United Biscuits has invested in Nigerian biscuit manufacturer A&P Foods.
The deal will see the company have a manufacturing presence in the country, having either exported from the UK or manufactuered under licence locally.
As the company’s second overseas investment in six months, international business will now make up approximately 20% of UB’s group turnover.
Financial details and the percentage stake were not disclosed.
Jeff van der Eems, chief executive for United Biscuits International, said the Nigerian market held strong potential for the business, predicting the market to grow at double-digit rates.
“Our McVitie’s brand is already well-established and enjoyed by people throughout Nigeria and Africa,” van der Eems said. “We are delighted to be working with A&P Foods and believe this investment, led by the A&P founder Sameer Vaswani, will give us a great platform for further growth in this thriving market.”
Sameer Vaswani, chief executive, A&P Foods added: “We are delighted that United Biscuits is investing in A&P Foods. A combination of our regional knowledge and a global biscuit brand such as McVitie’s puts the company in a position where it can grow strongly in the local market.”
In October last year United Biscuits announced it had purchased the assets of Rana Confectionery Products in Saudi Arabia.