A new chapter is beginning for Castelli Restaurant, one of Africa’s oldest and most iconic dining establishments, as investment firm Addera injects fresh capital and assumes majority ownership and management control. The founding Castelli family will remain involved as minority shareholders, marking a carefully managed transition for a business that has operated continuously since 1948.
Sources close to the deal told Capital that the Castelli family, which has run the restaurant for three generations, is gradually stepping back as the owners grow older. An uncle in the family is retiring due to old age, and the younger generation has opted to bring in external capital and professional management to secure the restaurant’s future.
Under the new arrangement, Addera has injected capital into the business and taken over day-to-day management. The Castelli family will continue as minority shareholders, while Addera becomes the majority shareholder and assumes responsibility for running the restaurant. The sources declined to disclose the size of the investment.
According to the insiders, the investors’ stated intention is to preserve Castelli’s traditions and culinary identity while addressing operational and infrastructural issues that have accumulated over the decades.
Castelli Restaurant, located on Mahatma Gandhi Street in the historic Piassa district of Addis Ababa, was founded in 1948 by Francesco Castelli, an Italian soldier who arrived in Ethiopia in the mid-1930s as part of the Italian military occupation. When the colonial era collapsed, he chose to stay rather than return to Italy.
Housed in an unassuming 1930s building with a plain exterior and no flashy signage, Castelli has become a landmark less for its façade than for what lies within. Stepping inside reveals a timeless, old-world interior: small wood-floored rooms, white tablecloths and classic furnishings that have changed very little over the decades.
The kitchen specialises in authentic, scratch-made Italian dishes, serving signature homemade pastas, fresh seafood salads, osso buco and an expansive antipasto display. Over the years, the establishment has grown from a humble local tavern into a world-famous culinary institution, frequented by international diplomats, writers and celebrities—including Hilary Clinton, Bob Geldof, Bono, Angelina Jolie and Brad Pitt.
Run across generations by the Castelli family, the restaurant remains a deeply cherished symbol of the unique historical ties between Italy and Addis Ababa.
News of the ownership change has sparked conversation in Addis Ababa’s culinary and business circles, where Castelli is viewed not only as a restaurant but as part of the city’s heritage. For many longtime patrons, the key question is whether new management can modernise operations without diluting the character that has defined Castelli for more than seven decades.
The sources who spoke to Capital emphasised that the investors are aware of the restaurant’s symbolic value. They said the plan is to “continue with the traditions of the restaurant” while fixing underlying issues that have emerged over time.
Details on the structure of the deal, the exact shareholding split and the identity of Addera’s ultimate beneficial owners were not disclosed. The parties have not yet issued a joint public statement.
