Vantage Capital, the largest mezzanine fund manager in Africa, has signed an agreement to acquire a significant minority stake in Promamec through an equity investment of €30 million. The investment deal will enable the exit of AfricInvest, a private equity fund, and fund growth capex for Promamec, one of Morocco's leading medical consumables and equipment distributors. The transaction is subject to the approval of the Moroccan competition authorities.
Founded in the early 1980s by the Lahlou Family, Promamec has pioneered the local production of medical consumables and has grown over the years. Vantage Capital's investment will help Promamec finance its development plan, which includes increasing production capacity, broadening its product offering, launching new product categories, and expanding its geographical presence in sub-Saharan Africa.
Luc Albinski, Executive Chairman at Vantage Capital, stated that they are pleased to announce the signing of this new deal in Morocco, which marks Vantage Capital's third investment in the country and reinforces its presence in one of its key target markets. The investment represents Vantage Capital's 34th investment across four generations of funds, with a portfolio spread across 11 African countries.
The investment will be accompanied by Derenia Capital, who acted as financial advisor for the transaction, and Clifford Chance (in Morocco), who acted as legal counsel for Vantage Capital. 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), who acted as their legal counsel, and by Smyle Finance, who acted as their financial advisor. A&B Associés acted as legal counsel to the Lahlou family.
Vantage Capital, founded in 2001, is an Africa-focused fund manager that has raised funds of over $1.6 billion. Its Mezzanine division has made 34 investments across four successive funds into 11 African countries, making it the largest and most experienced independent mezzanine funder on the continent. In addition, Vantage Capital's GreenX division has made fourteen senior debt investments into South African solar and wind energy projects across two funds.
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