- British International Investment and four other existing investors join in new capital raise
- New capital will support company’s objective to become major player in global plywood industry
Miro, the sustainable forestry and plywood manufacturing company which employs over 4,000 people in Sierre Leone and Ghana, has secured a significant new funding round led by Lagata.
Lagata, which has a focus on sub-Saharan Africa and is a specialist in forestry investment, is committing the largest amount to Miro. Existing shareholders are also reaffirming their commitment to the company’s growth: British International Investment, FMO, and FinnFund, the respective DFIs of the UK, the Netherlands and Finland, as well as Mirova, the French impact investor, and a UK based Family Office, are each investing additional sums.
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.
But there is also growing recognition of the importance of resilient, responsibly sourced supply chains. Miro’s operations in West Africa, supported by its integrated business model and sustainable forestry practices, provide customers with a compelling and reliable alternative in the global plywood market.
Berend Jan Kingma, Chief Executive 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.”
BII became an investor in Miro in 2015 when commercial capital for such an ambitious and unproven venture was not available. It has supported the company over the last decade to become a vital employer in Sierre Leone and Ghana and a trailblazer in demonstrating the economic value of sustainable forestry in West Africa.
ENDS
For more information please contact:
Andrew Murray-Watson, Head of UK Media: [email protected]
About BII
British International Investment is the UK’s development finance institution and impact investor. As a trusted investment partner to businesses in Africa, Asia and the Caribbean, BII invests to create productive, sustainable and inclusive economies in our markets. Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development. The company has investments in over 1,580 businesses across 65 countries and total net assets of £8.5 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.
