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Bob Geldof’s PE fund returns to agri with new investment

8 Miles LLP has invested into a Ugandan poultry business, its second investment into Africa’s agriculture sector.

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.