In an ambitious expansion bid, Beloxxi Industries Limited has closed a whopping $80million equity investment deal with a consortium of international private equity firms and German Development Bank (KFW-DEG).
According to a statement by the company’s President/CEO, Obi Ezeude, the minority equity sales deal was consummated on August 1, 2016 with all the funds fully disbursed.
Unveiling 8 Miles (London), African Capital Alliance (ACA) (Nigeria) and KFW DEG Bank, Germany as the faces behind the international consortium acquiring the minority equity for five years, Ezeude said the transaction came on stream after six months of intense due diligence and legal negotiations that was concluded on July 1, 2016.
“With this Equity Investment, we will expand our current operations from five production lines to about 10 production lines,” he said, adding: “That will increase our capacity from 40,000 metric tonnes to 100,000 metric tonnes of Beloxxi Cream Crackers per year.”
He said the expansion, which will make the company the largest producer of Beloxxi Cream Crackers in Nigeria and sub-Sahara Africa, would increase its staff strength from 2,500 to 6,000.
“This is a landmark transaction that demonstrates the capacity for growth in the manufacturing sector in Nigeria. The investment will further increase the capacity of Beloxxi Industries and enable it explore the export market accessing the much needed foreign exchange whilst maximising the potential for growth in Nigeria,” Ezeude said.