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
-
China’s Zijin Mining Expands African Footprint with $4 Billion Allied Gold Deal
18:34
-
Camrail and Camalco Seal Rail Deal to Enable Bauxite Exports from Minim Martap
18:12
-
Hysacam and Ceneema Launch Emergency Partnership to Decongest Urban Landfills
18:07
-
Cameroon Expects 600 Tons of Wheat Seeds to Reduce Import Dependence
18:05
-
Cameroon Rejects Fresh Push to Revise Rebar Standard
18:03
-
Senegal-Morocco Joint Cooperation Commission Convenes in Rabat on Jan. 26-27
17:55
-
Burkina Faso Commissions 200-MW Power Plant, Aims to Reduce Electricity Imports
17:54
-
Algeria Adopts New Cybersecurity Framework as Digital Risks Rise
17:46
-
Ayooka Uses AI to Optimise Blood Supply Management in Guinea
17:36
-
Global Race for Rare Earths Puts African Projects in the Spotlight
17:33
The BoxCommerce–Mastercard Partnership introduces prepaid cards, giving SMEs instant access to e...
Togolese banks provided 16.2% of WAEMU cross-border credit by September 2025 Regional cross...
Circular migration is based on structured, value-added mobility between countries of origin and host...
Nigeria licensed Amazon’s Project Kuiper to operate satellite services from 2026, setting up dir...
President Tinubu approved incentives limited to the Bonga South West oil project. The project tar...
Zijin Gold agrees C$5.5 billion acquisition of Canada’s Allied Gold Deal expands Zijin’s African footprint into Mali and Côte d’Ivoire Allied Gold...
Senegal, Morocco to hold joint cooperation commission in Rabat Talks cover trade, economy, culture; dozens of agreements under discussion Meeting...
Mark Cables completes 200 MW thermal power plant in Burkina Faso €180 million project aims to stabilise grid, cut electricity imports Part of broader...
Fitch Solutions estimates that Africa could account for about 7% of global rare earth production by 2034. The projection is largely based on the current...
Three African productions secured places among the 22 films competing for the Golden Bear at the 76th Berlin International Film Festival. Berlinale...
Ambohimanga is a hill located about twenty kilometres northeast of Antananarivo, in Madagascar’s Central Highlands. It holds a central place in the...