Geldof firm invests in Africa

IRISH rock star Bob Geldof ’s 8 Miles private equity fund said it had acquired a minority stake in UK-incorporated Blue Skies, a fresh-cut tropical fruit producer with operations in several African countries. Financial details of the transaction were not disclosed. Blue Skies, founded in 1997 and with more than 4 000 employees to its name, posted revenues of £89.6 million (R1.4 billion) for the year ending December. It has plans to expand its core fresh-cut fruit business, increase production capacity in South Africa, launch a fresh juice operation in Egypt and develop new product lines for some of its markets in Africa. Africa-focused 8 Miles typically invests $15-$45m at a time. – Reuters KENYA