dedication to strategic investments, establishing Michael Nzewi as a vital role in influencing the future of African business and investment.
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