Norfund invests in Verde Beef
The Norwegian Investment Fund for Developing Countries (Norfund) announced an investment of USD 7.4 million in 8 Miles’ portfolio company Verde Beef Processing PLC (“Verde Beef”), an Ethiopian beef producer. Verde Beef is an integrated beef producer that undertakes feed production and feedlotting activities. The company produces premium beef and aims to become the largest cattle processing operation in Eastern Africa with a target output of more than 130,000 carcasses per year.
The capital provided by Norfund will help Verde Beef achieve that goal by enabling the construction of a state of the art abattoir and meat processing facility – currently underway – and also to fund working capital for the business. 8 Miles made an initial investment into VBP in November 2015.
8 Miles LLP is regulated by the UK Financial Conduct Authority and the Fund is only open to institutional and qualified investors.
Download Norfund's Press Release