FMO proposes co-investment with Ezdehar Egypt MidCap Fund; 8 Miles to exit
Dutch development financier FMO is proposing a $15 million investment in Egypt’s Eagle Chemicals Group, North Africa’s largest solvent and water-based resin manufacturer with a 60% domestic market share. Eagle has highly diversified sales destinations exporting to more than 80 countries in Africa, Asia, South America and Europe. In line with global trends towards more environmentally friendly water-based resins, Eagle successfully ramped up its production volumes, capacity and exports of water-based products.
FMO was invited by the Ezdehar Egypt MidCap Fund to co-invest in Eagle. FMO and Ezdehar will jointly acquire the shares of Eagle currently held by 8 Miles, an Africa focused PE fund. Ezdehar and FMO will provide value add in the following areas: governance, commercial, ESG and sustainability, organisation and management, finance and reporting.
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