The EuroMena Funds announces two North African exits
Firm exits pharmaceutical player in North Africa and Retail Holding in Morocco.
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The EuroMena Funds, a private equity firm, has announced the successful exit from two portfolio companies: a pharmaceutical player in North Africa and Retail Holding in Morocco.
According to EuroMena, the pharmaceutical company, a leader in North Africa’s healthcare sector, operated within a particularly challenging economic landscape marked by currency devaluation, social unrest, and complex conversion issues. During EuroMena's investment period, the company evolved from a distributor to a major producer. Identifying a buyer willing to acquire a minority stake in this difficult geography, amid economic challenges, and able to transact in USD, proved to be a significant challenge.
“Navigating through these harsh conditions – where social crisis and economic collapse were the constant – has been an enormous challenge. However, it has also been the ultimate test of The EuroMena Funds’ strength. Our ability to adapt, pivot, and secure successful exits in the face of such adversity and market illiquidity proves the strength of our strategy and partnerships,” said Gilles de Clerck, co-founder and executive partner of The EuroMena Funds.
“Retail Holding, one of Africa’s largest diversified retail groups, expanded from 70 to over 250 points of sale with our support. Its sale to Morocco’s Caisse de Dépôt et de Gestion and the International Finance Corporation for ~$150 million required navigating two years of complex negotiations. These talks culminated in a successful closure just this week,” the firm stated.
According to the firm, these exits delivered a combined 1.9x multiple, with about $55 million returned to investors.
“Operating under siege, with war and economic collapse at our doorstep, has tested our strength. These exits reflect our team’s resilience and unparalleled flexibility in adapting to the most extreme challenges. We know how to get the job done, no matter the obstacles,” commented Romen Mathieu, co-founder and managing partner of The EuroMena Funds.
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