Cairo: A consortium of investors made up of Amethis, the European Bank for Reconstruction and Development (EBRD), and SPE AIF I, LP (SPE Capital) has acquired a majority stake in GlobalCorp for Financial Services S.A.E (GlobalCorp), a leading non-banking financial services company in Egypt.
Established in 2015, GlobalCorp is a leading Egyptian non-bank lender with a current focus on leasing and factoring solutions for corporates and small and medium- sized enterprises (SMEs). The company’s leased assets include production lines, equipment and machinery, vehicles, and commercial/industrial real-estate while the factoring product portfolio covers a range of short-term financing solutions. Since its inception, GlobalCorp has extended EGP 13 billion (USD 715 million) in credit over more than 800 leasing and factoring contracts spanning more than 30 industries, with more than 25% of its portfolio serving SMEs and green financing. The company also arranged Egypt’s first and largest factoring syndication and completed its first securitization at the end of 2021.
The investment consortium will be investing in GlobalCorp alongside Founder Chief Executive Officer and Managing Director, Hatem Samir in partnership with its highly capable management team. The investment in GlobalCorp will include a primary capital investment to scale up the company’s portfolio and expand into new business segments. The consortium will also partner with GlobalCorp’s management on scaling up the company’s infrastructure and operations, investing in technology and advancing the company’s impact agenda, including the promotion of greater financial inclusion, financing to SME clients and green initiatives as well as promoting leading environmental, social and governance (ESG) and client protection standards within the non-banking financial services industry.
Hatem Samir, Founder, Chief Executive Officer and Managing Director of GlobalCorp, said: “We are very happy to welcome our new partners to GlobalCorp. The backing of leading international financial institutions is a testimony to GlobalCorp’s success and unique profile in the market. We have ambitious plans for the company and look forward to combining our strengths to create value for all our stakeholders.”
Adnane Zerhouni, Investment Director at Amethis, said: “We are very pleased to partner with Hatem Samir and his team and we are looking forward to help grow the company, thus contributing to financial inclusion in Egypt. This is the first investment of Amethis in Egypt, which is now a core market for our funds.”
Heike Harmgart, EBRD Managing Director for the Southern and Eastern Mediterranean region, said: “We are very happy to join this consortium for the Bank’s first equity investment in a financial institution in Egypt and its first partnership in Egypt’s leasing and factoring sector. This investment will support a leading financial company in providing financing to an important segment of the Egyptian economy, covering small and medium-sized businesses.”
Ahmed Eloraby, Partner and Mehdi Charfi, Managing Partner at SPE Capital, said: “This will be our second investment in Egypt through the SPE AIF I fund and a reflection of the deepening of SPE Capital’s on-the-ground presence as a team. We are excited to partner with Hatem and GlobalCorp’s management team on scaling the company’s organization, product offerings and market positioning and look forward to unlocking long-lasting value and impact to the company’s stakeholders.”
The consortium deal teams included Adnane Zerhouni, Aurélie Pujo, Badr Chkiriba, Omar Naciri and Khalil Benjelloun Touimi representing Amethis, Oumnia Benaddi, Sweta Penemetsa, Hassan Massoud, Martin Levesques and Dominique Naggar representing EBRD and Mehdi Charfi, Ahmed Eloraby, Sami Ergin and Omar Elhariry representing SPE Capital. The consortium was advised by Helmy, Hamza and Partners – a member firm of Baker & McKenzie International (legal advisor), PricewaterhouseCoopers (financial advisor), IBIS Consulting (ESG and Impact), and various other consultants on commercial and technical matters. The sellers were advised by Kamco Investment Company (Kamco Invest) (exclusive sell side financial advisor) and Matouk Bassiouny Business Law Office (legal advisor).
Established in 2015 in Egypt, GlobalCorp is a non-banking financial services company engaged in offering financial and operating leases and factoring solutions to corporates and SMEs. It offers leading, innovative financial solutions including structured/tailored finance in partnership with other leasing companies and banks, positioning it as the largest purely independent non-banking financial services player in Egypt.
Amethis, a member of the Edmond de Rothschild Private Equity partnership, is a private equity firm dedicated the African continent with offices in Paris, Casablanca, Abidjan, Nairobi and Luxembourg, and an investment capacity exceeding EUR 810 million. Amethis brings growth capital to promising midcap champions in a diversity of sectors throughout the African and European continents and is led by an experienced investment team with extensive experience investing in growth companies.
Edmond de Rothschild Private Equity is an independent firm, part of Edmond de Rothschild Asset Management, with over CHF 3.4 bn in assets under management. With an entrepreneurial approach to finance and backed by strong convictions, Edmond de Rothschild Private Equity builds and develops differentiating investment strategies that provide a sustainable response to environmental and social challenges. Founded in 1953, the Edmond de Rothschild Group had CHF 178 billion in assets under management as of 31 December 2021, 2,500 employees and 29 offices worldwide.
About the EBRD:
The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 38 economies across three continents. The EBRD is owned by 71 countries, as well as the European Union and the European Investment Bank. EBRD investments are aimed at making the economies in its regions competitive, well governed, green, inclusive, resilient and integrated. Since its inception in 1991, the EBRD has invested more than EUR 164 billion since 1991 in around 6,300 investments.
About SPE Capital:
SPE Capital, founded in 2016, is an independent Private Equity firm focused on Africa and the Middle East. SPE Capital is led by an experienced on-the-ground investment team, with strong local knowledge and a proven track record of investing in growth companies. With offices spanning across the region, SPE Capital has a thorough understanding of businesses in the region and strives to apply best international practices and governance standards.
Press details: GlobalCorp Website