Duet Group invests $50m in two Ghana-based companies


africa-tanzania_sqUK investment firm Duet Group has agreed to acquire controlling stakes in Ghana-based companies Shop N Save and GNFoods for $50m.

Shop N Save is a supermarket joint-venture with the founders of the Finatrade Group and GNFoods is a food manufacturing business.

Duet said the capital will be used to roll-out new food retail stores, expand manufacturing capacity and invest in sales and marketing capabilities.

The firm added that it believed that both the food retail and food manufacturing sectors in West Africa are well positioned for rapid growth.

Duet Private Equity managing director Afsane Jetha said, “We see Ghana as an extremely promising investment destination, given the strong historical and future expected growth of the consumer sector as well as the general investor-friendly infrastructure of the country.

“We also see the strength of our local partners, pioneering entrepreneurs in Ghana, as key to the success of our long-term strategy.”

Copyright © 2014 AltAssets