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AJEAST Nigeria Limited, a subsidiary of the AJE Group, has secured more than $50 million (about N18 billion) investment from Duet Private Equity, a U.K-based private equity company. The beverage manufacturer said it will use the proceeds from the investment to accelerate growth in selected international territories.

AJEAST, which produces brands like BIG Cola, BIG Orange, BIG Lemon and BIG Volts, also said it will utilize the funding to facilitate the launch of new products and brands, and increase production capacity and volume. The company is also targeting the demographic dividend of Nigeria’s expanding youth base, according to a statement by Duet.

“As the number of middle-income households in Nigeria and selected West African markets keeps expanding, and more consumers are entering the formal economy through urbanisation, the demand for products such as BIG Cola will grow exponentially,” said the CIO of Duet and Co-founder of Duet Group, Henry Gabay.

While being Duet’s first investment in Nigeria, the deal with AJEAST is the private equity’s sixth investment in the fast-moving consumer goods sector in Sub-Saharan Africa.

“The acquisition of AJEAST follows our previous investments in the beverage sector across Africa, and we are excited to be able to leverage our experience in partnership with a prominent multinational like AJE Group,” Gabay said.

Launched in 2015 by AJE Group with a brand-new state-of-the-art factory in Lagos, AJEAST has since gained significant market share in Nigeria’s carbonated beverage segment.

According to the Chairman of AJE Group, Angel Añaños, Duet is the ideal partner for the company to continue the growth of its brands in such a crucial market. “We are confident that our longstanding experience will help replicate the success we have had in our markets, and look forward to a fruitful partnership with Duet,” he said.