Recall Holding acquires 28.7% stake in Tunisia’s Sotipapier
Recall Holding, owned by Mr Abdelkader Hamrouni, BIAT Capital Risque, UBCI Capital Development, AMI Assurances, Tunisian Union of Participation, and controlled by RECALL SARL, itself controlled by SPE Capital Partners, has just announced its acquisition of a stake to the extent of 28.7% in the capital of Sotipapier. Following this transaction, SPE Capital Partners will control, directly and indirectly, 67.8% of the capital of Sotipapier.
Founded in 1981 by the Hamrouni group, Sotipapier, a market leader, is a company producing kraft paper, testliner and fluting paper. In 2016, the company achieved a turnover of 74 million Dinars.
This transaction is part of a global consolidation project for Sotipapier, which aims to strengthen its market position in Tunisia, extend its waste paper collection and recycling business and develop its export activities.
For this operation, SPE Capital Partners was advised by Mediterranean Corporate Finance (MCF) and the law firm Louati & Associates. Recall Holding’s investors were advised by the law firm Meziou Knani & Khlif.
As a reminder, on 31st August last, Sotipapier obtained the agreement of the CMF to carry out a capital increase of 15 million dinars to finance its development plan. The company plans to make significant investments in its production equipment in order to increase the production capacity of the TESTLINER & FLUTING and improve the quality of the paper manufactured. The operation is managed by BIAT Capital and CGF.
Subscriptions will commence on 9 October 2017 and the issue price has been set at 3,750 dinars per share.
About SPE Capital Partners
SPE Capital Partners is an affiliate of Swicorp and combines the Group’s investment fund management activities. The SPE Capital Partners team has invested over US$1 billion in more than 20 companies across the Middle East and Africa since 2006.
SPE Capital Partners focuses its investments on development capital, with the main objectives of sustaining the companies in which its investments are committed and strengthening their growth. Source: ilBoursa