Eastern Africa-focused private equity firm Catalyst Principal Partners has announced the acquisition of a 50 percent stake in Ethiopian bottled mineral water company Yes Brands Food & Beverages, on the back of rising economic growth.

The value of the deal was however not disclosed.

Catalyst Principal Partners which was established in 2009, raised $125 million in November 2012 for its Catalyst Fund 1.

Managing director of Catalyst Rajal Upadhyaya said: “With its dynamic economy and population of 85 million, the second largest in Africa, Ethiopia is an attractive market for emerging players within the consumer sector and represents a compelling investment opportunity.”

Catalyst also recently invested in personal care products maker ChemiCotex Industries and tea packaging company Chai Bora, which are both based in Tanzania.

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