SPE Capital in Egypt deal, alongside Amethis and EBRD
SPE Capital, a private equity firm focused on Africa and the Middle East, announced the acquisition, by its private equity fund SPE AIF I, of GlobalCorp, a leading Egyptian non-banking financial services company, in a consortium with Amethis and the European Bank for Reconstruction and Development (EBRD).
Established in 2015, GlobalCorp is a leading Egyptian non-bank lender with a current focus on leasing and factoring solutions to corporates and small and midcap enterprises (SMEs). The company’s leased assets include production lines, equipment and machinery, vehicles, and commercial/industrial real-estate while the factoring product portfolio covers a range of short-term financing solutions.
Since inception, GlobalCorp has extended EGP 13 billion ($715 million) of credit over 800+ leasing and factoring contracts spanning more than 30 industries, with over 25% of its portfolio serving SMEs and green financing. The company also arranged Egypt’s first and largest factoring syndication and completed its first securitisation at the end of 2021.
SPE Capital and the consortium will be investing in GlobalCorp alongside founder, group CEO and MD, Hatem Samir and in partnership with its highly capable management team. The investment in GlobalCorp will include a primary capital investment to further scale the company’s portfolio and expand into new business segments. SPE Capital and the consortium will also partner with GlobalCorp’s management on scaling the company’s infrastructure and operations, investing in technology and advancing the company’s impact agenda, including the promotion of greater financial inclusion, financing to SME clients and green initiatives as well as promoting leading ESG and client protection standards within the NBFS industry.
Mehdi Charfi, managing partner at SPE Capital said, “This will be our second investment in Egypt through the SPE AIF I fund and a reflection of the deepening of SPE Capital’s on-the-ground presence as a team. We are excited to partner with Hatem and GlobalCorp’s management team on scaling the company’s organisation, product offerings and market positioning and look forward to unlocking long-lasting value and impact to the company’s stakeholders.”
Ahmed Eloraby, partner at SPE Capital and the SPE Capital transaction lead added, “We believe that the non-bank financial services sector in Egypt has strong fundamentals of growth and resilience. Within the sector, players with solid management, operational excellence and a strong customer orientation – like GlobalCorp – can drive the market’s development and innovative products. We are excited to build on our long-standing relationship with GlobalCorp’s management and supporting the team’s ambitious growth plans.”
Hatem Samir, founder, group CEO and MD of GlobalCorp, commented, “We are very happy to welcome our new partners to GlobalCorp. The backing of leading international financial institutions is a testimony to GlobalCorp’s success and unique profile in the market. We have ambitious plans for the company and look forward to combining our strengths to create value for all our stakeholders.”
SPE Capital and the investment consortium were advised by Helmy, Hamza and Partners – member firm of Baker & McKenzie International (legal advisor), PricewaterhouseCoopers (financial and tax advisor), IBIS Consulting (ESG and impact), and various other consultants on commercial and technical matters. The sellers were advised by Kamco Investment Company (Kamco Invest) (exclusive sell side financial advisor) and Matouk Bassiouny Business Law Office (legal advisor).
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