Private equity firm Mediterrania Capital Partners held the final close for its second, North African focused growth fund last week, successfully hitting its target of €120 million. The names and mix of Mediterrania Capital II’s LPs investors was not disclosed.
The fund will target opportunities primarily in the Maghreb region—Morocco, Tunisia and Algeria—as well as consider broadening its sourcing activities to sub-Saharan Africa. The fund will look to take minority stakes in small and mid-market companies with equity values ranging between €25 million and €400 million in the Healthcare, Consumer Goods, Business Services, Financial Services, General Industry and Transport and Logistics sectors.
Mediterrania Capital’s first fund, Fons Mediterrania Capital FCR is fully invested and currently in the process of realizing its investments. Mediterrania Capital II has already made two investments—taking a 47% stake in Moroccan financial services company Cash Plus and a 45% stake in C.E.C.I., a regional manufacturer of trucks and trailers—and is closing another three in Tunisia and Algeria. Between both funds, the company owns a portfolio of 12 investments which will deliver an aggregate €790 million in 2015.
”With our second fund, we will continue focusing on core sectors,” said Albert Alsina, Mediterrania Capital’s Founder, CEO and Managing Partner. “We will be taking advantage of the significant growth expectations of the African economies, the overall low competition levels, the relatively stable markets, and the positive demographics of the region.”