Lagos - South African fast-food restaurant operator, Famous Brands, announced it would buy 49 percent of the restaurant arm of Nigeria's UAC as part of plans to bolster its presence in the Sub-Saharan region.
Famous Brands said the cash deal for the undisclosed amount gave it a wider footprint in Nigeria, where it has operated for the past 11 years through licence and franchise agreements.
Stuck with slower growth and intense competition at home, South African companies are increasingly looking to fast-growing Sub-Saharan markets.
UAC Restaurants has 165 franchised restaurants in Nigeria, with 57 of those in Lagos.
That includes the popular Mr Bigg’s brand, Famous Brands said.
Famous Brands operates the Steers and Wimpy fast-food restaurants in South Africa.
– CAJ News