AFRICA
Java House, east Africa’s largest coffee shop chain, was acquired by Abraaj Group, an investment fund. The sale price was not disclosed but bids were reported to reach as high as $100 million, according to the Quartz news organization.
In announcing the purchase, Abraaj was reported to be looking to the African continent’s increased population growth, an expanding middle class, and urbanization in north, east, and west Africa markets.
Coffee consumption continues to increase across Africa and Java House, which has enjoyed continued growth since opening in 1999, looks to capitalize on that expansion.