ECP buys majority stake in Kenya's ArtcaffeEmerging Capital Partners has acquired a majority stake in Kenyan restaurant chain Artcaffe Group. ECP sold Java House, the largest coffee shop chain in East Africa, to buyout group Abraaj. “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,” ECP said in a statement. SEE ALSO :Firm raises $155 million in second round fundingThe firm did not say how much it would pay for the “substantial majority” stake in Artcaffe, which runs 26 outlets in Kenya’s capital Nairobi, as well as a bakery, kitchen, and logistics centre that supplies its restaurants.

Source: Standard Digital December 19, 2018 11:37 UTC