Artcaffé Coffee and Bakery Limited (Artcaffé), Kenya’s leading restaurant group, has sold its majority stake to US private equity firm, ECP. The investment reportedly will inject the necessary capital for the company’s strategic expansion. The deal, in a statement by ECP, said that was done in view of the fast-growing coffee-house culture in the region. Artcaffé, was set up in 2008, and currently operates more than 20 full-service bakeries, coffee shop, bar and casual dining restaurant outlets around Nairobi. The ECP statement further added,“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”.
Coffee drinking culture in Kenya has been growing fast with soaring demand for snacks and meals. To tap the demand many chains are in expansion mode and capital raising spree.
