MCB has been mandated to behave as lead arranger for the structuring of leveraged financing, enabling the acquisition of Nouvelle Mici Embaci (NME) by a consortium of traders fashioned by Superior Finance and Funding Group (“AFIG Funds”) and Norfund, the Norwegian funding fund for growing nations.
Owned by the Carré d’Or Group for over fifteen years, NME is without doubt one of the main producers of cardboard and paper packaging, polypropylene luggage and recycling in Côte d’Ivoire and French-speaking sub-Saharan Africa. Famend for its know-how and high quality of service, the corporate’s buyer portfolio consists of the area’s main industrial gamers, each native and multinational. This acquisition by AFIG Funds and Norfund is designed to assist the corporate’s regional progress ambitions and make it a real regional champion within the packaging business.
What’s extra, given NME’s involvement in recycling operations, this transaction ticks all the suitable packing containers by way of MCB’s raison d’être, “Success Past Numbers”. This transaction suits completely with the philosophy of the MCB Group, which goals to be the financier of first selection for ESG-oriented tasks in African nations. MCB is satisfied that the African continent has a key position to play in world environmental safety.
Fabrice Mpollo, Funding Director at Norfund, commented: “NME is at present the chief in its fundamental market phase. This acquisition goals to modernize its operations and develop its buyer base whereas setting worldwide requirements in company governance and environmental sustainability. It has been an extended highway to get up to now, and all events, together with NME’s administration, ought to be happy with what has been achieved immediately. We’re delighted to be concerned in such an vital and structuring operation for the manufacturing business in Côte d’Ivoire and the West African area.”
This transaction, which closed on June 30, is without doubt one of the largest personal fairness offers in West Africa in recent times.
In its position as lead arranger, MCB performed a key position in structuring this financing, enabling the acquisition to be accomplished in collaboration with its native banking associate, Bridge Financial institution Group Cote d’Ivoire (BBGCI). MCB’s Company & Institutional Banking (CIB) staff closed this advanced cross-border transaction with the experience deployed by World & Worldwide Corporates, Credit score Evaluation & Structuring and Authorized Advisory groups. MCB and BBGCI have been assisted on this transaction by Hogan Lovells (Paris) and IKT Avocats (Côte d’Ivoire).
Papa Ndiaye, CEO of AFIG Funds, added: “We’re delighted with each the acquisition of NME and our partnership with such high-calibre establishments as The Mauritius Industrial Financial institution Restricted and Bridge Financial institution Group. Innovation within the African monetary system requires imaginative and prescient and perseverance, however this deal wouldn’t have been potential with out the assist and persistence of our traders in AFIG Fund II, in addition to the arrogance of a smart vendor like Groupe Carré d’Or. The true work now begins to leverage the constructions put in place by Groupe Carré d’Or, and to implement new progress initiatives to comprehend the corporate’s potential to grow to be a real regional champion of the packaging business.”
Mr Ehouman Kassi, Managing Director of Bridge Financial institution Group CI, commented: “We’re delighted to be related to this progressive transaction, each by way of its construction and the character of the events concerned. Will probably be one of many first LBOs in our area. I’m proud that our groups have been in a position to construction a financing product tailored to a authorized and regulatory framework that’s nonetheless growing relating to this sort of monetary structuring. This required shut collaboration and perseverance on the a part of all events concerned to create a framework conducive to the creativity required for the ultimate structuring of the transaction.”
Thierry Hebraud, MCB’s CEO Designate, commented: “As lead arranger, MCB’s groups have been in a position to efficiently full a transaction that was advanced in lots of respects, due to the experience of the varied groups concerned within the undertaking. MCB’s strategy and structuring of this sort of deal have been flawless. We assist to supply tailored monetary options for tasks that speed up productive funding, facilitate intra-African commerce and stimulate social and environmental progress within the nations by which we function. The wants of African nations by way of sustainable growth will proceed to develop, and our establishment, on the coronary heart of the Mauritian monetary centre, can be at their aspect to assist the continent’s low-carbon transition and their enlargement tasks.”
Based in Mauritius in 1838, MCB has lengthy performed a task on the crossroads of the Asian and African worlds, not forgetting the Center East. Over the previous fifteen years, the MCB Group has determined to make the African continent its precedence by way of growth, in view of sturdy demographic and financial progress and an explosion in funding wants throughout the continent.
Along with its historic presence within the Indian Ocean, MCB is now lively in all the main areas of the continent, with a really sturdy, albeit oblique, presence in English-speaking West Africa, in East Africa by way of Kenya, and in Southern Africa from Johannesburg. This presence is strengthened by worldwide places of work in Dubai and Paris.
Right this moment, MCB is focusing on new high-growth markets in French-speaking Africa, similar to Côte d’Ivoire, Senegal and Cameroon, to assist speed up native financial growth.
MCB is rated Baa3 by Moody’s, making it one of many few monetary establishments so rated in sub-Saharan Africa. MCB can be a socially accountable establishment, dedicated to selling the ideas of sustainable growth, and adheres to the Equator Rules and the United Nations World Compact.