Private Equity Fund manager Emerging Capital Partners (ECP) has acquired a majority stake in Kenya’s Artcaffe Group in a deal alleged to be worth Ksh3.5 billion, a year after it sold its stake in Kenyan Java House to a Dubai-based private equity fund, Abraaj Group.
In a statement, ECP said that acquisition of the restaurant chain is timely as its done at a time when there is huge demand for the fast expanding coffee house culture in the region.
“There is immense opportunity in eastern Africa for casual dining concepts. Alongside population growth and increased urbanisation, demand for international cuisine and casual, high-quality dining experiences is rising,” ECP said in a statement.
ECP managing director Paul Maasdorp also announced plans to expand Artcaffé.
“The Artcaffé management team has done a remarkable job creating an exceptional dining experience and we are looking forward to working with them to bring this experience to more customers,” said Mr Maasdorp.
Artcaffé managing director Sagi Vaknin said, “With ECP’s support we are looking to bring an exceptional dining experience closer to our customers with many more stores and into their homes with an expanded delivery offering and network,” said Mr Vaknin.
Artcaffé, which started in 2008, currently runs 26 outlets in Nairobi including bakery, kitchen, and logistics centre that supplies its restaurants.