Change in TGCC group’s funding round

Mediterrania Capital Partners completed on Wednesday, April 24, the total withdrawal from the table capital of the company Travaux Généraux de Construction de Casablanca (TGCC), one of the very first operators in construction in the Kingdom.

The investment fund carried out the sale at an undisclosed valuation of the remainder of the 382,806 shares it still held in the construction company TGCC. The identity of the buyer of these securities has also not been disclosed. This withdrawal comes three years after the partial withdrawal of Mediterrania Capital Partners from the capital of TGCC. According to professional practice, the two parties agree in advance on the conditions for the exit (exit from the round table). The private equity firm had already sold approximately 220,589 shares on a a total of 603,395 shares held. This transaction, which was carried out on the stock market, allowed TGCC to raise 300 million dirhams ($29.6 million) and list its shares on the Casablanca Stock Exchange.

Mediterrania first invested in TGCC’s capital in January 2018. Through its MC III fund, focused on SMEs in North, West and Central Africa, the private equity firm and three other partners (Proparco, DEG and South Suez) invested 55 million euros. euros in the company TGCC.

In a press release the company states: “ by “supporting TGCC throughout its growth trajectory, consolidating its position in its domestic market while strengthening its international expansion “. Nothing has emerged about the profitability of its investment in TGCC. This exit does not mean the end of Mediterrania’s presence on the Moroccan market. The investment fund remains active in the Kingdom through Dislog Industries through its interests in the financial services sectors ( Cash Plus), pharmaceutical sector (Laprophan) and consumer goods.