MPEF III exits Morocco’s Polymedic to NBK Capital Partners
AfricInvest, a pan-African private equity platform, has announced that its Maghreb Private Equity Fund III (MPEF III) has exited from its investment in Polymedic, a generics manufacturing company headquartered in Casablanca, Morocco.
NBK Capital Partners, an alternative investments firm that provides flexible growth capital to mid-sized companies in the Middle East, North Africa and Turkey has acquired AfricInvest’s stake.
Yaser Moustafa, Senior Managing Director of NBK Capital Partners, said: “This acquisition is very exciting for NBK Capital Partners, as it allows us to grow our presence in a sector that is buoyed by positive developments. Partnering with industry experts such as Dr. Houbachi who carry immense knowledge and experience in the pharmaceutical sector is a great opportunity for us and we look forward to continuing to drive growth through similar successful collaborations to increase our presence in Morocco and North Africa.”
NBK Capital Partners, alongside Foursan Capital Partners, an institutional private equity fund based in Amman, Jordan will now own majority stake in Polymedic, while Dr. Mohamed Houbachi, Polymedic CEO, will retain a significant stake.
He will remain CEO of Polymedic and will partner with NBK Capital Partners and Foursan Group on the company’s next stage of growth.
Nashat Masri, Partner at Foursan, said: “The concept of aggregating pharmaceutical assets in various countries under a single investment platform has enormous synergistic potential, especially as regulatory environments across the region become increasingly sophisticated and as countries continue to move toward favouring their home industries.”
Polymedic is a pharmaceutical company specialized in the production and the marketing of medicines, which owns a diverse portfolio of over 200 registered products across 12 therapeutic areas.
Polymedic has developed own label generics and products and manufactures originator drugs and other generic drugs for renowned pharmaceutical companies (Aventis, Leo, Bayer, Schering…).
Polymedic has started production in the course of 2001 and boasts today a portfolio of 130 Market Authorizations (MAs) involving several dosage forms: tablets, capsules, syrups, ointments and injectables drugs.
Brahim El Jaï, Executive Partner at AfricInvest, said: “We have been delighted to support Polymedic’s growth into a strong and sustainable business with best-in-class management and a clear vision for continued advancement. It has been both a pleasure and an honor to partner with Dr. Houbachi, whose prescience and entrepreneurial spirit have been essential components of the company’s success to date. We look forward to Polymedic’s bright future as it begins its new partnership with NBK Capital Partners.”
Dr. Mohamed Houbachi, CEO of Polymedic, said: “I am excited to partner with NBK Capital Partners and look forward to further growing and expanding the business in Morocco and West Africa. I am confident that being part of a regional platform will enable the business to further develop and leverage the tools available to us.”
Attijariwafa bank Morocco and Attijariwafa bank Middle East (Dubai) served as arranger, facility agent and bookrunner of the transaction financing, advised by Naciri & Associes – Allen & Overy.
Freshfields Bruckhaus Deringer, Asafo & Co, Dentons, and Clifford Chance acted as the legal advisors for NBK Capital Partners and Polymedic. Source: Africa Global Funds