New Delhi, April 28 -- Mediterrania Capital Partners, a private equity firm focused on North and sub-Saharan Africa, has fully liquidated its investment in a Moroccan hospital group, more than two years after making partial exits through initial public listing and secondary transactions.
The Malta-based PE firm, which manages assets worth $791 million, has monetized its investment in African unicorn the Akdital Group, a private clinic group in Morocco with a network of 35 multidisciplinary and specialized health establishments. This marks the fourth full exit for Mediterrania from its $267 million third fund.
Mediterrania had sold part of its stake at Akdital through an IPO at the Casablanca Stock Exchange in December 2022. The IPO was oversubscribed 3.77 times. Akdital went for secondary public offering in July last year with $100 million capital increase, which was oversubscribed 29 times.
Akdital's market capitalization currently stands at $2.2 billion, according to the firm.
"This exit represents not only a strong financial return but also a powerful impact investment success story.The value creation strategy was executed by the Mediterrania Capital Partners team, whose leadership was instrumental in steering Akdital through its IPO and subsequent SPO, achieving a substantial increase in share value," said the PE firm in a statement.
Mediterrania Capital had invested in Akdital through its third fund in March 2020.
Last week, Mediterrania had monetized its investment in Dislog Group, one of the largest FMCG manufacturers and distributors in Morocco. The exit came ahead of Dislog's plans to go public over the next two years.
Last year, Mediterrania liquidated its investment in Morocco's leading general contractor in construction and public works, TGCC, the second full exit from the same vehicle.
Other key exits from the 2017 fund, Mediterrania Capital III, include Groupe Cofina, a leading meso-finance institution in West and Central Africa. MC III currently manages assets worth $300 million.
The portfolio companies managed by Mediterrania Capital III delivered 30% EBITDA growth on a year-on-year basis in 2023. While the revenues of MC III aggregated portfolio grew by 11% in 2023 on a y-o-y basis, its net income grew by 78% during this period.
The other MC III portfolio companies are Tunisian food retail operator Aziza and diagnostic imaging platform RayLab.
Mediterranea invests in African SMEs with an annual turnover between $21 million and $320 million and expansion strategies into North and sub-Saharan African markets.
Published by HT Digital Content Services with permission from VC Circle.