Development Partners International has sold its 31% stake in Food Concepts Plc to African Capital Alliance. Food Concepts Plc was established in 1999 as Food Concepts & Entertainment Limited and commenced operations in 2000. Food Concepts secured franchises from reputable South African quick service restaurant operators to manage and operate their brands in Nigeria. The company subsequently acquired and developed other brands such as Chicken Republic, PieXpress, Butterfield, Yum Yum and The Chop Box. Chicken Republic is currently trading in 129 locations across Nigeria and Ghana and plans to operate 430 stores by the end of 2024. PieXpress began trading in 2019 and operates 48 stores in Nigeria and plans to operate 247 stores by the end of 2024.
African Capital Alliance (ACA) is a leading pan-African investment firm sponsoring funds and managing investments in Sub-Saharan Africa with assets under management of US$1.2-billion. Capital Alliance Property Investment Company is a US$165-million fund established to invest in real estate and related opportunities in West Africa. The fund invests in residential, retail, office and hospitality assets. The Cape IV Fund is a US$567-million fund that invests in financial services, technology, media and telecoms, FMCG, energy and other emerging sectors in West Africa. Development Partners International will remain with the majority stake in Food Concepts and the acquisition amount for the 31% stake sold was not disclosed.