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SA mezzanine fund manager Vantage Capital has provided Equity Invest, a Moroccan holding company with six tech firms in its portfolio, with an €8-million mezzanine facility.
The facility is a hybrid of debt and equity financing.
Vantage Capital said in a statement yesterday that the funding will enable Equity Invest founder Ali Bettahi to secure a controlling stake in one of the holding company’s flagship subsidiaries by facilitating the buy-back of equity from existing private equity investor PME Croissance, which is managed by AfricInvest.
The transaction marks Vantage Capital’s first investment in Morocco and second in Francophone Africa
In addition, Vantage Capital said it would also support Equity Invest’s organic and acquisitive growth plans in the medium-term.
The holding company 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.
It’s not clear what the names of Equity Invest’s current portfolio companies are.
However, Vantage Capital’s statement pointed out that the six tech firms operate across five verticals, namely: electronic security solutions, audio-visual multimedia systems, photovoltaic solutions, payments and e-health information systems.
Betahhi, commenting in the same statement, said Vantage Capital has adopted a “pragmatic, solutions-based approach” to working with the holding company and that Equity Invest appreciates the fund manager’s 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,” he added.
Vantage Capital’s deal with Equity Invest is its first investment in Morocco.
The firm said the transaction represents its 28th deal across three generations of mezzanine funds with its portfolio now spread across ten countries on the continent.
Vantage Capital pointed out that outside of South Africa it has invested in 11 transactions across Morocco, Ivory Coast, Ghana, Nigeria, Uganda, Kenya, Mauritius, Namibia and Botswana.
Vantage Capital managing partner Luc Albinski (pictured above) said the firm’s mezzanine product has once again proved its value by supporting an entrepreneur to reacquire a controlling stake in one of his businesses. This, while at the same time facilitating an attractive exit for the private equity investor.
Featured image: Vantage Capital managing partner Luc Albinski (Vantage Capital)