The EuroMena Funds has exited two portfolio companies: a pharmaceutical firm in North Africa and a retail holding in Morocco.

These exits delivered a combined 1.9x multiple, with approximately $55m returned to investors. 

“Operating under siege, with war and economic collapse at our doorstep, has tested our strength. These exits reflect our team’s resilience and unparalleled flexibility in adapting to the most extreme challenges. We know how to get the job done, no matter the obstacles,” said Romen Mathieu,  Co-Founder & Managing Partner of The EuroMena Funds.

In December 2013, EuroMena II acquired a minority stake in Biopharm, an Algerian pharmaceutical company that is vertically integrated, covering importation, distribution, direct distribution, and production of pharmaceutical products. In April 2016, 20% of the Company was listed on the Algiers Stock Exchange.

The pharmaceutical company, a leader in North Africa’s healthcare sector, operated in a particularly challenging economic landscape marked by currency devaluation, social unrest, and complex conversion issues. 

During the investment period, the company transitioned from being a distributor to becoming a major producer. Identifying a buyer willing to acquire a minority stake in such a challenging geography, under difficult economic conditions, and able to transact in USD, was a significant challenge.

“Navigating through these harsh conditions—where social crisis and economic collapse were the constant—has been an enormous challenge. However, it has also been the ultimate test of The EuroMena Funds’ strength. Our ability to adapt, pivot, and secure successful exits in the face of such adversity and market illiquidity proves the strength of our strategy and partnerships”, said Gilles de Clerck, Co-Founder and Executive Partner of the EuroMena Funds.

Retail Holding, one of Africa’s largest diversified retail groups, expanded from 70 to over 250 points of sale with the EuroMena Funds’ support. 

Its sale to Morocco’s Caisse de Dépôt et de Gestion and the IFC - International Finance Corporation for approximately $150m required navigating two years of complex negotiations. 

These talks culminated in a successful closure just this week.

“Being able to create tailor made deals by finding unique compatible buyers while being the best partners for the portfolio company and its founders as well as managing complex transactions with multiple parties of different natures, are part of our strength and virtues,” said Paul Khoury, Partner, the EuroMena Funds.