Morocco: Mediterrania completes exit from TGCC
Morocco: Mediterrania completes exit from TGCC
Mediterrania has completed its exit process from TGCC, a construction and civil engineering company based in Morocco.
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Mediterrania Capital Partners has completed its exit process from TGCC, a construction and civil engineering company based in Morocco.
Founded in 1991 by Mohammed Bouzoubaa, TGCC has grown to become Morocco’s biggest construction and civil engineering company. With Mediterrania’s guidance, TGCC has expanded into Gabon, Côte d’Ivoire and Senegal and increased its projects in other sub-Saharan Africa countries managed from Casablanca.
A key milestone in the partnership was TGCC’s initial public offering on the Casablanca Stock Exchange in December 2021. Launched with a share price of MAD 130, TGCC’s shares have experienced significant growth, reaching a peak of MAD 330 on 19 April. Today, TGCC has a market capitalisation approaching €1 billion.
Hatim Ben Ahmed, managing partner at Mediterrania Capital Partners, said: “In 2018, we saw a tremendous opportunity to invest in TGCC, leveraging our value creation model to consolidate the company’s leading position in the domestic market while boosting its international expansion. Throughout our partnership, we’ve supported TGCC along its growth trajectory, facilitating its journey towards market capitalisation. We’re very excited to witness the success of the IPO and subsequent achievements that are propelling TGCC to become the newest ‘unicorn’ in Africa.”
Albert Alsina, Mediterrania Capital Partners’ founder and CEO, said: “We are extremely proud to have played a part in TGCC’s success story and confident that the company is well-positioned to continue outperforming and capturing future growth in the African continent. Today, TGCC is a company with a clear vision that makes a major contribution to the development of Africa by supporting its economies and delivering a positive social and environmental impact.”
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