Norton Rose advises Duet Private Equity on US$90 million Ethiopia brewery investment

13 February 2012


Acquisition of controlling interest in Dashen Brewery represents largest private equity investment in to Ethiopia to date

International legal practice Norton Rose LLP has advised its client Duet Private Equity on the acquisition of a controlling interest in Dashen Brewery, Ethiopia's largest independent brewer. The value of the acquisition is US$90 million, making it the largest private equity investment in to Ethiopia to date.

The investment will be used to increase the capacity at Dashen’s existing site in Gondar, Ethiopia and develop new production facilities in Addis Ababa. Last year, leading brewers Heineken and Diageo acquired the other two leading brewers in Ethiopia in transactions worth an aggregate US$400 million.

Duet's investment and partnership with Dashen will enable Dashen Brewery to maintain its market share and compete with its rival foreign-owned brewers.

The Norton Rose LLP team was led by London corporate partner Bayo Odubeko, assisted by Ed Rand (senior associate) and Frankie Sangwin (senior associate).

Bayo Odubeko, partner at Norton Rose LLP, commented:

“Ethiopia is an economy witnessing significant growth, and the increased M&A activity in Ethiopia is indicative of that. The 2011 M&A activity in the country’s brewing sector is a signal that consumer demand is healthy and continuing to grow. This investment will allow Dashen to continue capitalising on that growth, cementing its position as one of the country’s most successful breweries.

“For our part, it was particularly pleasing to bring our experience of the Ethiopian market to bear in this deal.”

For further information please contact:

Gavin Collins, PR manager, Norton Rose LLP
Tel: +44 (0)20 7444 2466; Mob: +44 (0)7770 650 113