Irish musician and activist Bob Geldof Buys stake in Blue Skies

Irish musician and activist Bob Geldof Buys stake in Blue Skies

Eight-Miles (8 Miles) a private equity firm owned by Bob Geldof, an Irish singer who is also an activist  notable for his anti-hunger crusades in Africa, announced on Tuesday that it had taken a minority stake in Blue Skies, an ethical fruit juice business with operations in Ghana, Egypt, South Africa and with sights set on expanding to Nigeria.

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The details of the deal were however not disclosed.

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However, Anthony Pile, its Chief Executive and Founder, said in a statement that Blue Skies and 8 Miles shared the vision “for improving the lives of people, protecting the environment and making enough money at source to advance our objective to supply best quality products to the people of the world.”

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Eight-Miles also announced its acquisition of a minority stake with a consortium of investors in Nigeria biscuit maker, Beloxxi Industries Limited to the tune of $80m.

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The other investors in Beloxxi include Nigeria-based Africa Capital Alliance and DEG, a subsidiary of the German KfW Development Bank.

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Mr. Obi Ezeude, Beloxxi President and CEO, said that with the equity investment, the company would expand its current operations from five production lines to about 10 production lines which he said would increase production capacity from 40,000 metric tonnes to 100,000 metric tonnes of Beloxxi cream crackers per year.

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