29 July 2021
CDG Invest Growth (“CIG”), the leading Morocco based private equity firm previously known as CDG Capital Private Equity, and Techniques Science-Santé (“T2S”), IM Alliance, Cyclopharma and Binarios (together, the “Company” or the “Group”) are pleased to announce the signing of an agreement for the sale of a majority stake in the largest and most diversified group of MedTech companies in Morocco to funds managed by Helios Investment Partners.
Founded in 1992 by M. Abderraouf Sordo as well as other managers, the Group has grown to become the leading medical equipment distributor and maintenance provider in Francophone Africa, generating revenues of c.€100 million in 2020. Through long-standing distribution agreements with leading Original Equipment Manufacturers (“OEMs”), the Group provides a diversified base of loyal customers with access to high-end MedTech equipment. Importantly, the Company has built a strong track record as a reliable partner by providing unique training, aftersales and maintenance support services, providing a strong base of recurring revenues.
Abderraouf Sordo, Founder and CEO of T2S, added: “Today’s milestone is a testimony of the amazing work done by the employees of the Group for the last 30 years, whose dedication and hard work enabled us to gain the trust of both our clients and our suppliers. We are now partnering with Helios and are extremely excited about the next phase of our journey where we will continue our mission of enhancing the health care offering in the regions we serve. Over the last five years, our Company realised exceptional achievements and structural changes and we thoroughly enjoyed our experience with our private equity partners with whom we learnt a lot. I would like to extend our sincere thanks to our partners from CIG whose active implication helped us immensely in achieving the ambitious goals we set to ourselves.”
Brahim Guessous, Partner at CIG, added: “We have been honoured to be part of this amazing five year journey with T2S. This investment has exceeded all our expectations in terms of value creation and we are pleased to have contributed to the transformation of a national SME into the undisputed regional leader in the Med-Tech equipment sector. We have enjoyed our intense partnership with M. Abderraouf Sordo and his team whose passion, vision and entrepreneurial spirit were key to the success of the Company. This investment also enabled us to develop a unique expertise in the healthcare sector and we see plenty of investment opportunities to come in this field. Finally, we look forward to T2S’ bright future as it begins its new partnership with a new private equity investor.”
The closing of the transaction is subject to regulatory approvals and other customary conditions.
About Technique Science Santé (“T2S”), IM Alliance, Cyclopharma and Binarios
Established in 1992, the Company has since grown into the largest diversified MedTech distributor in Morocco, with several footprints in West Africa. The Company is a combination of four entities: T2S, IM Alliance, Cyclopharma and Binarios. T2S is active in the distribution and maintenance of medical equipment, mainly digital imaging, ultrasounds and oncology. IM Alliance operates in the distribution of in-vitro diagnostics equipment and reagents, radiology equipment and vascular-cardiac implants. Cyclopharma is responsible for the production and distribution of contrast pharmaceuticals for imaging, including radiopharmaceuticals. Binarios develops and manages information systems for the medical sector, notably radiology handling and archiving.
About CIG (previously known as CDG Capital Private Equity)
CDG Invest Growth (CIG) is a dedicated private equity firm focusing on growth investments in SMEs and mid-cap companies in Morocco and Francophone Africa. The firm was previously called CDG Capital Private Equity and manages the Capmezzanine family of funds. CIG is based in Casablanca and has c.180m€ assets under management from various local and international institutional investors. It is currently investing its fourth fund targeting equity investments between 5 and 15 million euros per transaction. CIG is a regulated financial investment manager licensed by the Autorité Marocaine du Marché de Capitaux (AMMC).
The T2S investment was made in June 2016 by the fund Capmezzanine II SCR, a 444 MDH (40m€) fund raised in June 2015.
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