Mediterrània Capital Partners – Maltese law-capital investor that invests in SMEs in North Africa – has acquired 43% stake in Algerian society Cieptal Cars.The transaction, whose amount was not disclosed, was done through its second fund Mediterrània Capital II has 120 million.
The Algerian leader in the industry
Cieptal Cars is a private company, founded in 2006 by Rachid Benlakehal. The company operates in the field of long term rental cars with a fleet of 761 new cars and a turnover of 10.5 million euros. Its business model is focused on businesses, especially those operating in the hydrocarbon sector.
In addition to leasing cars long, the company with 237 employees offers other benefits such as vehicle transport, services to drivers and vehicle maintenance. It is located in Algiers and Hassi Messaoud (800 kilometers south of Algiers).
“The strategy of Cieptal Cars is to increase and diversify its customer portfolio in Algeria, while identifying new opportunities abroad. The Mediterrània Capital Partners team brings strong support for future projects, given his vast knowledge and experience of the sector in the region, “said the press release Benlakehal Rachid, founder of Cieptal Cars which retains 57% of the capital, but without managerial involvement in society.
With the entry of Mediterrània Capital Partners in its capital, Cieptal Cars hopes to have the resources to increase its fleet of cars and commercial vehicles to continue growing.
“Cieptal Cars is extremely well positioned to continue its growth in Algeria and expand throughout the region. This new investment enthusiasm and are we eager to help accelerate the company’s growth, “said Daniel Viñas, associate Mediterrània Capital Partners.
The management of the company remains assured by Karim Hassaim who remains the CEO, while Daniel Viñas and Albert Alsina, CEO and founder of Mediterrània Capital Partners Cieptal Cars seat on the board.
Heading south of the Sahara
“Mediterrània Capital Partners is always looking for growth opportunities in the Maghreb region (Morocco, Algeria, Tunisia), with expansion opportunities in sub-Saharan Africa,” says the press release. Its priority target are SMEs “having an equity value of between 25 and 400 million euros and an expansion strategy to the markets of North Africa and sub-Saharan Africa.”
Based in Malta, with offices in Barcelona, Casablanca, Tunis and Algiers Mediterrània Capital started its operations in 2008 as a division of Spanish financial group Riva y Garcia.
Independent since 2013, the capital investor has a total of ten stakes in companies in Algeria, Tunisia and Morocco. His first Mediterrània Capital Fund I, with 62 million, conducted its last operation in the second half 2013 and is being output from its investments. Source: Jeune Afrique