Nigeria’s private equity deal has received another boost as Beloxxi Industries Limited received an USD80 million invetment from 8 Miles and a consortium of African Capital Alliance and DEG – Deutsche Investitions und Entwicklungsgesellschaft, the German Development Finance Institution.
The deal was advised by Linklaters, Aluko & Oyebode, Deloitte, SLR Consulting and Infomineo. Beloxxi was advised by FROS Capital and Detail Commercial Solicitors.
Commenting on deal, Nathan Mintah, co-founder and co-managing partner at 8 Miles, says: “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. We’re pleased to be partnering with Beloxxi’s CEO and Founder, Obi Ezeude – an experienced entrepreneur with a strong track record in the biscuits industry to grow Beloxxi into a regional biscuits brand and create further employment.”
Obi Ezeude, CEO and founder of Beloxxi said, “I am very excited about the quality of investors we have attracted into Beloxxi as it aligns with our commitment to be the best in class in all our endeavours by adhering to global best practice standards. Our long term focus is to be one of the leading biscuit companies in the EMEA region. 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.”
Segun Adebanji, principal and head of FMCG at ACA, says: “We are excited to be investing in Beloxxi and collaborating with its Founder and CEO, Obi Ezeude. Beloxxi demonstrates the potential of Nigerian companies to manufacture enjoyable quality products on a large-scale while also addressing Africa’s critical challenge of employing young people. Alongside the other members of the consortium, we will leverage our expertise and relationships from over 17 years of investing in West Africa to assist Beloxxi in achieving its strategic vision. We look forward to being a part of a Nigerian manufacturing champion through our investment in Beloxxi.”
The company has one of the most popular and highest selling cream cracker brands in the market. It operates several production lines from its plant in Agbara, Ogun State and multiple warehouses across the country.
The company employs about 2,300 people and operates through a network of about 400 distributors. It has experienced growth rates in excess of 30 per cent per annum in the last few years.