Moroccan Medical Distribution Firm Promamec Secures €30 Million Investment from Vantage Capital for Minority Stake

Vantage Capital, Africa’s mezzanine fund manager, announced today that it closed a €30 million equity investment for the acquisition of a significant minority stake in Promamec, a Moroccan medical distribution business. The funds invested by Vantage Capital facilitated the exit of the private equity fund AfricInvest and will also serve to part-fund Promamec’s next phase of development.

Promamec was founded in the early 1980s by the Lahlou family. The company is one of the leading medical consumables and equipment distributors in Morocco and is also among the few players engaged in local production of medical consumables – an activity that the company aims to sizably develop over the next few years.

This investment will enable Promamec to finance its development plan that involves building a new production plant, broadening its portfolio by launching new product categories, and strengthening its positioning in sub-Saharan Africa.

Mr. Naoufal Lahlou, CEO of Promamec, commented “We are delighted to welcome into our shareholding Vantage Capital, a leading pan-African investment firm. With Vantage Capital’s support, we aim to execute our ambitious growth plan, which consists of diversifying our current product range, increasing our production capacity and, above all, expanding our geographical presence in sub-Saharan Africa. Since our very first discussions, Vantage Capital has demonstrated its total alignment with our vision.”

Mr. Luc Albinski, Executive Chairman at Vantage Capital, added, “We are proud to have concluded our third Moroccan deal. This deal also marks our second investment in Morocco’s buoyant healthcare sector, which is undergoing massive development thanks to both public and private investments. We are very enthusiastic about accompanying Promamec in achieving its ambitions and contributing to the improvement of healthcare in the Kingdom.”

Mr. Driss Benabdeslam, Associate Partner at Vantage Capital, concluded, “We are very happy about this investment in one the Kingdom’s main medical suppliers. It is great to know that our funds and strategic support will be dedicated to a company operating in such a key sector. We are also pleased to partner with a highly seasoned and committed team, with whom we look forward to taking Promamec to the next level. We would like to thank the Lahlou family for their trust and willingness to welcome us as new shareholders.”

This transaction represents Vantage Capital’s 35th investment across four generations of mezzanine debt funds with its portfolio of investments spread across eleven African countries. Promamec also marks Vantage Capital’s third investment in Morocco, thus reinforcing its presence in one of its key target markets.

Vantage Capital was advised by Derenia Capital who acted as buy-side advisor for the transaction, and by Clifford Chance (in Morocco) who acted as its legal counsel. PwC (in Morocco) and Webber Wentzel (in South Africa) provided tax advice, PwC & Deloitte (in Morocco) were the financial advisors, Strategy& (part of the PwC network in Morocco) provided commercial advice, and Ibis Consulting (in Morocco) reviewed the environmental impact.

Promamec and AfricInvest were advised by Allen & Overy (in Morocco) and Cabinet Atlassi who acted as their legal counsel and by Smyle Finance who acted as sell-side advisor. A&B Associés acted as legal counsel to the Lahlou family.

Source : and

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