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Vantage Capital invests
US$ 33 million in Promamec
(Casablanca, Morocco) -
Vantage Capital,
Africa’s largest mezzanine
fund manager, announced
today that it closed a US$
33 million equity investment
for the acquisition of a
significant minority stake
in Promamec, a Moroccan
medical distribution
business. The funds invested
by Vantage Capital
facilitated the exit of the
private equity fund
AfricInvest and will also
serve to part-fund
Promamec’s next phase of
development.
Promamec
was founded in the early
1980s by the Lahlou family.
The company is one of the
leading medical consumables
and equipment distributors
in Morocco and is also among
the few players engaged in
local production of medical
consumables – an activity
that the company aims to
sizably develop over the
next few years.
This
investment will enable
Promamec to finance its
development plan that
involves building a new
production plant, broadening
its portfolio by launching
new product categories, and
strengthening its
positioning in sub-Saharan
Africa.
Mr.
Naoufal Lahlou, CEO of
Promamec, commented “We are
delighted to welcome into
our shareholding Vantage
Capital, a leading
pan-African investment firm.
With Vantage Capital’s
support, we aim to execute
our ambitious growth plan,
which consists of
diversifying our current
product range, increasing
our production capacity and,
above all, expanding our
geographical presence in
sub-Saharan Africa. Since
our very first discussions,
Vantage Capital has
demonstrated its total
alignment with our vision.”
Mr. Luc
Albinski, Executive Chairman
at Vantage Capital, added,
“We are proud to have
concluded our third Moroccan
deal. This deal also marks
our second investment in
Morocco’s buoyant healthcare
sector, which is undergoing
massive development thanks
to both public and private
investments. We are very
enthusiastic about
accompanying Promamec in
achieving its ambitions and
contributing to the
improvement of healthcare in
the Kingdom.”
Mr.
Driss Benabdeslam, Associate
Partner at Vantage Capital,
concluded, “We are very
happy about this investment
in one the Kingdom’s main
medical suppliers. It is
great to know that our funds
and strategic support will
be dedicated to a company
operating in such a key
sector. We are also pleased
to partner with a highly
seasoned and committed team,
with whom we look forward to
taking Promamec to the next
level. We would like to
thank the Lahlou family for
their trust and willingness
to welcome us as new
shareholders.”
This
transaction represents
Vantage Capital’s 35th
investment across four
generations of mezzanine
debt funds with its
portfolio of investments
spread across eleven African
countries. Promamec also
marks Vantage Capital’s
third investment in Morocco,
thus reinforcing its
presence in one of its key
target markets.
Vantage
Capital was advised by
Derenia Capital who acted as
buy-side advisor for the
transaction, and by Clifford
Chance (in Morocco) who
acted as its legal counsel.
PwC (in Morocco) and Webber
Wentzel (in South Africa)
provided tax advice, PwC &
Deloitte (in Morocco) were
the financial advisors,
Strategy& (part of the PwC
network in Morocco) provided
commercial advice, and Ibis
Consulting (in Morocco)
reviewed the environmental
impact.
Promamec
and AfricInvest were advised
by Allen & Overy (in
Morocco) and Cabinet Atlassi
who acted as their legal
counsel and by Smyle Finance
who acted as sell-side
advisor. A&B Associés acted
as legal counsel to the
Lahlou family.
Source: Vantage Capital Group
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