In the latest deal for its €120 million second fund, Mediterrania Capital is taking a 43% stake in Cieptal Cars, an Algerian provider of log-term car rental and other auto related transportation and maintenance services. As part of the deal, Mediterrania’s CEO, Albert Alsina and Partner Daniel Viñas are taking board seats. Additional terms for this, the fourth deal for Mediterrania Capital II, were not disclosed.
As part of the company’s expansion strategy, the capital will be used to acquire more cars and trucks for its fleet which currently has 761 vehicles. The company, which sells its services to corporate customers primarily in the Oil and Gas sector, it looking to further diversify its business-to-business client mix as well as start offering its service outside Algeria.
Commenting on the deal, Daniel Viñas, the Partner who led the deal for Mediterrania Capital Partners, said “Cieptal Cars is extremely well positioned to continue its growth in Algeria and expand across the region. We are very excited with this new investment and are looking forward to helping accelerate the company’s expansion.”
With this deal, Mediterrania Capital II, which closed in August 2015, is now 60% invested. The fund targets opportunities in the Maghreb region—Morocco, Tunisia and Algeria— and Sub-Saharan Africa, targeting minority stakes in small and medium-sized businesses 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.
Cuatrecas, Gonçalves Pereira provided Mediterrania Capital Partners with legal advice and services for the transaction.