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
-
World Bank Grants $35 Million to Improve Rural Water Access in Djibouti
19:33
-
African cotton producers meet in Lomé to tackle productivity challenges
18:41
-
Private Initiative Trains Over 1,000 African Youth in AI Skills
18:39
-
Cameroon Suspends Fuel Shipments From Importers Over Payment Disputes
18:18
-
Ghana Plans to Cut Telecom Access for Mobile Money Fraud Offenders
18:16
-
DRC Undergoes ICAO Security Audit at Key Airports as It Seeks to Lift Flight Restrictions
18:11
-
Cemac Seeks to Bring Informal Cross-Border Trade Into Official Data
16:45
-
In Bertoua, a Little-Known French Firm Eyes Entry Into Energy Projects
16:05
-
Côte d’Ivoire Launches EMY 101 AI Chatbot for Public Services
15:54
-
Happy Pay Founder Wesley Billett Promotes Interest-Free Installment Payments
15:46
Togo parliament adopts WAEMU law against currency counterfeiting Bill defines offences including ...
CCR-UEMOA presents mid-term review of private sector competitiveness efforts Reforms, AfCFTA trai...
Telecel Ghana to boost network investment by 150% in 2026 Expansion targets capacity, reliabi...
ECOWAS is proposing a regional digital platform for passengers to file and track complaints online...
World Bank announces $137 million to boost West Africa digital economy Program expands broad...
Djibouti receives a $35 million grant to expand rural access to drinking water The project will benefit over 120,000 people and strengthen...
DeAfrica is training 1,068 participants from 45 African countries in AI The program aims to prepare youth for a fast-evolving AI-driven economy The...
Ghana will block telecom access for users linked to mobile money fraud The measure relies on the national ID system used for SIM...
ICAO is auditing aviation security in Kinshasa and Lubumbashi from March 18–30 The review is key to improving compliance and restoring...
Event highlights growing role of diaspora entrepreneurs across multiple sectors Networks support trade, investment and SME...
Afreximbank launches Impact Stories season two highlighting trade-driven transformations Series features projects across Africa and Caribbean, from...