Duet, a U.K-based private equity company, has acquired a majority interest in AJEast Nigeria, a Nigerian African beverage manufacturer.
AJEast launched a manufacturing facility outside Lagos in 2015. The bottling plant produces brands including Big Cola, Big Orange and Big Lemon targeted at younger, middle-income earners.
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.
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.
Related
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.