BIC has announced it has signed a definitive agreement to acquire 100% of Lucky Stationery, also known as LSNL.
The number-one writing instruments manufacturer in Nigeria, LSNL holds approximately 30% market share in volume. Its main manufacturing facility is in Ilupeju-Lagos, and the brand will relocate to a new hi-tech facility in Shagamu, north of Lagos.
BIC has a long-standing presence in Nigeria, spanning more than 40 years, through its distribution partnership with CFAO-Nipen. The acquisition of LSNL will strengthen further BIC’s established 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.
Gonzalve Bich, BIC’s chief executive officer, commented: “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.”
Prakash Hathiramani, director of LSNL added: “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 stakeholders with new avenues and opportunities for growth.”