Aluko & Oyebode acted as Nigerian counsel to a consortium consisting of Sub-Saharan Africa-focused 8 Miles LLP, West Africa-focused African Capital Alliance Limited and DEG, the German development finance institution in relation to its US$80 Million equity investment in Beloxxi Industries Limited, a biscuit manufacturing company in Nigeria.
The investment would enable Beloxxi Industries Limited expand its operation and increase its production lines leading to a significant increase in its capacity. It is anticipated that the expansion would make the company the largest producer of cream crackers in Nigeria and Sub-Saharan Africa.
The Firm’s team on the transaction was led by Ayodeji Oyetunde, one of the Mergers and Acquisitions Partners in the Firm.
According to Partner Ayodeji Oyetunde “We are pleased to have advised on this dynamic transaction, which represents a large capital inflow into the Nigerian manufacturing sector and involved the investment of a significant amount of foreign exchange into Nigeria at a time when there are concerns on the amount of foreign capital being invested in Nigeria. The influx of capital would enable Beloxxi Industries Limited expand its operations and export its products outside of Nigeria.”