The EuroMena Funds, is pleased to announce the acquisition of minority stakes in the capital of BS Invest in Tunisia, Cap Retail in Morocco, and Investex Algérie in Algeria (the “Group”). EuroMena III, the latest of The EuroMena Funds, alongside Mediterrania Capital Partners, a private equity fund investing in the Maghreb and Africa regions, have invested in the Group.
Founded in 1997 by Koraich Ben Salem, the Group distributes 11 leading apparel brands including Zara, Massimo Dutti, Bershka, Celio, Jennyfer, Mango, and LC Waikiki from six major international groups (Inditex, Celio International, Benetton Group, Punta Fa, Etam Development and LC Waikiki Mağazacılık). The Ben Salem Group operates through a network of 76 sales outlets in the key cities of Tunisia, Morocco and Algeria and employs over 1,400 people over the three countries.
The Group plans to open more than 100 stores in the coming years in the malls and downtowns of key areas of the three countries, thus further strengthening its competitive positioning in the market. As part of its investment strategy, EuroMena is working hand in hand with Mediterrania Capital Partners and the management to support the expansion strategy.
This transaction constitutes the second investment of EuroMena III after its recent investment in Elephant in Nigeria signalling the solid investment momentum of the USD 150 million EuroMena III fund.
The EuroMena Fund Management Team has raised more than USD 300 million to date from prominent investors, and has closed more than 20 investments and divestments. EuroMena III, its latest fund, had its first closing in October 2014 for a total consideration of USD 100 million, backed by commitments of top tier institutions, High Net Worth Individuals, and family offices. Targeting a final size of USD 150 million by Q2 2016, the EuroMena Fund Management Team is continuously sourcing attractive transactions in the region, driven by its strategy that focuses on investing in high growth local companies, turning them into enlarged, efficient and more profitable Regional Leading Groups, and positioning them as a prime target for international/regional groups.