8 Miles makes Egyptian investment
8 Miles, a pan-African private equity firm, has acquired a 25.1 per cent stake in Eagle Chemicals Group, a producer of resin and polymer products.
The financial details of the transaction have not been disclosed.
Eagle Chemicals Group was established in 1958 and now manufactures over 20 product categories including alkyds, acrylics, epoxy resins, saturated polyesters and ink coatings. The company has three state-of-the-art factories and two tank farms located in Egypt, employs approximately 600 people and produces approximately 100,000 tons per annum of chemical products.
Eagle Chemicals exports its products to more than 50 countries spanning Africa, Asia, South America and Europe. The company reported annual revenues of approximately USD120 million in the year to December 2013.
8 Miles will work together with the management team to expand capacity, and to optimise and grow the product mix, whilst also investing to help maximise sales in the existing markets.
Emad Barsoum, partner at 8 Miles, says: “Egypt remains an attractive investment destination and Eagle Chemicals offers solid fundamentals that are attractively priced. The management team has demonstrated consistent growth over several years and we are delighted to be backing them.”
Yasser Bishay, chief executive at Eagle Chemicals, says: “We see exciting opportunities to grow our business, especially in Africa, and the partnership with 8 Miles will help us achieve this.”
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