Mediterrania, DEG, Proparco and South Suez in €55m Moroccan construction deal
Mediterrania Capital Partners alongside DEG, Proparco and South Suez have invested €55m in Travaux Généraux de Construction de Casablanca (TGCC), a general contractor specialising in construction and public works in Morocco and Sub-Saharan Africa.
This transaction marks the first investment of Mediterrania Capital’s third fund (MC III), which recently reached its first close.
Commenting on the transaction, Hatim Ben Ahmed, Partner at Mediterrania Capital, said: “TGCC fully stands for what we consider a company with strong growth potential in a core market such as construction, operating in countries needing mega infrastructures and where private investment is on the rise.”
“It quickly became a clear investment opportunity for us and we are glad to have DEG, Proparco and South Suez joining us in the transaction: clear proof that TGCC is a strong asset with major potential. We look forward to working with the investor’s consortium and Mr Bouzoubaa and his team to take the company to its next level of growth.”
Founded in 1991 by Mr Mohammed Bouzoubaa, TGCC operates in both Morocco and Sub-Saharan Africa through its subsidiaries in Gabon and Côte d’Ivoire.
With over 25 years of existence, TGCC has grown to become the national leader in the construction industry in Morocco accounting for large projects that span several activity sectors such as Residential, Hospitality, Commercial, Industrial, Administrative and Infrastructure.
The company employs around 8,250 people.
The investment is aimed at supporting the company ́s expansion plans based on the growth trends in the construction sector in Morocco and Sub-Saharan Africa which are set to continue thanks to a strong demand for residential and non-residential buildings coupled with increased government spending on infrastructures and energy.
Mohammed Bouzoubaa, Founder and General Manager at TGCC, said: “We are delighted to welcome Mediterrania Capital Partners, DEG, Proparco and South Suez as investors in TGCC. Their outstanding business expertise, operational approach towards value creation and stringent standards on sustainable investments makes this consortium of investors the best partner TGCC could ever have to achieve its business plan for the coming years.” Source: Africa Global Funds