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 grow in its existing markets and expand its operations into neighboring 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 keeps 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 nonalcoholic 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. (Forbes)