Emerging Capital Partners has received a nod from the market regulator to acquire restaurant chain Artcaffe. This folds up the series of regulatory requirements for the private equity firm to purchase 100 per cent of ArtCaffe, which consists of bakeries, coffee houses, and eatery brands such as Dormans, Tapas Ceviche Bar, Urban Gourmet, and Oh Cha Noodle Bar.
Competition Authority of Kenya’s director-general Wang’ombe Kariuki said, “It is notified for general information that the Competition Authority of Kenya has authorized the proposed acquisition of 100% of shares of ArtCaffe….”
According to Business Daily, insiders estimate ECP’s acquisition of Artcaffe group to cost Ksh3.5 billion. ArtCaffe, which set shops in 2008, currently has over 20 outlets throughout Nairobi’s upmarket areas.
ECP says its decision to acquire Artcaffe was inspired by the rising demand for coffee houses in the East African region.
“There is immense opportunity in eastern Africa for casual dining concepts. Alongside population growth and increased urbanization, demand for international cuisine and casual, high-quality dining experiences is rising,” said ECP in a statement.
In 2017, ECP sold its share of Kenyan coffee chain, Java house to Abraaj Group; a Dubai based private equity company.
