Mediterrania Capital Partners through its fund MC IV, alongside Germany’s development finance institution DEG, Proparco and FMO, has acquired an undisclosed stake in Laprophan, one of the leading pharmaceutical companies in Morocco.

Albert Alsina, Founder and CEO of Mediterrania Capital Partners, said: “We thank our longstanding partners DEG, Proparco and FMO for their trust and financial support which have been crucial in enabling this important transaction. We’re very excited to join forces and work with Laprophan’s management to reach the company’s next stage of development.”

Founded in 1949 by Abderrahim Bennis, Laprophan is a pioneering pharmaceutical company and nowadays stands out as one of the undisputed leaders in the manufacturing, distribution, import and export of pharmaceutical products in Morocco.

The company distributes its own branded products and imported finished products from large international laboratories, providing patients and healthcare professionals with a wide range of medical drugs covering over 40 specialties.

Laprophan also exports products to more than 30 countries across Africa and the Middle East and is an internationally renowned brand in the region.

Through its investment, the consortium aims to support Laprophan’s growth and expansion plans triggered by the recent generalisation of Morocco’s compulsory health insurance scheme (AMO), which has doubled the number of beneficiaries in the last 12 months to reach 22 million people, and the rise of demand for generic drugs in Morocco and Sub-Saharan markets.

Hatim Ben Ahmed, Managing Partner at Mediterrania Capital, said: “Laprophan, with its outstanding leadership team, strong focus on innovation and solid commitment to make medicines more accessible across Africa and the Middle East, is the ideal investment opportunity from both a value creation and impact perspective.”

Farid Bennis, CEO of Laprophan, added: “We are very happy to have Mediterrania Capital Partners and its co-investors with us to write a new chapter in Laprophan’s development plan together. This partnership will greatly help reinforce our offering and so improve public health as well as our international footprint”.

Laprophan was advised by Ascent Capital Partners and GBL, its financial and legal advisors, respectively. Mediterrania Capital Partners and the co-investors obtained legal advice from ASAFO & Co. Mediterrania Capital Partners has been present in Morocco since 2013 with investments in Akdital Holding, Cash Plus, C.E.C.I., Dislog Industries, Indigo Company, MedTech, TGCC and Université Privée de Marrakech.