Key Takeaways
- • Eos Capital's Euphrates Agriculture Fund completed a partial exit from its investment in Kadila Poultry Farming, which the firm describes as the first-ever partial exit by an agriculture-focused private equity fund in Namibia's unlisted market.
- • According to an official Eos Capital statement, the transaction delivered an IRR of 19% and a 1.4x return on invested capital.
- • Euphrates invested in 2024 at a greenfield stage, providing early-stage capital before Kadila had attracted conventional financing, and took the business through to full commercial operations.
- • Kadila has become an important contributor to local broiler supply, which the firm says reduces Namibia's reliance on imported poultry.
- • Eos Capital positions the Euphrates Agriculture Fund as Namibia's first agriculture private equity fund, with a mandate to support food security and job creation.
Summary
Private equity firm Eos Capital has announced that its Euphrates Agriculture Fund has completed a partial exit from Kadila Poultry Farming. Eos describes the transaction as the first-ever partial exit by an agriculture-focused private equity fund within Namibia's unlisted market space. According to the firm's official statement, the deal produced an Internal Rate of Return of 19% and a 1.4x return on invested capital for the fund's stakeholders.
Euphrates made its investment in 2024 as part of Eos Capital's strategy to strengthen Namibia's food security and support import substitution, in line with the government's stated objective for the primary agriculture sector. Eos states that the investment was made at a stage when the project had yet to attract conventional financing, and that Euphrates supplied the early-stage capital needed to build Kadila's production facilities and move the business from concept to operation. Eos financed the company from its greenfield inception through full commercial operations.
According to Eos, Kadila has established a modern poultry production platform and has become an important contributor to local broiler supply, reducing Namibia's reliance on imported poultry. Eos Capital Managing Director Elzine Mushambi said that unpredictable weather and climate change are placing growing pressure on Namibia's food supply, making local agricultural production essential to national resilience. She said the Kadila investment shows that building that resilience and delivering strong commercial returns go hand in hand, and that returning capital to investors is how the model is proven.
Eos said it remains committed to disciplined capital deployment, active ownership and responsible exits, and that such exits recycle capital into the Namibian economy, support employment and food security, and deliver on investor mandates. The firm has not disclosed the size of the partial exit or the residual stake it retains in Kadila, and the figures cited are those provided by Eos Capital.
Euphrates made its investment in 2024 as part of Eos Capital's strategy to strengthen Namibia's food security and support import substitution, in line with the government's stated objective for the primary agriculture sector. Eos states that the investment was made at a stage when the project had yet to attract conventional financing, and that Euphrates supplied the early-stage capital needed to build Kadila's production facilities and move the business from concept to operation. Eos financed the company from its greenfield inception through full commercial operations.
According to Eos, Kadila has established a modern poultry production platform and has become an important contributor to local broiler supply, reducing Namibia's reliance on imported poultry. Eos Capital Managing Director Elzine Mushambi said that unpredictable weather and climate change are placing growing pressure on Namibia's food supply, making local agricultural production essential to national resilience. She said the Kadila investment shows that building that resilience and delivering strong commercial returns go hand in hand, and that returning capital to investors is how the model is proven.
Eos said it remains committed to disciplined capital deployment, active ownership and responsible exits, and that such exits recycle capital into the Namibian economy, support employment and food security, and deliver on investor mandates. The firm has not disclosed the size of the partial exit or the residual stake it retains in Kadila, and the figures cited are those provided by Eos Capital.
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