US private equity company, Milost Global said it has invested about $150 million in Nigeria’s Turner Wright Limited.
Turner Wright Limited is a Nigerian company providing solutions in animal health, animal nutrition and hygiene.
Milost Global said in a statement that the deal was executed under Milost Equity Subscription Agreement financing facility of which $50 million is in equity and $100 million debt. With respect to the sourcing of the financing, Turner Wright was advised by Palewater Advisory Group Inc as its sole transaction advisor and financing facilitator.
The Chairman & Managing Director of Turner Wright Limited, Dr. Tunde Lawal, stated that, “The opportunity of closing the MESA financing with the Milost has breathed a new lease of life into our business. The infusion of fresh capital and subsequent capacity expansion will definitely go a long way towards broadening our product portfolio and expanding our market reach throughout Africa, in line with our vision of guaranteeing Food Security through the provision of high quality and affordable animal protein from healthy livestock and poultry.”
Senior Partner & CIO of Milost Global Inc, Solly S. Asibey stated, “As a specialised pharmaceuticals manufacturing company, Turner Wright controls a strong, yet very niche market and is amongst the top three nationally in Nigeria in its operational sub sector; and is poised to exponentially increase its market share within the West African region and beyond. The Milost facility will be used for growth and expansion capital to meet market demand. We are excited about this great investment, and are assured of great returns for all stakeholders accordingly.”
Kim Freeman, Managing Partner & CEO of Milost Global Inc also stated, “We are very pleased to have executed the MESA with Dr Lawal as the financing allows Turner Wright’s current strong management team to expand production of its different products to meet the shortfall in Nigeria and beyond. It will also enable Turner Wright to assess acquisitions and other opportunities in future.”