Vantage Capital has agreed to invest €30-million to buy a significant minority stake in Promamec (Morocco) which will facilitate the exit of AfricInvest from the company. Promamec is a Moroccan based medical consumables producer that was established by the Lahlou Family and has become a major player in the medical consumables sector in Africa. The company intends to expand its production capacity and launch more medical products in Morocco. The stake acquired by Vantage Capital was not disclosed.
Vantage Capital is well-positioned as Africa’s leading Mezz financier, capitalising on its strong position in the South African mezzanine market and building a portfolio of income generating mezzanine assets in South Africa and in the rest of Africa. Vantage Capital raised US$150-million in Mezz Fund 1, US$240-million in Mezz Fund 2 and US$280-million in Mezz Fund 3. Outside of South Africa, Vantage has invested in more than 12 transactions across Morocco, Côte d’Ivoire, Ghana, Nigeria, Uganda, Kenya, Mauritius, Namibia and Botswana. The new Fund will contribute to the United Nations Sustainable Development Goals (SDG 9 – industry, innovation, and infrastructure) by addressing financing gaps for companies, will contribute to corporate governance structures and processes of its investees (SDG 17 – Partnerships for the Goals) and will create and support decent work opportunities (SDG 8 – Decent Work and Economic Growth).