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Taylor Brooks
A private equity firm backed by Aliko Dangote, Africa's richest man, is set to enter Kenya's food and beverage market with the acquisition of Java House, a leading Kenyan coffee chain. The acquisition is backed by Alterra Capital, an Africa-focused private equity fund, and Phatisa Group, another Africa-focused private equity firm.
The deal, which is reportedly worth an undisclosed amount, will see Alterra and Phatisa acquire the restaurant chain from UK-based investment firm Actis. According to a notice from the Malawi-based COMESA Competition Commission, Mauritius-based Alterra will hold a majority stake in the chain.
Java House, founded in Nairobi in 1999 by American entrepreneurs Kevin Ashley and John Wagner, has grown to operate 73 outlets across Kenya, Uganda, and Rwanda. The chain's investment history includes a 90% stake acquisition by Emerging Capital Partners in 2012 from its founders. Dubai-based private equity firm Abraaj Group later took over in a deal exceeding $100 million before Actis acquired Java House in 2019 following Abraaj's liquidation.
The acquisition marks the fourth ownership change for Java House since 2012. Actis, which became part of US investment firm General Atlantic in October 2024, has been exploring options to divest from Java House since September 2023, including a potential initial public offering, according to media reports.
Alterra and Phatisa have stated that their acquisition will not lead to reduced competition as there are no overlaps between their existing operations, according to Verdict Food Service. The deal is expected to have a significant impact on Kenya's food and beverage market, with Java House being one of the leading coffee chains in the region.
The acquisition also highlights the growing interest of private equity firms in Africa's food and beverage sector. With the continent's population projected to reach 2 billion by 2050, the demand for food and beverages is expected to increase significantly, making it an attractive sector for investors.
The deal is also a significant milestone for Aliko Dangote, who has been expanding his business empire across Africa. Through his backing of Alterra Capital, Dangote is set to enter Kenya's food and beverage market, further solidifying his position as one of Africa's most influential business leaders.
As the deal is finalized, it will be interesting to see how Alterra and Phatisa plan to grow Java House's operations and expand its presence in the region. With the coffee chain's established brand and extensive network of outlets, the acquisition has the potential to be a game-changer for Kenya's food and beverage sector.
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