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Africa’s biggest mezzanine fund manager has made a EUR 30 million equity investment in a Moroccan medical equipment corporation.
Africa-focused fund manager Vantage Capital has acquired an interest in Moroccan medical equipment company Promamec. Announced in May, the transaction closed on Thursday (27 July) when Vantage took a “significant minority stake” in the company, in exchange for a EUR 30 million equity investment.
Promamec intends to use the funds to buy out private equity fund AfricInvest’s prior investment in the company, and to fund the company’s future expansion, including growing its local consumables manufacturing capacity, which will widen its product range and extend its reach in Sub-Saharan Africa.
Vantage Capital took buy-side advice from Derenia Capital on the deal, while Clifford Chance’s and PwC’s Morocco offices acted as local legal and tax counsel, respectively, with Webber Wentzel providing South African tax advice. The Morocco offices of PwC and Deloitte served as financial advisers, while PwC Morocco network affiliate Strategy& acted in a commercial advisory capacity, and Ibis Consulting in Morocco provided environmental consultancy. Allen & Overy and Cabinet Atlassi, both in Morocco, provided legal advice to Promamec and AfricInvest, with Smyle Finance acting as their sell-side counsellors. The Lahlou family took legal advice from A&B Associés.
Founded by the Lahlou family in 1981, Casablanca-headquartered Promamec manufactures and distributes medical apparatus and consumables.
Johannesburg-based Vantage was established in 2001 and has grown to become Africa’s largest mezzanine fund manager, having raised USD 1.6 billion to date. The deal marks its third investment into Morocco, and its 35th investment across its four mezzanine-debt fund iterations.
In a statement, Promamec CEO Naoufal Lahlou said: “With Vantage Capital’s support, we aim to execute our ambitious growth plan[…]. Since our very first discussions, Vantage Capital has demonstrated its total alignment with our vision.”
Associate partner at Vantage Capital, Driss Benabdeslam added: “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.”
In October last year, Africa-focused international law firm Asafo & Co helped Valoris Group and its subsidiaries launch two Morocco private equity funds.
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