(Ecofin Agency) - The investment is the mezzanine fund manager’s third in Morroco and 34th in Africa. The operation marks the exit of AfricInvest, which will leave Promamec after 5 years of collaboration.

Vantage Capital, the Africa-focused mezzanine fund manager, announced, Thursday (May 4), a €30 million ($33 million) equity investment in medical device wholesaler Promamec.  With this investment, Vantage Capital is acquiring a minority stake in the Moroccan wholesaler. 

The investment will finance Promammec’s new investments but, it still needs to be approved by Moroccan competition authorities. 

Naoufal Lahlou, CEO of Promamec, expressed his delight over the investment made by Vantage Capital, a renowned pan-African investment firm. He mentioned that Vantage Capital would support them in their strategy to diversify their product range, enhance their production capacity and expand their geographical presence in sub-Saharan Africa in the coming years.

Vantage Capital's entry into Promamec will mark the exit of capital market company AfricInvest, which has been in Promamec’s shareholding for some five years now.  

The investment is the third made by Vantage in Morocco. It will strengthen the mezzanine fund manager’s presence in the North African country, considered one of its main target markets. The deal also marks Vantage Capital's 34th investment since it began operations in 2001. Currently, the fund manager’s portfolio includes investments in 11 African countries. 

Chamberline Moko