Africa-focussed investment firm Emerging Capital Partners on Wednesday announced that it has acquired a majority stake in Kenyan restaurant chain Artcaffe Group. Artcaffe, which opened its first café in 2008, currently operates 26 restaurants in Nairobi. It also operates a sophisticated central bakery, equipped with a kitchen and a logistics center.
“There is an 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 announcing the investment, reported Reuters.
The firm, however, did not disclose how much it has agreed to pay for the substantial majority stake in Artcaffe.
Paul Maasdorp, Managing Director at ECP said the iconic Kenyan brand Artcaffe is quite popular for its best-in-class service, excellent coffee, food, and baked goods. He praised the Artcaffe management team for their remarkable job in creating an exceptional dining experience. Maasdorp said ECP is looking forward to working with the Artcaffe team to offer the same experience to more customers.
Sagi Vaknin, Managing Director at Artcaffe, said they are very excited to partner with ECP, which is one of the most experienced investors in the market. He added that the Kenyan restaurant chain is looking forward to bring an exceptional dining experience closer to more customers by opening many more outlets and into their homes with an expanded delivery offering and network.
Vaknin said Artcaffe will continue to have a positive impact on the local economy as it is a large taxpayer, a major employer and a driver for the local supply chain.
ECP’s investment in Artcaffe follows the sale of its stake in Kenyan casual dining and coffee chain Java House, which also has operations in Uganda and Rwanda.