Beirut-based EuroMena Funds has acquired a 7% stake in Retail Holding, a Morocco-based diversified retail group for a total of $22.5 million.
Retail Holding acts as a franchisee for French retail giant Carrefour, apparel retailer Kiabi, Virgin Megastore and Burger King.
The investment, which was carried out through the fund EuroMena III, will be mainly used to finance the expansion of Retail Holding. The retail group is positioned for a healthy growth rate in the coming five years in Morocco.
It is due to the Moroccan government promoting the development of the major retail spaces in Morocco, according to EuroMena Funds.
The private equity fund will assist the top management of Retail Holding in its growth strategy in north and sub-Saharan Africa, in which the fund enjoys a vast network and significant market knowledge.
The retail group recently took control of Compagnie de Distribution de Côte d’Ivoire (CDCI), the country’s second-largest food distributor.
It is the fourth deal for EuroMena III. The fund has invested in Credit Libanais and Elephant, fast moving consumer goods (FMCG) company in Nigeria. It has also invested in Indigo Company, an apparel retail franchising company in Tunisia, Morocco and Algeria.
EuroMena also says it plans to launch two new funds within the coming six months, Levant SME Fund and MEA Debt Fund.
“The Levant SME Fund will invest in the equity of small and medium enterprises (SMEs) in Lebanon and Jordan and would later invest in Syria too if the situation there improves,” says Paul Khoury, a partner at the EuroMena Funds.
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