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
Live News
-
Access Holdings maintains growth momentum despite profit decline
19:04
-
Investment Promotion Agency Opens Incentive Access to Public Enterprises
18:25
-
FinTech Disruption: The Innovation Imperative Redefining Profitability Risk for Foreign Investors in South African Banks
17:27
-
Ghana Think Tank Proposes New Economic Model for Tema Oil Refinery
16:58
-
Zambia Considers Third-Party Transfer to Unlock Afreximbank Debt
16:56
-
Cameroon-Italy Witness Deepened Trade Ties in Four Years
15:37
-
Government Launches Tender for Road Safety Audit of Babadjou–Bamenda Highway
15:18
-
Customs Impound Nearly 1,000 Bottles of Contraband Wine, Champagne in Douala
15:13
-
Tanzania’s University of Dar es Salaam Accelerates Digital Transformation
15:00
-
Ivorian Sébastien Kouassi launches EmploiRapide.Net to tackle youth unemployment
15:45
Sonatel is a major telecom company in West Africa that investors trust, offering steady growth and...
Wave launches Wave Bank Africa in Côte d'Ivoire with $32M capital Move follows €117M fu...
Cameroon's Constitutional Council declared Paul Biya the winner of the presidential election, secu...
ECOWAS will integrate AI into its early warning systems to strengthen crime prevention and intelli...
NGE wins two contracts for sanitation, coastal protection in Senegal Projects target Dakar’s Hann...
Ghana’s Tema Oil Refinery (TOR) is preparing to resume operations in October 2025 after a four-year suspension. The Centre for Environmental Management...
Somalia’s livestock exports could reach a record $1 billion by end-2025, marking an eighth consecutive year of growth. The country has tripled...
Nigeria's economy expanded by 3.9% in the first half of 2025. This growth was driven by improvements in the oil sector combined with resilient non-oil...
New partnership launched at MWC Kigali: Airtel Africa Foundation, ITU, RISA, and Cisco joined forces to boost digital skills in Rwanda. Airtel...
The Eyo Festival, also known as the Adamu Orisha Play, stands among the most iconic cultural events in Lagos, Nigeria. This traditional Yoruba procession,...
Asmara, the capital of Eritrea, is often described as Africa’s modern city for its remarkable architectural heritage and forward-thinking urban design....