Emerging Capital Partners (ECP) is purchasing 33% of PepsiCo Inc bottler Atlas Bottling Corp, according to Reuters. The financial terms of the stake buy were not disclosed in the said report.
In a statement, ECP revealed that the stake in question is owned by Group Mehri, an Algerian family known for its businesses in the country. The acquisition is part of the company's expansion project which is valued at $80 million, the report added.
Atlas will use the proceeds from the sale for the expansion of its bottling capacity, facility, and product portfolio, the report said.
ECP is an Africa-focused private equity group that has invested in more than 40 countries in the area. The company has closed deals in the consumer, financial, agriculture, telecom, utility, and natural resources industries. The company focuses on firms that have only a few rivals or have unmet needs in Africa, according to ECP's web profile.
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