Finance

Egypt: Amethis, SPE Capital, and EBRD take a majority stake in GlobalCorp

Tuesday, 10 May 2022 20:04
Egypt: Amethis, SPE Capital, and EBRD take a majority stake in  GlobalCorp

(Ecofin Agency) - The acquisition is the first investment made by Amethis and the EBRD in Egypt’s non-banking financial sector. As for SPE Capital, it is its second commitment to the North African country.  

Investment fund managers Amethis and SPE capital as well as the European Bank for Reconstruction and Development (EBRD) recently acquired a majority stake in Egyptian non-banking financial services company GlobalCorp.

The number of shares acquired and the amount of the transaction have not been disclosed yet. However, according to the release, the investment will support GlobalCorp's growth plan. 

“We are very happy to welcome our new partners to GlobalCorp. The backing of leading international financial institutions is a testimony to GlobalCorp’s success and unique profile in the market. We have ambitious plans for the company and look forward to combining our strengths to create value for all our stakeholders,” commented Hatem Samir, founder, and CEO of GlobalCorp.

By investing in GlobalCorp, Amethis is making its first commitment in Egypt. The private equity firm executed the transaction through its multi-sector fund Amethis Fund II S.C.A, dedicated to African SMEs.

Alternatively, it represents SPE Capital's second investment in Egypt, through its SPE AIF I fund, specifically targeting small and mid-cap companies in North Africa. For  EBRD, GlobalCorp is its first equity investment in a non-financial institution in Egypt and its first partnership in the Egyptian leasing and factoring sector.

The three investors will help GlobalCorp develop new products and boost its positioning in the Egyptian market.   The investee currently plans to expand its SME portfolio, increase its financing to SMEs and expand into new business segments.

It also plans to upgrade its infrastructure and invest in technology, and green initiatives. In seven years, the Egyptian firm claims to have covered more than 800 leasing and factoring contracts worth some EGP13 billion (US$715 million) in more than 30 industries.  It also claims Egypt's largest factoring syndication to date. In late 2021, it issued its first securitization bond. 

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