London, UK: 8 Miles LLP, the pan-African Private Equity firm, announces that it has exited its minority stake in Eagle Chemicals to a consortium consisting of Ezdehar and FMO. Eagle Chemicals is the leading producer of resin and polymer products in Egypt and the market leader in Africa. The financial details of the transaction have not been disclosed.

8 Miles invested in Eagle Chemicals in 2014 and the company has since enjoyed significant growth. The company has grown production capacity to more than 2.5x the initial capacity, from 85,000 MT in 2014 to more than 215,000 MT in 2020. During the same period both revenue and EBITDA more than doubled. In addition, the company has strengthened its governance, expanded its product offering and its worldwide customer base.

Eagle Chemicals was established in 1958 and now manufactures over 30 product categories including alkyds, solvent-based acrylics, saturated polyesters, un-saturated polyester resins, and water-based emulsion binders. The Company has four state-of-the-art factories and a tank farm located in Egypt and employs approximately 700 people. Eagle Chemicals exports its products to more than 80 countries spanning Africa, Asia, South America and Europe.

Commenting on the exit, Johan Fransson, Principal at 8 Miles, and departing board member of Eagle Chemicals said: "We are very pleased with our investment in Eagle Chemicals. We have had a very good working relationship with the founders and senior management team and helped supporting them in achieving strong growth and development over the last seven years. We want to thank them and wish them all success over the coming years.”

Yasser Bishay, Chairman and Chief Executive at Eagle Chemicals added: "We are delighted with the working relationship and support we have received from 8 Miles since their investment. All the foundations have been established to help us continue to grow successfully in the future.“

8 Miles was advised by Axia Capital and Clifford Chance.

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