In a strategic move signaling a comeback to the Moroccan financial landscape, investment fund Mediterrania Capital Partners, in collaboration with a consortium of investors, is eyeing a return to the capital of Cash Plus, a prominent payment institution in Morocco.
Mediterrania Capital Partners, known for its focus on SMEs and medium-sized enterprises in Africa, had previously entered the capital of Cash Plus in 2014, acquiring a significant 49% stake. However, the private equity firm exited its investment in February 2021. Now, it aims to re-establish its presence by jointly acquiring a majority stake in Cash Plus, according to an announcement made by the Competition Council of Morocco on Thursday, November 16.
The proposed acquisition involves a consortium of notable entities, including the International Finance Corporation (IFC), the FMO, and five other private entities. The specific share allocations for each participant have not been disclosed. The formation of a new company, MC IV Money, has been confirmed for the sole purpose of facilitating this investment in Cash Plus.
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Mediterrania’s return to Cash Plus had been under speculation since early November, and the recent announcement confirms their intention to rejoin the shareholding structure. The private equity firm had previously sold its shares in Cash Plus in February 2021, following which it had hinted at potential reinvestment.
This investment initiative aligns with Mediterrania’s recent activities, including a €15 million investment from its latest fund, MC IV Fund. The fund has already seen successful investments in pharmaceutical company Laprophan and, notably, in Cash Plus. These moves underscore Mediterrania’s commitment to bolstering the financial landscape in Morocco.
Cash Plus, founded in 2004 and currently owned by the Tazi and Amar families, operates as a leading payment institution in Morocco. Offering a range of financial and para-financial services, from money transfer to bill payments, Cash Plus has been a significant player in the local financial market for nearly two decades.
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The success of this proposed acquisition could reshape the ownership structure of Cash Plus and potentially enhance its capacity to expand and innovate within the dynamic financial services sector.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard