The Co-op Group has completed its acquisition of Nisa Retail and announced former Tesco executive Ken Towle as chief executive of the distributor.
Towle replaces interim Nisa ceo Arnu Misra with immediate effect, although Misra will remain with the business for a transition period to ensure a smooth handover.
The new Nisa ceo held various positions at Tesco, including UK operations director, Tesco China ceo, director of internet retailing, and finally managing director for Central Europe, Ireland and Turkey. In 2015 Towle left Tesco and moved to The Boston Consulting Group as a senior advisor before joining franchise operator Alshaya.
Co-op ceo Jo Whitfield said: “This is exciting news. Co-op and Nisa have all the ingredients for a successful partnership which will include the offer of award-winning Co-op own brand products. It will give Nisa Partners a wholesale operation of scale, allowing them the flexibility to trade their businesses in the way they choose, whilst benefiting competitive prices and promotions on an industry leading own brand.
“Our strategy is to get our award-winning own brand product closer to communities and our new business will create an exciting product offer for Nisa Partners to engage their shoppers with across the UK.
“I’m delighted that Ken will lead the business for us and would like to thank Arnu for the work he has done alongside the Nisa Executive team to make this acquisition such a success and we appreciate his support as we transition.”
The completion follows approval by the Competition and Markets Authority on Monday 23 April and the Court’s decision to sanction the transaction on Friday 4 May.