Irish rock star Bob Geldof, who is known for his activism in Africa, especially in the fight against poverty, has bought a minority stake in Blue Skies, an ethical fruit business that looks to expand on the continent. Geldof made the acquisition through its equity fund 8 Miles.
Africa-focused 8 Miles, whose portfolio includes Nigerian biscuit-maker Beloxxi Industries, Ethiopian wine producer Awash Wines, Ethiopian feedlot operator Verde Beef Processing and Uganda’s Biyinzika Poultry, usually invests $15-$45 million at a time.
Geldof’s interest in Africa dates back to the 80’s. The Irish artist first visited Africa in 1984. The following year, Live Aid inspired a generation to raise millions to fight hunger in Africa. These days, Geldof operates business across the continent through 8 Miles, helping to provide more jobs on the continent. The deal with Blue Skies will expand 8 Miles’ portfolio in Africa.
Blue Skies, which operates in Ghana, Egypt and South Africa, did not disclose the financial details of the transaction.
Chairman and founder Anthony Pile expressed delight at the new deal, stressing that Blue Skies and 8 Miles share the vision “for improving the lives of people, protecting the environment and making enough money at source to advance our objective to supply best quality products to the people of the world”.