US-based Emerging Capital Partners (ECP) has bought out Artcaffé, a year after relinquishing its stake at Java House.
Last year, ECP sold its stake in Java House, to Dubai-based private equity firm Abraaj Group.
“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, announcing the take-over.
It is whispered that the US-based equity firm parted with over Ksh3.5 billion to acquire majority state at the Artcaffé, which has over 20 full-service bakery, coffee shop, bar and casual dining restaurant outlets around Nairobi.
following the take-over, ECP managing director Paul Maasdorp has promised a new wake of expansion for 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.
Currently, Artcaffé has 1,300 staff across its branches.
Artcaffé, a European restaurant set foot in the Kenyan market in 2008.
In 2014, Artcaffé took over rivals Dormans coffee shops which started operations in Kenya since 1950, as it sought to solidify its footing in Kenya.
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