8 Miles, an Africa-focused private equity fund, announced it is taking a significant minority stake in Verde Beef Processing, an Ethiopian agribusiness. Terms of the deal were not disclosed. The capital will be used to finance the firm’s expansion plans, multiplying its current base of 6,000 animals ten-fold and constructing an abattoir and meat processing facility.
Demand for premium beef in the Middle East, Africa and Asia continues to rise, offering Verde Beef Processing the opportunity to grow overseas markets for its products and services. Ethiopia has the sixth largest cattle population in the world and Verde Beef Processing, which uses the feedlot facilities at its operations base in Adami Tulu, south of Addis Ababa, to feed and fatten cattle, recently started exporting Ethiopian premium beef.
Doug Agble, a Partner at 8 Miles commented on the transaction, saying “This is an exciting opportunity to work with the highly experienced team at Verde Beef and introduce premium Ethiopian beef to the growing global beef market.”
Clifford Chance and KPMG acted in advisory capacities for 8 Miles on the transaction, while Ambrust & Brown and Harbottle advised Verde Beef Processing.