West Africa: Forestry company Miro secures fresh investment
Lagata is providing the largest portion of the capital, while existing shareholders are also increasing their commitments.
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Miro, a forestry and plywood manufacturing company operating in Sierra Leone and Ghana, has secured a new funding round led by Lagata, a forestry-focused investor with a specialisation in sub-Saharan Africa.
Lagata is providing the largest portion of the capital, while existing shareholders are also increasing their commitments. These include British International Investment, FMO and Finnfund – the development finance institutions of the UK, the Netherlands and Finland respectively – as well as French impact investor Mirova and a UK-based family office.
The new capital will enable Miro to continue scaling its vertically integrated operations and deliver on its ambition to become a global leader in sustainable plywood manufacturing.
The new investment in Miro comes at a difficult time for the sustainable forestry industry. Macroeconomic headwinds and a prolonged slump in plywood prices have negatively impacted the industry.
Berend Jan Kingma, CEO of Miro said: “We are thrilled to welcome Lagata as a long-term partner, and grateful for the continued support of our existing investors. This investment reflects confidence in Miro’s long-term strategy and in our role as a key employer and sustainable forestry leader in the region. With this support, we are well positioned to build on our momentum and expand our presence in global markets.”
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