NIGERIA – 8 Miles, the UK-based, Africa-focused private-equity firm chaired by Sir Bob Geldof, believes its latest investment, Nigerian biscuit firm Beloxxi, can expand further across the continent.
Investors including the Africa Capital Alliance fund, Germany’s government-owned development bank KfW and 8 Miles, have agreed to put US$80m into Beloxxi.
The consortium has taken what 8 Miles called “a significant minority stake” in the business, which sells products in Nigeria, another west African country in Ghana and in the southern state of Angola.
Beloxxi plans to use the cash to expand its production capacity, “address significant unmet demand” and grow its regional distribution, 8 Miles said in a statement.
Nathan Mintah, co-founder and co-managing partner at 8 Miles, said it was the aim to grow Beloxxi into “a regional biscuits brand”.
Mintah added: “The snacks segment is a fast growing part of the consumer sector in Nigeria. Our investment will build on the Beloxxi’s strong brand and help accelerate the company’s expansion in Nigeria, in the wider West Africa region and beyond.
Beloxxi CEO and founder Obi Ezeude said the company had a long-term ambition to be “one of the leading biscuit companies in the EMEA region”.
He added: “The completion of this funding process is the first of the many steps in the achievement of our objectives.
The investment will enable us increase our capacity significantly and grow in both our domestic and export markets. The Beloxxi story has only just begun.”