Vantage Capital provides $45m mezzanine facility to Egypt’s MIDO
MIDO is a manufacturer of specialty paints and coatings.
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Vantage Capital has provided $45 million of mezzanine debt funding to the International Group for Modern Coatings (MIDO), an Egyptian manufacturer of specialty paints and coatings. The proceeds will be used for debt refinancing and working capital funding, which will enable MIDO to unlock its production capacity.
Founded in 1979 by Dr. Aly Ghaly, MIDO produces a diversified portfolio of over 1,200 SKUs spanning automotive refinish paints and coatings, wood coatings, unsaturated and saturated polyester resins, adhesives, and other industrial products, serving customers across Egypt and the rest of Africa. MIDO operates two vertically integrated manufacturing facilities in Alexandria.
“Over nearly five decades, we have built MIDO into a business that competes on technical complexity, product quality, and the breadth of its offering across a diverse range of markets,” said Ramy Galal, CEO of MIDO. “Our key differentiators are our manufacturing infrastructure, R&D capabilities, distribution relationships, and strong brand equity. Vantage Capital’s funding now gives us the firepower to unlock substantial latent capacity in our facilities and accelerate both our local and export growth ambitions. We are proud to partner with a firm that understood our business, shared our long-term vision, and delivered on very tight execution timelines.”
Omar Gharbawi, associate partner at Vantage Capital, noted, “MIDO is a case in point of a successful, homegrown pan-African industrial platform. Management has built the company from the ground up into one of Egypt’s top three specialty coatings players, with products now sold in more than 50 countries. Through some of the most challenging macroeconomic and geopolitical headwinds, the business has demonstrated remarkable resilience, underpinned by strong fundamentals and deep industry expertise. We believe MIDO is only beginning to realise its full potential, and we are delighted to back Ramy Galal, Dr. Aly Ghaly, and the wider leadership team as they embark on this next phase of growth.”
Warren van der Merwe, managing partner at Vantage Capital, added, “Egypt is one of the most important markets on the African continent – a nation of over 120 million people with a deep industrial base, a highly educated workforce, and a growing role in African trade. This transaction, which is among the largest mezzanine debt deals ever completed in Egypt, reflects our conviction in the country’s potential and our commitment to backing its strongest entrepreneurs and businesses. MIDO exemplifies precisely the type of company we seek to support: founder-led, technically sophisticated, internationally oriented, and with a clear and executable growth agenda. We are proud to play a role in its continued success.”
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