TUNISIA – Tunisian caps and closure manufacturer, Somipem has closed its second round of private equity financing from investment firm Ekuity Capital and asset manager United Gulf Financial Services-North Africa (UGFS North-Africa).
This new round of funding which is aimed to finance the company’s expansion within its borders and across the region, saw the two partners acquire an undisclosed amount of shares in the company.
To this end, Somipem’s former institutional shareholders Sodino, Univers Invest Sicar and CDC Gestion, who supported the company during its first phase of creation and development offloaded their stake paving way for the new shareholders.
“Through this fundraising, Somipem intends to increase its production capacity and best meet the qualitative and quantitative requirements of the contractors in order to improve brand awareness among Tunisian and African firms,” declared Mohamed Haythem Hamdoun, Managing Director of the SOMIPEM Company.
Formerly engaged in the management of hotel assets, Ekuity Capital has recently diversified its activities and is interested in new promising sectors in Tunisia. The company currently holds stakes in about twenty companies.
“We are proud to participate in the development of Somipem. This investment is fully in line with in Ekuity Capital’s strategy of supporting Tunisian SMEs with high potential in their development and we are convinced that Somipem will be able to achieve its growth objectives,” said Mohammad AlNemah, Managing Director of Ekuity Capital.
“We are delighted to participate in the financing of companies located in regional development zones. This investment comes above all to make the company evolve and thus strengthen its presence on the national and international market,” added Mohamed Salah Frad, General Manager of UGFS-NA.
Founded in November 2008, United Gulf Financial Services – North Africa is a management company with assets under management of up to 200 MDT whose activity is mainly the financing of SMEs and start-ups.
UGFS-NA currently holds a portfolio of over one hundred holdings, listed and unlisted in Tunisia.
“Through this fundraising, Somipem intends to increase its production capacity and best meet the qualitative and quantitative requirements of the contractors in order to improve brand awareness among Tunisian and African firms.”
Managing Director of the SOMIPEM Company – Mohamed Haythem Hamdoun
Caxton raises stake in Mpact
Meanwhile, Caxton and CTP Publishers has bought a big stake in South African packaging group Mpact, in a move it says is intended to provide it with an enhanced return on its substantial cash resources.
The publishing and printing group has acquired close to 30.5-million Mpact shares from clients of asset managers including Allan Gray, Old Mutual, Visio Capital Management and Ninety One for R469.87-million (US$32.9m).
That has increased its total shareholding in the biggest paper and plastic packaging and recycling business in the country to 43.1 million shares i.e. 26.45% up from about 6.34%, according to data compiled by Bloomberg.
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