Mediterrania Capital Partners (MCP), a Private Equity firm focused on growth investments for SMEs and mid-cap companies in North and Sub-Saharan Africa, has completed its exit from TGCC, a leading construction and civil engineering company based in Morocco.

Albert Alsina, Mediterrania Capital Partners’ Founder and CEO, said: “We are extremely proud to have played a part in TGCC’s success story and confident that the company is well-positioned to continue outperforming and capturing future growth in the African continent. Today, TGCC is a company with a clear vision that makes a major contribution to the development of Africa by supporting its economies and delivering a positive social and environmental impact.”

Founded in 1991 by Mohammed Bouzoubaa, TGCC has grown to become Morocco’s biggest construction and civil engineering company.

Since its investment, Mediterrania Capital Partners has played a critical role in the company’s development by implementing effective value creation processes and strong governance practices across all areas, with a particular focus on TGCC’s internationalisation. 

With MCP’s guidance, TGCC has successfully expanded into Gabon, Côte d’Ivoire and Senegal and increased its projects in other Sub-Saharan Africa countries managed from Casablanca.

A key milestone in the partnership was TGCC’s Initial Public Offering (IPO) on the Casablanca Stock Exchange (CSE) in December 2021. 

With MC III’s support in IFRS implementation along with strong leadership from the management team, the IPO was flawlessly executed. Launched with a share price of MAD 130, TGCC’s shares have experienced significant growth, reaching a peak of MAD 330 on April 19.

Today, TGCC boasts a market capitalisation approaching €1bn. 

This positive evolution reflects the company’s exceptional financial performance, Morocco’s robust economic growth and the anticipation of new construction projects as the country prepares to host the 2030 World Cup.

Over the tenure of MC III’s investment, TGCC has not only achieved financial success but also made significant contributions to the African continent’s youth employment. The company currently employs 11,700 people, over 1,400 of whom are young professionals. 

In that period, TGCC has created more than 3,500 jobs, demonstrating its commitment to social impact and sustainable growth.

Hatim Ben Ahmed, Managing Partner at Mediterrania Capital Partners, said: “In 2018, we saw a tremendous opportunity to invest in TGCC, leveraging our value creation model to consolidate the company’s leading position in the domestic market while boosting its international expansion. Throughout our partnership, we’ve supported TGCC along its growth trajectory, facilitating its journey towards market capitalisation. We’re very excited to witness the success of the IPO and subsequent achievements that are propelling TGCC to become the newest ‘unicorn’ in Africa.”