Kuwait: Kamco Invest, a regional non-banking financial powerhouse, successfully acted as the exclusive sell-side advisor and the sole financial advisor on the sale of a majority stake in GlobalCorp for Financial Services SAE (“GlobalCorp” or the “Company”), a leading Egyptian non-banking financial institution.
The transaction witnessed the Ezdehar Egypt Mid-Cap Fund Cooperatief (“Ezdehar”) and the Equity sub-Fund (ESF I) of the SANAD Fund for MSME (“Sanad”) fully exit their stake in the Company. Hatem Samir, GlobalCorp’s Founder, Group Managing Director and Chief Executive Officer, will be partnering up with the new investors to lead and capture yet another growth round for the business.
Established in 2015, GlobalCorp is a leading Egyptian non-banking financial institution that focuses on leasing and factoring solutions for corporates as well as small and medium-sized enterprises (SMEs). GlobalCorp transformed into a full non-banking financial institution by finalizing the license to operate its consumer finance arm. The Company’s leased assets include production lines, equipment and machinery, vehicles, and commercial/industrial real-estate, with a product portfolio that covers a range of short-term financing solutions. Since inception, GlobalCorp extended EGP 13 billion (USD 715 million) of credit over 800+ leasing and factoring contracts spanning more than 30 industries, with over 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 stake in GlobalCorp was sold to a consortium of investors including Amethis, the European Bank for Reconstruction and Development (“EBRD”), and SPE AIF I, LP (“SPE Capital”). The consortium aims to work closely with Hatem Samir and GlobalCorp’s highly capable management team to further scale the Company’s portfolio and expand into new business segments.
Abdullah M. AlSharekh, Managing Director of Markets and Investment Banking at Kamco Invest, said, “This transaction marks another successful mergers and acquisitions deal closed by Kamco Invest in 2022, affirming the team’s ability to achieve client strategies and goals. During the past year, Kamco Invest advised on several key regional mergers and acquisitions transactions. Most recently, Kamco Invest acted as the financial advisor to STC Kuwait a leading regional telecom and digital solutions provider on the acquisition of e-Portal Holding Company, one of Kuwait’s key players in the Information and Communication Technology (ICT) field.”
Sherif Abdel Aal, Senior Consultant - CEO Office at Kamco Invest, said, “We are glad to collaborate with and provide our advisory services to leading PE firms such as Ezdehar and Sanad, and Hatem Samir a recognized veteran in the leasing industry. This transaction marks another added milestone to Kamco Invest’s track record, further solidifying its regional footprint and ability to execute complex transactions in different jurisdictions, while providing world class advisory services in a timely manner. The investment opportunity attracted a large number of bidders from different geographies. The buyers’ profiles demonstrate the trust and significant appetite of international investors in Egypt’s resilient economy, the non-banking financial sector and GlobalCorp’s management, as well as equity story. Kamco Invest is delighted to have played a key role and contributed to attracting new PE players to the Egyptian market; as this transaction marks the first investment by Amethis in Egypt, and the first equity investment by the EBRD and SPE Capital into an Egyptian financial institution.”
With 22 transactions completed in 2021, Kamco Invest acted as an investment banker on deals with a cumulative value of USD 29.2bn since inception; across equity capital markets, debt capital markets and mergers & acquisitions. The Investment Banking team advised on deals in Kuwait, Egypt, United Arab of Emirates, Saudi Arabia, Oman, Jordan, and Bahrain.
It is worth noting that in addition to Kamco Invest being the exclusive sell-side advisor and the sole financial advisor to the transaction, Matouk Bassiouny acted as legal counsel to the Sellers while Helmy, Hamza and Partners - Member Firm of Baker & McKenzie International acted as legal counsel to the Buyers.
About Kamco Invest:
Kamco Investment Company K.S.C (Public) “Kamco Invest” is a regional non-banking financial powerhouse headquartered in Kuwait with offices in key regional financial markets, established in 1998 and listed on Boursa Kuwait in 2003. It is an Independently managed subsidiary of KIPCO Group adopting highest standards of corporate governance and regulated by the Capital Markets Authority and Central Bank of Kuwait.
Kamco Invest has over USD 16bn of assets under management as of 31 March 2022 allocated to various asset classes and jurisdictions, making it one of the largest asset managers in the MENA region. It has acted as investment banker to deals exceeding USD 29.2bn from its inception to 31 March 2022 in equity capital markets, debt capital markets and mergers & acquisitions. For more information visit https://www.kamcoinvest.com/
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 small/midcap enterprises. 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 NBFS player in Egypt. For more information visit https://globalcorp-fin.com/
Ezdehar is a private equity fund manager based in Egypt with over USD 250 million under management. The firm’s funds invest in mid-sized companies with high growth potential, operating in the country’s defensive sectors which benefit from its inherent macroeconomic and demographic growth drivers. The fund’s investors include the European Bank for Reconstruction and Development “EBRD”, the European Investment Bank “EIB”, the Dutch Development Bank “FMO”, the British International Investment “BII”, International Finance Corporation “IFC”, the Egyptian American Enterprise Fund “EAEF”, and the Belgian Investment Company for Developing Countries “BIO” and leading Egyptian businessmen and women including Naguib Sawiris. For more information visit https://ezdehar.com/
The Sanad Fund for MSME, an impact investment fund advised by Finance in Motion, finances micro, small, and medium enterprises and low-income households in the Middle East and North Africa and selected countries in sub-Saharan Africa via qualified local lenders. Sanad’s investors include the KfW Development Bank, which initiated the fund; the German Federal Ministry for Economic Cooperation and Development (BMZ); the European Union; Switzerland’s State Secretariat for Economic Affairs (SECO); OeEB, the Development Bank of Austria; Germany’s GLS Bank and GLS Treuhand; the Dutch development bank FMO; and Calvert Impact Capital. For more information visit https://sanad.lu/
Amethis, member of the Edmond de Rothschild Private Equity partnership, is a private equity firm dedicated to 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 3.4bn 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 178bn in assets under management at 31 December 2021, 2,500 employees and 29 offices worldwide. For more information visit https://amethis.com
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 over EUR 164bn in around 6,300 investments. For more information visit https://www.ebrd.com
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. For more information visit https://www.spe-capital.com/