Meet the wealthy man who bought East Africa's largest coffee chain
Java House was founded in 1999 and has 60 outlets in Kenya, Uganda, and Rwanda.
Java House which was founded in 1999, according to its website and has 60 outlets in Kenya, Uganda, and Rwanda has been acquired by a Dubai-based private equity investment firm.
Arif Masood Naqvi, the Founder and Group Chief Executive of the Abraaj Group has bought the popular coffee house for undisclosed amount of Money.
Mustafa Abdel-Wadood, Managing Partner and Global Head of Private Equity at The Abraaj Group while commenting on the business transaction said the future can only be brighter.
“The landmark transaction is a compelling opportunity to build on Java House’s success story across sub-Saharan Africa, to create a true regional champion.” He said.
Ken Kuguru, the Chief Executive Officer (CEO) of Java House welcomed the new partnership.
“As Java House aims to accelerate into its next phase of growth, we were seeking a partner that has the scale, platform, and sector expertise to enable us to achieve our aspirations. The Abraaj Group is that partner of choice and we look forward to working closely with their team to extend our market leadership position across the continent,” he said.
In 2012, Java House founder Kevin Ashley sold his 90 percent stake to Africa-focused ECP for an undisclosed amount.
Since entering the Kenyan market in 1999, Java house slowly become a popular hit with Kenya's growing middle class who have embraced the coffee culture.
Naqvi who was the recipient of the 2013 Oslo Business for Peace Award is a Pakistani national who has over 25 years’ experience of investing in public and private companies.
Under his leadership, The Abraaj Group has emerged as a leading investor in growth markets with US$ 7.5 billion in assets under management and returning US$ 4 billion to investors.
The group also employs over 300 people and has 33 country offices spread across 6 regional hubs in Bogotá, Dubai, Istanbul, Mumbai, Nairobi, and Singapore.
Arif Masood Naqvi was born on 13 July 1960 in Karachi, where he attended the Karachi Grammar School. He completed his higher education at the London School of Economics and Political Science, where he obtained a BSc in Economics with honours, specializing in Economic Institutions and Planning.
Some Kenyans have however expressed concern over the fast nature in which Kenyan eateries are being acquired by rich Arab and Somali business men.
Leaving some to wonder now Java house is owned by a Pakistani group, they may longer access their favorite drinks and foods banned in the Islamic region.
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