Intaj Capital II has agreed to invest over $12m (MAD 125m) in Moroccan firm Venezia Ice, an operator in the field of production and distribution of artisan gelato and pastry.

Intaj Capital II, which is managed by Swicorp, a financial advisory and private equity firm operating in the MENA region, will hold a minority strategic stake in Venezia Ice alongside the Bougrines, the founding family.

The fund is a a $400m follow-on fund targeting equity and equity related investments in sectors driven by consumer demand such as consumer goods, retail, media & communications and consumer financial services.

Nabil Triki, Head of Swicorp’s private equity business, said: “This investment reflects Swicorp’s aim to strengthen its activities in Morocco, which is now part of the group’s main target markets in the MENA region for the private equity activity.”

Established in 2000 with a first investment of MAD 9m, Venezia Ice operates out of two production sites (Bouskoura and Nouaceur), allowing it to meet the needs of the local and the international markets.

The company currently has 39 outlets of which 15 company-owned and generates sales of circa MAD 58m.

This fundraising is part of the implementation of an investment programme aimed at increasing the ice-cream manufacturer’s market share while accelerating its international expansion strategy.

The capital raised will be used for the expansion of the group’s industrial capacity, through the launch of a new production line and the introduction of a new range of products, part of which will be destined for export.

Moreover, the stake acquisition will enable the group to strengthen its distribution network through the opening of over 15 new own-brand outlets at the national level within the next three years.

Sghir Bougrine, Venezia Ice’s CEO, said that through this investment programme, the Venezia Ice group will create more than 250 direct jobs over the next three years.

“Swicorp’s financial, intellectual and networking capabilities will contribute to consolidate our position and accelerate our international growth through the expansion of our catalogue of products intended for export as well as through a direct presence in a number of markets,” he said.

With offices in Saudi Arabia, the United Arab Emirates, Tunisia and South Africa, Swicorp is active in the fields of private equity, advisory and asset management.

Swicorp Private Equity has raised close $1.5bn since 2006 and has more than $1bn in assets under management.