(Ecofin Agency) - Morrocan industrial group Richbond announced the acquisition of 40% stake in the capital of Cash Plus from private equity Mediterrania Capital Partners (MCP), which is handing its 49% stake.
"The acquisition of a stake in the capital of Cash Plus falls in line with our growth strategy and generates many operational synergies with our existing portfolio. After the works accomplished by Mediterrania Capital over the years, we estimate that Cash Plus is in the perfect position to take advantage of the growing demand of financial services in Morocco,” Karim Tazi, administrator and shareholder of Richbond group, commented.
Mediterrania Capital Partners indicates that it helped boost Cash Plus’ turnover by 300% since it entered into the financial service provider’s capital in 2014. It adds that during the period under review, the pre-tax gain of Cash Plus was multiplied by six .
"Four years after our investments, Cash Plus has become a robust company with adequate fundamentals for sustained growth in the long-term. We are glad for our contribution to the emergence of a national champion in the Morrocan fintech sector," said Hatim Ben Ahmed (photo), partners at MCP.
Cash Plus is one of the firms regulated by Bank Al Maghrib. Therefore, the Moroccan central bank must approve the operation but, the release published by Richbond group was not specific on the subject.
At this, it is hard to say whether the deal has been approved by the regulator or not.