US private equity fund Emerging Capital Partners (ECP) has acquired a majority stake in Nairobi-based hospitality chain Artcaffé Group for an undisclosed amount.
ECP, which last year sold its stake in another Kenyan coffee chain, Java House, to Dubai-based private equity firm Abraaj Group, Wednesday said the Artcaffé deal was informed by huge demand for the fast-expanding coffee house culture in the region.
