Ackerman Family Finally Lets Go: Pick n Pay Loses Its Founding Grip After Massive R1.6 Billion Share Sale

Pick n Pay’s founding Ackerman dynasty has officially loosened its decades-long grip on the retailer after the family offloaded a massive 64 million shares, marking a historic shift in control at the struggling supermarket chain.

The sale — announced on Tuesday — comes more than a year after the Ackermans publicly committed to stepping back from the company they built into one of South Africa’s major retail giants.

The shares, representing 8.5% of Pick n Pay’s total issued ordinary stock, were snapped up through an accelerated book-build at R25.50 per share, a 6.4% discount on Monday's closing price. The deal brought in R1.6 billion in fresh capital as the retailer fights to reverse mounting losses and reclaim market share eroded by rivals.

The Ackerman family's voting power will now slide from 49% to 36.8%, ending their majority control but not severing ties completely. They remain the company’s anchor shareholder, positioned to support the retailer’s turbulent turnaround strategy.

The share sale also comes as Gareth Ackerman prepares to exit the stage. After 40 years at the company — including 14 years as chair — he announced he will retire, marking the end of an era for Pick n Pay’s founding leadership.

Despite the massive sell-off, the Ackermans still hold 135.4 million ordinary shares, maintaining a significant stake as Pick n Pay works to stabilise operations, cut debt and streamline costs.

The retailer has struggled in recent years as rising competition, high operating expenses and a declining consumer environment slammed profitability. The family’s decision to loosen its hold signals a major strategic shift — one many hope will breathe new life into South Africa’s once-dominant grocery brand.