Mediterrania sold remaining 9% stake in Moroccan Cash Plus
(Ecofin Agency) - Mediterrania Capital Partners, a private equity firm that focuses on SMEs and mid-cap companies in Africa, has sold its remaining 9% interest in the capital of Cash Plus, a Moroccan company active in money transfer activities, prepaid credit cards, and bill payment.
“With Mediterrania’s financial and operational support, Cash Plus entered a new era that included a major restructuring plan and rebranding strategy, the acquisition and integration of Eurosol in 2015, the start of key partnerships with banks, telecom operators and utility providers, the granting of a Payment Licence by the Moroccan Central Bank and the digitalization of our products and services, all benefiting the lives of thousands of customers across Morocco and abroad,” Nabil Amar, MD of Cash Plus, commented on the 7-year collaboration with Mediterrania.
This move, which will result in the final exit of the investment manager from the capital of Cash Plus, comes two years after Mediterrania first sold 40% of its stake in the company. These shares were sold to the Moroccan industrial and real estate group Richbond.
This time, the 9% shares were transferred to a Moroccan family office group. The financial details of the transaction have not been disclosed.
Mediterrania entered the capital of Cash Plus in 2014 by acquiring 49% interest and committing to supporting the company’s growth plan; 7 years later, the number of Cash Plus outlets increased from 360 to nearly 2,000 and annual revenues have increased fourfold, according to official data.