Irish rock star and political activist Sir Bob Geldof’s private equity firm, focused on making investments in Africa, has taken a minority stake in fresh-cut tropical fruit producer Blue Skies.
Although financial details have not been disclosed, Geldof’s company 8 Miles – named after the shortest distance between Africa and Europe via the Straits of Gibraltar – typically spends approximately US$15 million (£11.9 million) to US$45 million (£35.8 million) on investments in consumer-driven businesses and service providers in Africa with strong growth prospects.
Blue Skies is a fresh-cut tropical fruit producer with operations in Africa including Ghana where it sources fruit from more than 86 growers.
“Blue Skies is pleased that 8 Miles has taken a minority stake in the company. We have an interesting business and one that sets out to do more than making a profit from our bases in Africa, Europe and South America,” says Blue Skies founder and chairman, Anthony Pile.
“8 Miles shares our 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.”
Geldof is well known for his activism in anti-poverty efforts concerning Africa than span more than three decades. In 1984 he and fellow singer songwriter Midge Ure founded the charity supergroup Band Aid to raise money for famine relief in Africa, followed by the Live Aid pop concerts the year after.
He also organised the Live 8 concerts in 2005 which took place in the G8 states and in South Africa.
Other 8 Mile investments include an Ethiopian wine company, a Nigerian biscuit manufacturers and an Ethiopian beef processing company.