Alta Semper exits Egypt’s Macro Group through IPO

Alta Semper Capital LLP has successfully completed its exit from Egypt’s market-leading cosmeceuticals manufacturer, Macro Group Pharmaceuticals. Shares of Macro Group began trading on 10 February 2022 in an initial public offering under the symbol MCRO:CA on the Egyptian Exchange. The final offer price stood at EGP 4.85 per ordinary share or 2.8 billion EGP (equivalent to $178 million).

Since Macro Group became a portfolio holding of Alta Semper’s in 2017, Alta Semper has supported the company in nearly doubling its market share.

“We are proud of our successful journey with Macro Pharmaceuticals and its tremendous growth on the financial, operational, organisational and social impact level during the tenor of our partnership,” said Afsane Jetha, co-founder and CEO of Alta Semper. “It has been a pleasure working alongside such a skilled and motivated management team as they established a leadership position in Egypt’s burgeoning cosmeceutical space, and we congratulate them on their continued success.”

Alta Semper’s shareholder base has played a strategic role in improving Macro Group’s financial capabilities, as well as its sustainability and governance practices. The firm’s investors include institutions such as the International Finance Corporation, IDI Emerging Markets, and Mbuyu Capital Partners, in addition to expert individuals such as former Citigroup chairman Richard Parsons and businessman and philanthropist Ronald Lauder, heir to the Estée Lauder cosmetics company.

EFG Hermes acted as sole global coordinator and Renaissance Capital acted as joint bookrunner for the offering. White & Case LLP acted as legal advisors to the issuer and the selling shareholders.

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