The EuroMena Funds operate in the Levant, Middle East and Africa, regions marked by instability, economic crises, and geopolitical tension. Our HQ in Beirut faces daily challenges: Bombings, missile strikes, economic devastation and political unrest are our daily reality. Yet, it’s in these unforgiving environments that we manage to succeed.
We are pleased to announce the successful exit of two portfolio companies: a pharmaceutical firm in North Africa and Retail Holding in Morocco.
The pharmaceutical company, a leader in North Africa’s healthcare sector, operated in a particularly challenging economic landscape marked by currency devaluation, social unrest, and complex conversion issues. During our investment period, the company transitioned from being a distributor to becoming a major producer. Identifying a buyer willing to acquire a minority stake in such a challenging geography, under difficult economic conditions, and able to transact in USD, was a significant challenge.
“Navigating through these harsh conditions—where social crisis and economic collapse were the constant—has been an enormous challenge. However, it has also been the ultimate test of The EuroMena Funds’ strength. Our ability to adapt, pivot, and secure successful exits in the face of such adversity and market illiquidity proves the strength of our strategy and partnerships,” says Gilles de Clerck.
Retail Holding, one of Africa’s largest diversified retail groups, expanded from 70 to over 250 points of sale with our support. Its sale to Morocco’s Caisse de Dépôt et de Gestion and the IFC - International Finance Corporation for ~$150 million required navigating two years of complex negotiations. These talks culminated in a successful closure just this week.
“Being able to create tailor-made deals by finding unique compatible buyers while being the best partners for the portfolio company and its founders as well as managing complex transactions with multiple parties of different natures, are part of our strength and virtues,” says Paul Khoury.
These exits delivered a combined 1.9x multiple, with ~$55 million returned to investors. They stand as a testament to EuroMena’s strength in managing complex deals and providing positive impact even in the most difficult circumstances.
“Operating under siege, with war and economic collapse at our doorstep, has tested our strength. These exits reflect our team’s resilience and unparalleled flexibility in adapting to the most extreme challenges. We know how to get the job done, no matter the obstacles,” says Romen Mathieu.