Namibian private equity firm Eos Capital has partially exited its investment in Kadila Poultry Farming, marking the first partial exit by an agriculture-focused private equity fund in Namibia’s unlisted investment market and recording a 19% internal rate of return (IRR).
The transaction, executed through Eos Capital’s Euphrates Agriculture Fund, delivered a 1.4-times return on invested capital to the fund’s investors, while allowing the fund to retain an interest in the poultry producer’s future growth.
Eos Capital said the partial exit represents the first realised investment return from its Euphrates Agriculture Fund, which was established to finance agricultural businesses, strengthen food security and support domestic production.
The fund invested in Kadila Poultry Farming in 2024, providing early-stage financing to establish production facilities and move the business from development to commercial operations.
According to Eos Capital, the investment was made at a stage when Kadila had not yet secured conventional financing.
The company said Kadila has since established a commercial broiler production operation, contributing to domestic poultry supply and efforts to reduce Namibia’s reliance on imported chicken.
Eos Capital Managing Director Elzine Mushambi said the transaction demonstrated that investments in local agricultural production could generate commercial returns while supporting food security.
“With unpredictable weather patterns and climate changes placing growing pressure on Namibia’s food supply, local agricultural production is no longer optional; it is essential to our national resilience,” Mushambi said.
“Kadila shows that investing in that resilience and delivering strong commercial returns go hand in hand. We are proud to deliver both, and returning capital to our investors is how we prove the model works.”
The partial exit allows Euphrates to recover capital from its investment while maintaining exposure to Kadila’s future performance.
However, Eos Capital did not disclose the monetary value of the transaction, the percentage of its shareholding sold or the identity of the buyer.
The company also did not disclose the original investment amount or the value of its remaining stake in Kadila.
Eos Capital established Euphrates as Namibia’s first agriculture-focused private equity fund, targeting investments that support local food production and employment creation.
The Windhoek-based investment manager currently oversees more than N$1.2 billion in assets across three funds: Allegrow, which focuses on general investments; Euphrates, which specialises in agriculture; and the Namibia Infrastructure Development and Investment Fund (NIDIF).
Eos Capital said it is also raising capital for successor funds across its three investment portfolios.
The company said proceeds from investment exits could be reinvested in other Namibian businesses, supporting further private-sector development and agricultural production.
