The transaction, which is worth in excess of $50 million according to a press release issued by Duet, will enable AJEast to grow in its existing markets and expand its operations into neighbouring African countries. Duet said in its press release that it is confident there’ll be a significant growth in the growth of the beverages space in Africa as incomes rise throughout the continent.
“As the number of middle-income households in Nigeria and select West-African markets keep expanding, and more consumers are entering the formal economy through urbanisation, the demand for products such as BIG Cola will grow exponentially,” Henry Gabay, CIO at Duet Private Equity Limited and Co-Founder at Duet Group, said.
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AJEast is the African subsidiary of AJE Group, a multinational company that manufactures, distributes and sale of alcoholic and non-alcoholic beverages. The company, which is headquartered in Lima, Peru and in Madrid, Spain, is controlled by the Añaños Family in Ayacucho, Peru. It is known for its flagship products Kola Real and Big Cola.