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Vantage Capital (http://www.VantageCapital.co.za), Africa's largest mezzanine fund manager, announced today that it closed a €30 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.
Distributed by APO Group on behalf of Vantage Capital Group.
For more information contact:
Luc Albinski
Executive Chairman
lalbinski@vantagecapital.co.za
Tel: +27 83 390 7703
Driss Benabdeslam
Associate Partner
driss@vantagemezzanine.com
Tel: +33 7 86 67 53 98
About Vantage Capital:
Founded in 2001, Vantage Capital is an Africa-focused fund manager that has raised funds of over $1.6 billion.
Since 2006, Vantage Capital's Mezzanine division has made 35 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.
Vantage Capital targets equity and mezzanine debt opportunities of $10-50m across more than a dozen key African markets.
Mezzanine debt is an intermediate form of risk capital, which is situated between senior debt, the least risky tranche of the capital structure, and equity, the riskiest. It combines elements of both debt and equity thereby providing companies with long-term funding on terms which are less dilutive to shareholders than pure equity.
In addition to the mezzanine debt division and the renewable energy debt business, Vantage Capital recently launched an education investment platform targeting Poland, Czechia, Romania, and Portugal.
Website: www.VantageCapital.co.za
About Promamec:
Founded in 1981, Promamec is the second largest player in Morocco's medical consumables and equipment market, and one of the pioneers in local production of consumables in the Kingdom. The company also stands as the distributor with the most diversified offering in terms of medical specialties covered.
Promamec was founded by Mr. Abdelilah Lahlou, who seized the opportunity to create a new player in the market in the context of the departure of French companies operating in the healthcare sector in the 1970s. The company started its operations in the distribution of medical consumables before expanding into the medical equipment field and gaining the trust of multiple global medical products' manufacturers such as Baxter, Johnson & Johnson, and 3M.
In 2006, Mr. Naoufal Lahlou was appointed as CEO with the objective of further improving the company's organization, strengthening partnerships with manufacturers, and developing exports to sub-Saharan Africa.
In addition to the distribution activity, Promamec operates a production and assembly unit located in Ain Sebaa, Casablanca, where it produces a diversified range of medical consumables such as dialysis sets, gauze bands, sheets, gowns, etc.
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Final countdown for Netball World Cup Tournament
By Anele Zikali
It’s all systems go for the Netball World Cup (NWC) tournament, which is being hosted in the City of Cape Town, with less than 24 hours left until the opening match on home soil.
The tournament will run from 28 July to 6 August and will be the first to take place on the continent of Africa.
The SPAR Proteas have all of their ducks in a row, according to team manager, Nisha Rupnarian.
“The City of Cape Town is ready. A lot of hard work has been put into the preparations and the excitement is building.
“As SPAR Proteas, we are grateful to the City of Cape Town for their commitment, hard work and preparations as well. We, as a nation, are very resilient and resourceful. We are going to put on a show that the world will be in awe of. Well done to the city for the hard work that they have put in to make sure that this event is a success.”
For Rupnarian, it has taken a lot of organisation and preparation to make sure that the SPAR Proteas are in good condition and are ready to take on the world.
“The support that we get from Netball South Africa and our various sponsors help us to perform well. It is these kind of structures that provide us with all of our needs. Thank you to Netball SA for making it happen, and for bringing the NWC to us and for all that they have done.
“The government support has been absolutely amazing. We appreciate that as well,” said Rupnarian.
It has taken a lot of work for the NWC organisers to put together the construction of the netball courts at the Cape Town International Convention Center (ICC).
Speaking on the readiness of the venue, Heins van Juuren, Safety Officer on site said: “We started working on the NWC construction project since last year and to finally convert the venue to courts, it took about two weeks to put together the whole court.
“All of the courts are built-in structures… [The] seats have a capacity of 4 000 to 7 000. We are busy with lighting, the floor, built-in chairs, changing rooms and fabricating will be behind the court, and it is a lot of work,” said Heins van Juuren, the Safety Officer on site.
Safety and security is one of the main concerns for many people in South Africa and Cape Town is no exception.
The NWC organisers have put together tight security plans.
“We cannot confirm the numbers on security personnel. However, it is going to be a lot. We do have the Venue Operations Control. All the main teams will be involved, from medics, the Fire Department, South African Police Service and the Air Force,” said Van Juuren.
Fans can also watch the games at fan parks that have been officially opened in various provinces.
Visit the Netball World Cup website to buy tickets online and to follow match schedules on https://nwc2023.org.za/. – SAnews.gov.za
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Four public viewing areas available for Netball World Cup in Cape Town
The City of Cape Town’s Recreation and Parks Department is bringing Netball World Cup 2023 action to communities with four public viewing areas.
“With the official start of the Netball World Cup this week, the City would like to encourage residents to come out and enjoy the sport at a public viewing area (PVA) close to them,” the City said on Tuesday.
Admission to all PVAs is free.
Each viewing area will be equipped with seating, surround sound and live uninterrupted streaming of the games so there is no need to worry about load shedding.
Refreshments and snacks will be available for purchase at affordable rates and local entertainment will take place at each location.
The event promises to be an exciting day for family and friends.
“The City is excited to bring this event to its residents. We hope this event will bring people together and create a sense of community. These recreational facilities are an essential part of the City's infrastructure, allowing residents to gather and experience the Netball World Cup, while providing a space for youth to engage in sport and recreational activities,” Mayoral Committee Member for Community Services and Health, Patricia van der Ross, said.
Spectators are asked to follow all health and safety protocols for a fun and safe viewing experience.
Stay safe
Children under 12 years old must be accompanied by an adult and alcohol and smoking are strictly prohibited at the venues.
“Our aim is to ensure that all netball fans, local netball teams, including those without tickets to watch games live at the Cape Town International Convention Centre (CTICC), can also participate in the energy and excitement of the games and cheer on their favourite teams.
“There will be a range of enjoyable activities at each PVA, including local performers, a DJ, food vendors, and more. Don't forget to use the hashtag #PutYourHandsUp when capturing moments, have fun sporting your favourite team's colours, and bring the gees to your community. We look forward to seeing you there,” Van der Ross said.
As per the official match schedule for the Netball World Cup (NWC) 2023, each PVA will be accessible from 28 July to 6 August from 9am until the end of the last match for the day.
PVAs are equipped with ample parking and ablutions, and can accommodate a maximum capacity of 500 people at a time.
Below are the four PVA locations:
- SAnews.gov.za
nosihle
Wed, 07/26/2023 - 11:40
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