UK-based asset management firms Duet Group and Vasari have partnered with the TIRET Group, an Ethiopian endowment fund, in the brewery sector, in what will become the largest private equity investment in Ethiopia to-date.

Duet Group has a made significant investment into Dashen Brewery in the form of an equity injection from the newly-formed Duet Beverages Africa company, which will be managed by the Duet Africa Private Equity team together with Vasari as the company’s industrial partner.

Dashen Brewery is the only independent brewery in Ethiopia, with a market share of nearly 20 per cent. It has two popular brands, Dashen and Royal. Proceeds of the investment will be used to expand the company’s capacity and enhance distribution channels, the firm said. Financial terms of the deal were not disclosed.

The Ethiopian brewery sector experienced significant M&A activity in 2011, with international operators paying more than $400m for three state-operated breweries.

The sector, which has grown by more than 25 per cent annually over the last five years, is expected to continue to grow in line with Ethiopia’s double-digit GDP growth, which is forecast to be the fastest in Africa and third fastest in the world.

Henry Gabay, a co-founder and co-chairman of Duet Group, said, “The economic performance of Ethiopia over the last eight years has been nothing short of outstanding. We are very excited about consumer-driven businesses in the country.”

Duet Group is a London-based asset management firm with over $2.7bn of assets under management. Also based in London, Vasari is an international private wealth, multi-asset investment firm with a history of growing businesses in South Africa, Europe, Asia and South America.

In December last year Duet Group also announced it had invested in Expatcare Health International, a Nigerian health maintenance organisation.


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