Mediterrania, DEG, Proparco and FMO invest €75m in pharma company
Mediterrania Capital Partners, a private equity firm focused on growth investments for SMEs and mid-cap companies in Africa, announced its acquisition of a stake in Laprophan – a pharmaceutical company in Morocco – through its fund MC IV, alongside DEG, Proparco and FMO.
Founded in 1949 by Abderrahim Bennis, Laprophan distributes its own branded products and imported finished products from large international laboratories, providing patients and healthcare professionals with a wide range of medical drugs covering over 40 specialties. Laprophan also exports products to more than 30 countries across Africa and the Middle East.
Through its investment, the consortium aims to support Laprophan’s growth and expansion plans triggered by the recent generalisation of Morocco’s compulsory health insurance scheme (AMO), which has doubled the number of beneficiaries in the last 12 months to reach 22 million people, and the rise of demand for generic drugs in Morocco and sub-Saharan markets.
Commenting on the transaction, Albert Alsina, founder and CEO of Mediterrania Capital Partners said, “We thank our longstanding partners DEG, Proparco and FMO for their trust and financial support which have been crucial in enabling this important transaction. We’re very excited to join forces and work with Laprophan’s management to reach the company’s next stage of development.”
Hatim Ben Ahmed, managing partner at Mediterrania Capital added, “Laprophan, with its outstanding leadership team, strong focus on innovation and solid commitment to make medicines more accessible across Africa and the Middle East, is the ideal investment opportunity from both a value creation and impact perspective.”
Farid Bennis, CEO of Laprophan added, “We are very happy to have Mediterrania Capital Partners and its co-investors with us to write a new chapter in Laprophan’s development plan together. This partnership will greatly help reinforce our offering and so improve public health as well as our international footprint.”
Laprophan was advised by Ascent Capital Partners and GBL, its financial and legal advisors, respectively. Mediterrania Capital Partners and the co-investors obtained legal advice from ASAFO & Co.