IVORY COAST – Norfund and Advanced Finance and Investment Group (AFIG Funds) have announced a joint acquisition of Nouvelle Mici Embaci (“NME”) to scale up its operations and roll out an ambitious modernization plan and regional growth strategy.
Norfund and AFIG Funds have partnered with Bridge Bank Cote d’Ivoire and Mauritius Commercial Bank (MCB) to provide necessary acquisition financing and working capital facilities to scale the business to its next growth phase.
The co-investors will partner with the existing management team as they continue to grow the business and expand its portfolio of packaging solutions.
Founded in 1983, Nouvelle Mici Embaci (“NME”) manufactures corrugated packaging as well as polypropylene bags and provides industrial printing services.
Fabrice Mpollo, Investment Manager in Norfund said: “This acquisition will aim to modernize NME’s operations and expand its customer base while instituting international standards in corporate governance and environmental sustainability.
“We are excited and proud to be part of such a landmark transaction for the industry in Cote d’Ivoire as well as for the West African region.”
Naana Winful Fynn, Regional Director for West Africa, Norfund added that the investment is Norfund’s first in the Ivorian manufacturing sector and represents an important opportunity to support the management team to continue to serve as a key supplier partner and provider of high-quality solutions to many companies in the Ivorian and francophone West African markets.
“We look forward, along with AFIG, to supporting the management team to drive sustainable growth and expansion, to further institutionalize, and to scale its recycling capacity and thus contribute to the development of a circular economy within the region,” reiterated Winful Fynn.
The investment comes at a time when the local corrugated paper market is estimated at 80,000 tonnes annually and is growing at approximately 10% per year, boosted by population growth, changes in consumption habits, and higher demand in packaging as a result of industrial investments and growth in hyper-distribution, which indicate a positive outlook for market players.
NME’s customers are among the leading local and multinational companies in the region, a testament to the company’s high-quality packaging solutions and excellent service delivery.
The company directly employs over 1,000 people and is a leader in recycled paper-based packaging.
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