Àrgentil Asset Management Limited has completed a follow-on investment in its portfolio company, Chocolate City Lounge (“CCX”) a Nigerian based restaurant and lounge to support the CCX brand expansion into the Lagos market.
Àrgentil’s financing will support CCX with the establishment of its second outlet via the acquisition of a 70% stake in an existing restaurant 7th Heaven Bistro 7 Limited (“Bistro 7”) located in Victoria Island, Lagos. The existing shareholders led by Bistro 7 founder Hamisha Ahuja will retain a 30% shareholding. The acquisition is in line with CCX’s strategy to develop an entertainment and hospitality brand to complement the popular music brand of Chocolate City Group. This expansion is in line with the strategy for CCX to roll-out and operate a chain of restaurant and lounges across key locations in Nigeria.
Àrgentil is backing the company based on its strong management team lead by both Paul Okuego and Audu Makori and its business model which leverages the strong entertainment foot print of the Chocolate City Group.
In 2017, Àrgentil made its first investment in CCX to finance its first restaurant and lounge located at the Jabi Lake Mall in Abuja, Nigeria.
Àrgentil is investing through the Àrgentil Principal Investment Portfolio II (“APIP II), an evergreen SME vehicle which invests equity and debt in small and medium scale companies operating in Nigeria. The investor aims to support underserved SMEs operating across different sectors of the economy.
APIP II is currently being backed by a number of commercial institutions and family offices. CCX is one of APIP II’s three portfolio companies having previously backed Winchester Farms a meat processing company and Tempo Housing Nigeria Limited, a developer of innovative housing solutions and work spaces in Nigeria.
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