New Delhi, April 24 -- Mediterrania Capital Partners, a Malta-based private equity firm that focuses on growth-stage small and mid-sized businesses across North and Sub-Saharan Africa, has fully exited its investment in a leading Moroccan consumer products company. The exit comes nearly four years after the firm's initial investment. With $791 million in assets under management, the Valletta-headquartered PE firm monetized its stake in Dislog Group, one of Morocco's largest FMCG manufacturers and distributors. This marks the third full exit from its $267-million Mediterrania Capital III fund, ahead of Dislog's plans to go public within the next two years. Dislog Group, the industrial arm of Moroccan family-owned H&S Group, underwent a major transformation in 2021, evolving from a distribution-focused company to an industrial group operating across food, hygiene, and healthcare sectors. It now aims to launch an IPO on the Casablanca Stock Exchange in the coming years. Since Mediterrania's investment in July 2021, Dislog has achieved an 89% increase in revenue, the PE firm said.
"This exit marks another success in our commitment to delivering impact-driven returns," said Albert Alsina, founder and CEO of Mediterrania Capital Partners.
The Dislog exit comes a year after Mediterrania liquidated its investment in TGCC, Morocco's leading general contractor in construction and public works, which was the second full exit from the same vehicle. Earlier, in 2021, it had partially exited TGCC through an IPO on the Casablanca Stock Exchange.
Other notable exits from the 2017 Mediterrania Capital III fund include Groupe Cofina, a leading meso-finance institution in West and Central Africa, and a partial exit from Moroccan private hospital group Akdital, also via an IPO.
Mediterrania Capital III currently manages assets worth $300 million. Its portfolio companies reported a 30% year-on-year EBITDA growth in 2023, with aggregate revenues up 11% and net income rising 78%.
Other active investments from the fund include Tunisia's food retail operator Aziza, Moroccan FMCG retailer Dislog Industries, and diagnostic imaging platform RayLab.
Mediterranea invests in African SMEs with annual revenues between $21 million and $320 million, supporting their expansion into North and Sub-Saharan African markets.
Separately, Tunisia-based PE firm SPE Capital, announced plans last year to re-acquire a partial stake in Dislog, three years after its previous exit. The firm has committed $45 million to the retail giant, likely from its third investment vehicle currently targeting $350 million.
The transaction aims to support Dislog's continued growth, both organically and through M&As, particularly in the industrial, agri-food, and healthcare sectors.
Published by HT Digital Content Services with permission from VC Circle.