On Tuesday, Nestlé announced that they have signed an agreement to acquire Caravan Marketing Company, the makers of Egypt’s popular instant coffee brand Bonjorno.

The deal reflects Nestlé’s ambition to invest in Egypt and to capitalise on the rapidly growing instant coffee market in the country. The latest deal is just one of the many investments made in Egypt by the company which is reported to have spent almost EGP 1 billion on manufacturing and distribution facilities.

Yasser Abdulmalak, Chairman and CEO of Nestlé Egypt released a statement on the company’s website explaining that “the acquisition will capitalise on the complementary strengths of the two brands, Nescafé and Bonjorno, accelerating the development of the soluble coffee market in Egypt. We are proud that Bonjorno, a local brand loved by many Egyptians, will become part of our wide portfolio of international brands. The acquisition will combine Nestlé’s strong marketing & innovation capabilities with Caravan’s distribution model and significant presence in retail. The blend of people from the two organisations will create a leading team, ideally suited to drive future growth.”

Although the terms of the transaction were not disclosed, the strategic deal is expected to give the company a large portion of the instant coffee market.