A Dubai-based private equity firm has bought off Java House, the owners of Java Coffee restaurant chain.
Abraaj Group will take over Java for an undisclosed sum of money from Emerging Capital Partners (ECP).
“This landmark transaction is a compelling opportunity to build on Java House’s success story across sub-Saharan Africa to create a true regional champion. The rapidly expanding middle class and increasing urbanisation trend creates compelling investment opportunities in multiple sectors, and we believe Java House is ideally positioned to benefit from these trends,” said Abraaj Group Managing Partner and Global Head of Private Equity Mustafa Abdel-Wadood.
Earlier in the year, the sale of Java had been estimated to be worth $100 million (Sh. 10 billion).
Washington-based Carlyle Group, which has $169 billion under its management and San Francisco-based TPG, a $74 billion fund, were among the firms seeking to acquire Java.
Java House Group was established in Nairobi in 1999 by Mr Ashley who later sold a controlling stake to ECP in 2012, thereby raising fresh capital to boost the Java brand presence from 13 shops in Nairobi the current 60 stores across 10 cities in Kenya, Uganda and Rwanda.
Java boasts of three flagship brands, Java House, (a coffee specialty service), Planet Yogurt (East Africa’s first self-service frozen yoghurt chain) and 360 Degrees Artisan Pizza, an upmarket Italian pizzeria concept.
