West Africa-focused private equity fund manager ARM Capital Partners and development finance institution IFC have invested US$9.5 million in Nigeria-based food manufacturer Boulos Foods and Beverages. ARM Capital Partners and IFC will contribute US$6 million and US$3.5 million, respectively. The company, which produces fruit juices and other non-alcoholic drinks, milk products and tomato paste for the Nigerian market, intends to use the capital injection to expand its food and beverage processing plant.