2023-05-13 16:40:00
(Ecofin Agency) – After notification at the end of March 2023 to the authority in charge of competition in Morocco, the private equity company Mediterrania and its partners Proparco, FMO and DEG have decided to acquire 24.59% of the capital of the company pharmaceutical Laprophan.
Mediterrania Capital Partners (MCP) led a consortium of investors including Proparco, FMO and DEG, in the signature of an agreement for an amount of €75 million (approximately 82 million USD) with the Moroccan company Laprophan, active in the pharmaceutical sector. In return for this investment, the private equity firm focused on financing medium-sized African companies and its co-investors acquired a minority stake in the company.
The Moroccan Competition Council, which was notified of the transaction, specifically mentions a 24.59% share of capital acquired by the four partners. The pharmaceutical company benefiting from this resource plans to accelerate its growth and strengthen its positions on the Moroccan market and internationally.
« This association with Mediterrania Capital Partners and its co-investors will allow us to write together a new chapter in Laprophan’s development plan. “, assures Farid Bennis, the CEO, who adds that he wants to strengthen the offer while accentuating its presence on an international scale.
To execute the operation, Mediterrania deployed its MC IV fund, set up to provide growth capital to companies active in several sectors and which are mainly domiciled in North Africa. A new investment company called MC IV Pharma, domiciled in Luxembourg and controlled by the MC IV fund, was created with the sole purpose of carrying out the operation and holding the stake taken by Mediterrania and its co-investors.
At the end of the joint takeover process, the Bennis family, which founded Laprophan in 1949, will retain the majority stake in its company. It will rely on the expertise of its new partners to satisfy ” the growing demand for generic drugs in Morocco and in Sub-Saharan African countries “. This will result in the strengthening of its exports and its drug manufacturing/distribution activity on the Moroccan market.
It should be noted that Mediterrania has been present in Morocco since 2013. The fund manager has made investments there in companies such as Akdital Holding, Cash Plus and Dislog Industries among others.
Chamberlain Moko
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