Secondary buyout for Promamec as AfricInvest exits

Secondary buyout for Promamec as AfricInvest exits

Vantage Capital has invested EUR 30mn in equity for a significant minority stake in Promamec, a Moroccan medical consumables and equipment distributor.

The transaction facilitates existing investor AfricInvest’s exit and will go towards capex spending as the company seeks to increase production, broaden its product offering and strengthen its position across Africa.

Derenia Capital acted as financial adviser to Vantage Capital, while Clifford Chance (Morocco) acted as legal Counsel. Tax advisers were PwC (Morocco) and Webber Wentzel (South Africa). Ibis Consulting Morocco reviewed the environmental impact.

Promamec and AfricInvest were advised by Allen & Overy (Morocco) and Smyle Finance acted as a financial adviser. A&B Associés acted as legal counsel to the family.

About Promamec

The company was founded in the early eighties by the Lahlou family and was a pioneer in manufacturing and distributing medical and paramedical devices.