CDG Capital Private Equity, a private investment fund based in Morocco, has sold its stake in regional outsourcing company Intelcia to Altice Group, a multinational group operating in telecommunications, content and media.

The private equity fund has realised an investment return of 4.6 money multiple for investors.

Hassan Laaziri, CEO of CDG Capital Private Equity, said: “Since its creation, CDG Capital Private Equity has had a strong focus on value creation and business growth. Our investment in Intelcia shows how the good fit between visionary founders and a private equity fund can be key in achieving the success of a company.” 

During CDG Capital Private Equity’s holding period, Intelcia has grown its annual revenue from €19m recorded in 2010 to about €120m, estimated for 2016, mainly through external growth operations.

“Intelcia’s impressive growth has been supported by the implementation of a sound strategy, strong governance combined with an ability to attract and retain the best talents. We strongly believe that Intelcia will keep pursuing its objectives under the new shareholding thanks to a clear strategic alignment with Altice Group,” Laaziri said.

Supported by more than 7,000 employees, Intelcia is now one of the top seven French-speaking outsourcing companies and serves prestigious clients such as SFR, Humanis, Google and Darty. 

It currently operates in Morocco, France, Cameroon and Senegal.

Karim Bernoussi, CEO of Intelcia group, said: “CDG Capital Private Equity has strongly contributed to Intelcia’s growth in Morocco and globally and has enhanced corporate governance culture.”

“With an entrepreneurial spirit with values of innovation and excellence, Altice Group is the ideal partner to support Intelcia in achieving its strategic objectives,” he said.

Established in 2001 with the backing of CDG (Caisse des Dépôts et de Gestion) and CDPQ (Caisse de Dépôts de de Placement du Québec), CDG Capital Private Equity is one of the oldest and most established private equity funds in Morocco. 

CDG Capital Private Equity has raised more than €120m to date from institutional investors, has completed 14 investments and has already exited 10 of them in a wide variety of sectors, from agribusiness to industry and services.

Currently, it has stakes in Jet Contractors (ex-Jet Alu Maroc), in Marwa, the women’s fashion specialist (60 stores in North Africa and Middle East), in T2S (Morocco’s leading distributor of high tech medical equipment) and in DECORA, the kitchen manufacturer.