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
-
African Airlines Passenger Traffic Rises 11.7% in January 2026
04:46
-
Meriam Bessa Uses AI to Restructure Influencer Marketing in Morocco
04:40
-
Orange Business Partners With Dakar Port to Advance Smart Port Strategy
04:37
-
Smart Africa, MeetKai Launch Sovereign AI Infrastructure Pilot in Five African Countries
04:24
-
Telemedicine Startup Kénèya Koura Seeks to Modernize Mali’s Healthcare System
04:18
-
DR Congo Plans Stronger Environmental Oversight in Mining Sector
04:08
-
Cameroon Retail Investors Put $45.9 Million Into Government Securities
04:05
-
Nigeria Rolls Out 1% Tax on Informal Businesses Under New Fiscal Framework
04:03
-
Togo raises 22 bln CFA francs on regional debt market
17:16
-
Luxembourg, through LuxDev, to finance higher education projects in Togo
13:26
Senegal launches 200 billion CFA bond in UEMOA Proceeds to fund 2026 budget, transformation agend...
Military escalation between Iran, Israel, and the United States has raised the risk of disruptions...
Central Bank of Nigeria said 20 commercial banks have met new minimum capital requirements, with...
DRC seeks ITC support for local battery value chains Musompo SEZ targets $2 billion private ...
Algeria’s NESDA and the Algerian‑Saudi Investment Company sign cooperation deal focused on researc...
African airlines increased passenger traffic 11.7% year-on-year in January 2026, among the strongest growth rates globally. Airlines increased capacity...
The government ordered the creation of a joint expert commission to tighten environmental oversight in the mining sector. Authorities identified...
Regideso plans to build a bottled water plant in Kinshasa, with construction potentially starting within three to four months. The utility will deploy...
Nigeria approved the implementation of a geolocation-based alphanumeric digital postal code system to improve address accuracy nationwide. The...
African-born artists generated $77.2 million in auction sales in 2024, down 31.9% year-on-year. Women artists accounted for about $22...
In April 2026, the Amani Festival will change venues. Forced to leave Goma for Lubumbashi due to growing insecurity, the event turns displacement into an...