Nigeria: DPI sells 31% stake in restaurant group Food Concepts
Friday, 01 October 2021 19:28
Africa-focused private equity firm Development Partners International (DPI) has sold part of the share it holds in fast food group Food Concepts for an undisclosed amount. The London-based private equity firm will retain a majority stake in the company, which operates in Nigeria and Ghana under the "Chicken Republic," "PieXpress," and "Chop Box" brands.
DPI sold its 31% stake to African Capital Alliance (ACA), an investment company that manages nearly $1.2 billion in assets. “DPI has been there for us every step of the way as we have turned Food Concepts into a business Nigeria can be proud of, building our brands and tripling our store footprint since 2015. We believe there is a significant runway for further growth thanks to our world-class corporate governance, a great African management team,” commented David Butler, CEO of Food Concepts.
Food Concepts operates primarily in West Africa and has a presence in 25 states in Nigeria. The company claims it has increased sales by more than 40% since 2015 and is working to further expand in the sub-region.
Chamberline Moko
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