Actis to Invest $48.5 Million in Mo'men

Private equity investor Actis has agreed to invest $48.5 million in the Egyptian fast food and food processing company Mo'men Group, Actis said on Wednesday.

Actis, which has $6.8 billion invested across the world, mainly in Africa and Asia, said Mo'men would use the money to expand in north Africa and the Gulf.

Mo'men operates the largest independent chain of fast-food restaurants in Egypt, with 36 Mo'men branches, and has two separate chains, Pizza King and Planet Africa. It has opened restaurants in Sudan and Libya, its Web site says.

Actis said the Egyptian company's frozen-food business, which uses the brand name Three Chefs, was growing rapidly as incomes rise and lifestyles change in Egypt.