A majority stake in leading non-bank financial services player
A consortium of investors made up of Amethis, the European Bank for Reconstruction and Development (EBRD) and SPE AIF I, LP (SPE Capital) has acquired a majority stake in GlobalCorp for Financial Services S.A.E (GlobalCorp), a leading non-banking financial services company in Egypt.
Established in 2015, GlobalCorp is a leading Egyptian non-bank lender with a current focus on leasing and factoring solutions to companies and small and medium-sized enterprises (SMEs). The company’s leased assets include production lines, equipment and machinery, vehicles and commercial/industrial real estate, while its factoring product portfolio covers a range of short-term financing solutions. Since its inception, GlobalCorp has extended EGP 13 billion (US$ 715 million) in credit over 800+ leasing and factoring contracts, spanning more than 30 industries, with more than 25 per cent of its portfolio serving SMEs and green financing. The company also arranged Egypt’s first and largest factoring syndication and completed its first securitisation at the end of 2021.
The investment consortium will be investing in GlobalCorp alongside founder, Group Chief Executive Officer and Managing Director Hatem Samir, in partnership with its highly capable management team. The investment in GlobalCorp will include a primary capital investment to scale up the company’s portfolio and expand into new business segments. The consortium will also partner with GlobalCorp’s management on scaling up the company’s infrastructure and operations, investing in technology and advancing the company’s impact agenda, including the promotion of greater financial inclusion, financing to SME clients and green initiatives, as well as promoting leading environmental, social and governance (ESG) and client protection standards within the non-banking financial services industry.
Hatem Samir, founder, Group CEO and MD of GlobalCorp, said:
“We are very happy to welcome our new partners to GlobalCorp. The backing of leading international financial institutions is a testimony to GlobalCorp’s success and unique profile in the market. We have ambitious plans for the company and look forward to combining our strengths to create value for all our stakeholders.”
Adnane Zerhouni, Investment Director at Amethis, said:
“We are very pleased to partner with Hatem Samir and his team and we are looking forward to helping grow the company, thus contributing to financial inclusion in Egypt. This is the first investment of Amethis in Egypt, which is now a core market for our funds.”
Heike Harmgart, EBRD Managing Director for the Southern and Eastern Mediterranean region, said:
“We are very happy to join this consortium for the Bank’s first equity investment in a financial institution in Egypt and its first partnership in Egypt’s leasing and factoring sector. This investment will support a leading financial company in providing financing to an important segment of the Egyptian economy, covering small and medium-sized businesses.”
Ahmed Eloraby, Partner and Mehdi Charfi, Managing Partner at SPE Capital, said:
“This will be our second investment in Egypt through the SPE AIF I fund and a reflection of the deepening of SPE Capital’s on-the-ground presence as a team. We are excited to partner with Hatem and GlobalCorp’s management team on scaling up the company’s organization, product offerings and market positioning and look forward to unlocking long-lasting value and impact for the company’s stakeholders.”
Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the EBRD has invested more than €8.5 billion in 144 projects across the country.
Established in 2015 in Egypt, GlobalCorp is a non-banking financial services company engaged in offering financial and operating leases and factoring solutions to companies and SMEs. It offers leading, innovative financial solutions, including structured/tailored finance, in partnership with other leasing companies and banks, positioning it as the largest purely independent non-banking financial services player in Egypt.
Amethis, a member of the Edmond de Rothschild Private Equity partnership, is a private equity firm dedicated to the African continent, with offices in Paris, Casablanca, Abidjan, Nairobi and Luxembourg, and an investment capacity exceeding €810 million. Amethis brings growth capital to promising midcap champions in a diversity of sectors throughout the African and European continents and is led by an experienced investment team with extensive experience investing in growth companies.
Edmond de Rothschild Private Equity is an independent firm, part of Edmond de Rothschild Asset Management, with over CHF 3.4 billion in assets under management. With an entrepreneurial approach to finance and backed by strong convictions, Edmond de Rothschild Private Equity builds and develops differentiating investment strategies that provide a sustainable response to environmental and social challenges. Founded in 1953, the Edmond de Rothschild Group had CHF 178 billion in assets under management as of 31 December 2021, 2,500 employees and 29 offices worldwide.
About SPE Capital
SPE Capital is a pan-African private equity firm formed in 2016 through a spinout from Swicorp, a leading regional investment-banking firm. The SPE Capital team has invested over US$ 500 million across Africa and the Middle East since 2005. SPE Capital is led by an experienced investment team with extensive experience investing in growth companies.