The organic and acquisitive growth plans of Equity Invest in the medium-term has received a receive boost with the provision of €8.0 million of mezzanine funding to the company by Africa’s largest mezzanine fund manager, Vantage Capital.
The funding package has enabled founder of Vantage, Mr Ali Bettahi, to secure a controlling equity stake in one of Equity Invest’s flagship subsidiaries by facilitating the buy-back of equity from an existing private equity investor, PME Croissance, managed by AfricInvest.
Equity Invest, which is the holding company for six Moroccan technology companies, plans to reinforce its position in the Moroccan market by adding more technology companies to its portfolio and developing new markets in the rest of Africa.
According to its founder, Mr Ali Bettahi, “Vantage has adopted a pragmatic, solutions-based approach to working with us and we appreciate their diligence, efficiency and professionalism. We welcome Vantage as our newest funding partner and look forward to building a mutually beneficial relationship over the years to come.”
This transaction represents Vantage Capital’s 28th mezzanine transaction across three generations of mezzanine funds with its portfolio of mezzanine investments now spread across ten countries in Africa.
Outside of South Africa, Vantage has now invested in 11 transactions across Morocco, Côte d’Ivoire, Ghana, Nigeria, Uganda, Kenya, Mauritius, Namibia and Botswana. Equity Invest is Vantage’s first investment in Morocco and second in Francophone Africa.
Luc Albinski, Managing Partner at Vantage Capital, noted that “Vantage is proud to have concluded its first investment in Morocco. Vantage’s mezzanine product has once again proved its value by supporting an entrepreneur to reacquire a controlling stake in one of his businesses whilst at the same time facilitating an attractive exit for the private equity investor.”
Warren van der Merwe, Managing Partner at Vantage Capital, added, “Equity Invest has interests in a broad array of IT businesses in Morocco including security systems, audio-visual solutions, renewable energy, e-payments and software systems for the healthcare industry. We appreciate this rich diversity which reflects the open-minded, pioneering spirit of its founder.”
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