Private Equity Firm 8 Miles, Backed by Bob Geldof, Exits Majority Stake in Ethiopia’s Awash Wines













Private equity firm 8 Miles, associated with Irish rockstar and philanthropist Bob Geldof, has divested the majority of its stake in Awash Wines, a leading Ethiopian wine producer, for an undisclosed amount.

8 Miles spearheaded a consortium that acquired 100% ownership of Awash Wines in July 2013. In September 2024, it sold an 89% stake to a new “strategic investor consortium,” although specific details of the transaction remain sparse. The advisory role was handled by Verdant IMAP.

Founded in 1936, Awash Wines operates two wineries in Addis Ababa and is known for producing popular local brands such as Axumit, Kemila, and Gouder. Over the past decade, 8 Miles has played a pivotal role in modernizing the company and expanding its reach.

In 2020, 8 Miles raised $150 million from several major institutions, including the African Development Bank, World Bank, and the British investment firm CDC Group. Besides Awash Wines, 8 Miles has previously invested in several African ventures, including Verde Beef Processing in Ethiopia, Blue Skies Holding in South Africa and Egypt, Orient Bank Ltd in Uganda, and Biyinzika Poultry International in Uganda.

According to 8 Miles’ website, the firm has exited all of its African investments except for a 15% stake in Nigeria’s biscuit manufacturer Beloxxi Industries Ltd. In its first major exit, 8 Miles and other shareholders sold a 90% stake in Orient Bank in Uganda to I&M Holdings in 2021, finalizing the deal in 2022. I&M Holdings, listed on the Nairobi Securities Exchange (NSE), has since rebranded the bank as I&M Bank Uganda.

The firm has also faced scrutiny for setting up its operations in Mauritius, a known tax haven. Leaked documents in 2019 revealed that 8 Miles structured its African investments through Mauritius. In response, an 8 Miles spokesperson explained that the firm’s portfolio companies pay taxes in their respective countries, with only proceeds from exits or sales being funneled back through Mauritius.