Africa-focused private equity firms 8 Miles and African Capital Alliance are joining forces with German DFI DEG to invest $80 million in Beloxxi for a significant minority stake. The capital will be used by the Nigerian biscuit manufacturer to help it ramp up production and satisfy significant levels of unmet demand in the country as well as the broader West African region.
While few additional details of the transaction were disclosed, DEG announced that it is committing $10 million to the transaction, an indication that the balance of $70 million is being provided by 8 Miles, who led the deal and Africa Capital Alliance. The consortium will have several seats on Beloxxi’s board, with Segun Adebanji, Africa Capital Alliance’s Head of FMCG, acting as the representative of the Lagos-based private equity firm.
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