North Africa-focused private equity firm CDG Capital Private Equity has exited Morocco-based regional outsourcing company Intelcia via sale to Netherlands-based telecommunications company Altice Group for a reported 4.6x return multiple. CDG capital originally invested in Intelcia in 2010. Financial details of the transaction were not disclosed. Read More
Bahrain-based fund management firm ASMA Capital Partners has agreed to acquire a minority stake in the water business of United Arab Emirates-based utility company Utico in a deal worth US$147 million. ASMA—which is owned by the Islamic Development Bank, Saudi Arabia's Public Investment Fund and Public Pension Agency and the… Read More
Middle East and North Africa-focused private equity fund manager EuroMena has reached a final close for EuroMena III with US$150 million in capital commitments. Investors include development finance institutions European Investment Bank, CDC, DEG, Proparco and International Finance Corporation. CDC committed US$20 million. The fund will extend EuroMena's geographic focus… Read More
Download the full report here. The Big Picture: An Introduction to Health Care and Private Equity in Emerging Markets When TMG Capital invested in Brazil-based insulin producer Biomm Technology in 2013, the private equity fund manager saw an opportunity to address growing domestic demand for pharmaceutical products by… Read More
Middle East-focused alternative asset manager Gulf Capital has reached a final close for its second private debt and mezzanine fund, Gulf Credit Opportunities Fund II, over its target of US$250 million in capital commitments. Investors in the fund include sovereign wealth funds, international institutional investors, regional insurance companies, foundations and… Read More
United Arab Emirates-based ride-hailing company Careem has raised US$350 million in a round led by Japan-based e-commerce and internet company Rakuten and telecom operator Saudi Telecom Company. Global growth markets investor The Abraaj Group; venture capital firms Wamda Capital, Beco Capital, Endure Capital and Lumia Capital; asset manager SQM Frontier… Read More
MENA-focused venture capital firm Algebra Ventures has reached a first close for its new technology venture capital fund with US$40 million in capital commitments. Investors in the fund include Cisco’s corporate investment arm Cisco Investments and the Egyptian-American Enterprise Fund, an investment fund backed by the United States government, as… Read More
Global Capital Management, the alternative asset management arm of MENA-focused investment group Global Investment House, has acquired a 100 percent stake in Bahrain-based quick service restaurant manager Yum Yum Tree Food Court. With Global’s support, Yum Yum will focus on expanding its brand portfolio and presence across Saudi Arabia, Kuwait… Read More
Pan-African private equity firm AfricInvest has sold its 20.06 percent stake in Tunisia-based seed, fresh vegetable and young plant producer Cotugrain Hortimag to a consortium composed of BIAT Capital Risque, the private equity arm of Tunisia-based bank BIAT, and Adel Ghariani, the company’s owner. AfricInvest originally invested in Cotugrain in… Read More
NBK Capital Partners, a private equity and mezzanine fund manager focused on the Middle East and North Africa, has invested in Egypt-based Kaumeya Language Schools (KLS), a K-12 school established in 1959. Development finance institution European Bank for Reconstruction and Development also provided financing. KLS intends to use the new… Read More
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