Injaro Investment Advisors has joined Advanced Finance and Investment Group’s (AFIG Funds) leveraged buyout (LBO) of a Côte d’Ivoire-based industrials company.
The investor is injecting approximately $2.1 million (€2 million) into Nouvelle Mici Embaci (NME), as part of the consortium which wholly acquired the company in 2023.
This consortium included AFIG Funds and Norwegian Investment Fund for developing countries (Norfund).
The transaction was leveraged by debt from Bridge Bank Cote d’Ivoire and Mauritius Commercial Bank (MCB).
Injaro is structuring the deal through Injaro Ghana Venture Capital Fund (IGVCF), closed at approximately $17.3 million (GH₵216 million) earlier in 2024. This transaction sees Injaro seal its second deal from the fund and its first in Côte d’Ivoire.
AFIG structured the deal through its sophomore vehicle, AFIG Fund II, which was set up to target $300 million at final close. The vehicle had a $117 million first close in 2016.
“The Injaro team is excited to partner with the NME team, AFIG Funds, and Norfund in this transformational investment,’’ said Jerry Parkes, managing director at Injaro. ‘’In NME, we envision the emergence of a regional powerhouse in the packaging industry that will continue to make significant contributions to economic growth and employment. For our investors, this investment also represents a credible opportunity to achieve attractive returns and portfolio diversification for their clients.”
Papa Madiaw Ndiaye, chief executive officer at AFIG Funds worked on the deal.
Headquartered in Abidjan, NME provides packaging and printing services to corporate clients across Côte d’Ivoire and Francophone West Africa.
The company also manufactures corrugated packaging as well as polypropylene bags.
NME is a subsidairy of Groupe Carré d’Or, a Côte d’Ivoire-based consumer goods production company.
Created in 1983, NME is headed by director general Ezzeddine Mustapha and employs over 1000 people as of 2023.
ASAFO & Co acted as legal advisors to AFIG Funds on this deal.
Ernst & Young provided financial advisory services to AFIG Funds this transaction.
KeysFinance Partners provided financial advisory services to the seller on this deal.
See full data on this deal here
