VENTURES AFRICA – JSE-listed listed retailer, Famous Brands, on Monday said it had bought 49 percent of Nigeria’s UAC Restaurants (UACR) for an undisclosed sum.
UACR runs the quick service restaurant (QSR) operations in Nigeria and owns the leading Mr Bigg’s restaurants in Africa’s most populous country.
My Bigg’s is the biggest food franchise in the African continent.
UACR consists of 165 eateries throughout Nigeria. Fifty seven of these are based in Lagos while 14 are in Abuja.
Famous Brands will use money from its cash reserves to buy this stake. The transaction will be effective from early next month.
Kevin Hedderwick, the CEO at Famous Brands, said the transaction will bolster the firm’s plans to increase its footprint in the African market.
Famous Brands has had operations in many African cities for a decade and a half now.
“We (therefore) have a good grasp of doing business in those territories; prudent expansion in a select range of key markets in the region has always been part of our programme,” Hedderwick said in a statement.
Larry Ettah, UAC Group MD, described this deal as a “transformative.”
Ettah said the transaction will make sure that UACR has the most important strategic associate to release value prospects in the QSR scene.
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