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The Ackerman family has loosened its grip on Pick n Pay, giving up majority control of the supermarket group for the first time since the late 1960s.
Ackerman Investment Holdings, the family vehicle, has cut its voting stake from 52.4 percent to 45.9 percent after selling 33.8 million shares at R48 each, raising about R1.6 billion. The transaction, completed in early December, drops the founding family below the 50 percent line it has guarded for decades.
The family says the sale is aimed at freeing capital for other investments, not walking away from the retailer Raymond Ackerman bought in 1967 and turned into a national brand. It still holds a large economic interest and influence through non-voting shares and the board, where Gareth Ackerman remains chair.
At the same time, asset manager Allan Gray has increased its holding to more than 10 percent, cementing its role as a decisive voice in how the retailer is reshaped. The move follows Pick n Pay’s R4 billion rights issue in July, used to pay down debt and fund a sweeping turnaround plan.
The shifting share register lands at a difficult moment. For the year to February 2025, Pick n Pay booked a loss of R4.4 billion, its first in decades, as it lost ground to rivals such as Shoprite and Woolworths and struggled with execution problems. The share price is down roughly 40 percent over the past 12 months.
Chief executive Sean Summers, brought back in 2023, is trying to pull the chain out of the rut. His plan leans on refurbishing tired stores, tightening supply chains and pushing harder into online shopping, backed by the fresh capital from investors like Allan Gray. Interim results show losses narrowing to about R600 million, a sign that the worst may be easing but not yet over.
Investors are watching whether new capital and looser family control change everything.
The reduced family stake could give the board more room to make hard calls, from closing underperforming outlets to rethinking the balance between Pick n Pay and Boxer formats. It may also make the group more approachable for future strategic investors.
For shoppers and staff in stronghold provinces such as Gauteng and the Western Cape, the boardroom drama matters only if it translates into better prices, fuller shelves and a retailer that looks less like a struggler and more like a contender again.
