African Capital Alliance to acquire 31% stake in Food Concepts from Development Partners International.

African Capital Alliance agreed to acquire 31% stake in Food Concepts, QSR operator in West Africa with over 180 stores across Nigeria and Ghana, from DPI, a pan-African returns and impact-driven private equity firm. Financial terms were not disclosed. DPI will retain ownership of a majority stake in Food Concepts. Food Concepts is the leading Quick Service Restaurant operator in West Africa. The business is focused on the mass market and operates three of Nigeria’s best known, most loved and fastest growing brands, Chicken Republic, PieXpress and Chop Box across 25 Nigerian states, as well as in Ghana, and an online delivery business growing at over 140% year on year. “Food Concepts demonstrates the tremendous growth the Nigerian mass market can offer for companies that are able to capture the opportunity. The company has grown sales at over 40% every year since 2015, has developed true Nigerian "super-brands”, and is just at the beginning of its growth," Runa Alam, DPI Chief Executive.