8 Miles LLP, an African private equity fund chaired by musician and activist Sir Bob Geldof, has made its second agri investment, the acquisition of a stake in Ugandan agribusiness Biyinzika Poultry International (BPIL). The size of the deal was not disclosed.
The 8 Miles Fund closed on $200 million in February 2013. The fund typically invests between $15 million and $45 million into each deal, targeting companies that display high growth prospects and high performance, according to the firm’s website.
This is the second agri investment for 8 Miles. The first was the 100 percent interest acquisition of Awash Wine Share, an Ethiopian winery, in July 2013.
BPIL is a Ugandan market leader in the production of specialised poultry feed and the sale of day-old chicks; it sells half a million chicks a week.
8 Miles focuses on investing into consumer-driven businesses and service providers across Africa, and plays an active role in transforming those businesses. Geldof advises on political and strategic issues.