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
-
Ethiopia unveils teleSign e-signature system to streamline government services
21:26
-
Somalia rolls out certified cybersecurity program for government ICT staff
21:16
-
Pests and Flooding Hit Cameroon’s Cotton Sector, Driving Annual Losses Above CFA10 Billion
20:50
-
Cameroon Raises CFA144 Billion in Bond Sale as Short-Term Funding Pressures Persist
20:35
-
U.S. Signals Growing Interest in Cameroon’s Critical Minerals but Flags Investment Risks
20:32
-
Oil Explorer Eco Atlantic Taps Industry Veteran Keith Hill to Lead Board
20:30
-
Nigeria Secures $500 Million World Bank Funding to Strengthen Agricultural Value Chains
19:58
-
MTN Brings in Former Orange CEO Stéphane Richard to Strengthen Strategy
19:38
-
Namibia’s Mopane Field Sees 57% Jump in Estimated Hydrocarbon Resources
18:41
-
At Cape Town summit, Horus Capital pushes Africa’s infrastructure debate towards project delivery
18:30
Novo Nordisk cuts Wegovy prices in South Africa amid competition Move targets rival Eli Lil...
Firms move beyond payments toward integrated SME platforms Services include invoicing, inve...
The BCEAO now allows UEMOA citizens abroad to open CFA franc accounts under the same conditions as...
WAEMU posts 3.31 trillion CFA francs trade surplus in Q4 Exports surge 50.4%, led by gold, ...
ECOWAS, Energy China discuss regional power infrastructure cooperation Talks cover $36.3...
Keith Hill appointed chairman as company reshapes governance Brings decades of experience in African oil exploration Move comes as Eco Atlantic...
$500 million IDA credit to support small farmers and agribusiness Project targets key crops including rice, maize, cassava, and soy Initiative aims...
Stéphane Richard joins MTN board as independent non-executive director Appointment signals focus on governance and long-term strategy Move comes as...
Estimated resources rise to 1.38 billion barrels of oil equivalent Volumes remain contingent, not yet classified as recoverable reserves New drilling...
The Bijagos Archipelago, located off the coast of Guinea-Bissau, stands as one of West Africa’s most extraordinary island systems. Made up of around forty...
RFI confirmed the end of “Couleurs Tropicales” following Claudy Siar’s departure after 31 years. The move follows a series of high-profile exits...