Amethis backs textile manufacturing group
Amethis, through its pan-African fund Amethis Fund III, has acquired a majority stake in the Kazareen Textile Group.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
Amethis, through its pan-African fund Amethis Fund III, has acquired a majority stake in the Kazareen Textile Group (KTG).
Founded in 1990 in Egypt, KTG is a vertically-integrated textile manufacturer focused on the B2B segment and generating the majority of its revenues from exports to Africa, Europe, and the GCC in four complementary business lines: apparel, hospitality linens, textile accessories, and knitted fabrics. KTG also distributes branded corporate promotional wear and workwear in Germany, France, Austria and Switzerland. The group, which is headquartered in the UK, has a manufacturing footprint of seven facilities in Egypt as well as operating subsidiaries in Canada, France, and Germany.
Sam Abboud, KTG’s shareholder and CEO, stated: “We are delighted to partner with Amethis at this point in the history of the group. We have great optimism for our positioning in Egypt in the coming years and are confident that a partner like Amethis will significantly support our strategic plans for growth, ESG commitments while protecting shareholder value. Over the last year, the team at Amethis built an amazing relationship with our management and shareholders, setting the stage for an exciting journey together in the coming years.”
Toufic Khoueiry, partner at Amethis, stated: “Egypt’s textile sector is well positioned for significant export growth driven by Egypt’s geographic location, favourable trade agreements and growing cost-competitiveness compared to other manufacturing bases. Amid this positive backdrop, our investment in KTG is aimed at backing one of the most dynamic and ambitious B2B players in this sector, run by a fantastic management team, all the while sustaining the group’s positive impact across various key areas including working quality and energy efficiency, among others.”
Amethis was advised by Baker McKenzie, Ibis, PwC and Werner International, while KTG’s shareholders were advised by Fladgate and Investec.
Stay ahead in Africa's private equity and venture capital sector with Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe here