8 Miles-led consortium makes $80m investment in Beloxxi Industries.

8 Miles LLP, African Capital Alliance, and DEG have acquired a significant minority stake of Beloxxi Industries, a biscuit manufacturer in Nigeria. Financial terms were not disclosed. The aim of the transaction is significant unmet demand and to grow its regional distribution presence. Nigeria’s biscuit sector has seen strong growth of 10% to 15% per annum, and this is expected to continue, driven by population growth, rising disposable incomes and increasing urbanization​ coupled with the growing popularity of biscuits as a convenience snack. "Our long term focus is to be one of the leading biscuit companies in the EMEA region. The completion of this funding process is the first of the many steps in the achievement of our objectives. The investment will enable us to ​increase our capacity significantly and grow in both our domestic and export markets." Obi Ezeude, CEO and founder of Beloxxi. “The snacks segment is a fast-growing​ part of the consumer sector in Nigeria. Our investment will build on the Beloxxi’s strong brand and help accelerate the Company’s expansion in Nigeria, in the wider West Africa region and beyond" Nathan Mintah, co-founder and co-managing partner at 8 Miles.