The company, which is currently debt-free, has reached an “agreement of understanding” with a bank [that] will manage the fundraising, Butler says in Lagos. Food Concepts has also carried out projections on how the cash would be used. “A lot of people are sitting on cash. It’s about finding the right partner.”
Food Concepts, which was set up in 2001, operates the Chicken Republic, PieXpress and Chop Box brands in Nigeria and Ghana, and currently has about 180 stores. The company trades on Nigeria’s NASD over-the-counter (OTC) securities exchange. At the end of September, private-equity investor African Capital Alliance (ACA) agreed to buy 31% of Food Concepts from Development Partners International (DPI), which will retain a majority stake.
- ACA’s investment won’t mean significant changes in the company’s strategy, Butler says.
- The company’s expansion in Nigeria and Ghana will continue,
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