1 Min Read
NAIROBI (Reuters) - Emerging markets-focused private equity firm Abraaj Group said on Monday it planned to fully acquire leading Kenyan coffee chain Java House from its present owners for an undisclosed amount.
Java House founder Kevin Ashley in 2012 sold a 90 percent stake to Africa-focused Emerging Capital Partners (ECP) for an undisclosed amount. Ashley continues to hold 10 percent in the coffee chain.
"The Abraaj Group ... has entered into a definitive agreement to purchase 100 percent of Java House Group ... from private equity firm Emerging Capital Partners, and the company’s founder and chairman, Kevin Ashley," Dubai-based Abraaj and ECP said in a statement.
Founded in 1999, Java House has 60 outlets in Kenya, Uganda and Rwanda and roasts coffee for sale to others buyers like supermarkets, hotels and restaurants.
It also runs Planet Yoghurt brand, an outlet serving frozen yoghurt, and a pizzeria outlet called 360 Degrees.
Reporting by George Obulutsa; Editing by Vyas Mohan