Kamco Invest, a regional non-banking financial powerhouse, successfully acted as the exclusive sell-side advisor and the sole financial advisor on the sale of a majority stake in GlobalCorp for Financial Services, a leading Egyptian non-banking financial institution.
The transaction witnessed the Ezdehar Egypt Mid-Cap Fund Cooperatief (Ezdehar) and the Equity sub-Fund (ESF I) of the SANAD Fund for MSME (Sanad) fully exit their stake in the Company. Hatem Samir, GlobalCorp’s Founder, Group Managing Director and Chief Executive Officer, will be partnering up with the new investors to lead and capture yet another growth round for the business.
Established in 2015, GlobalCorp is a leading Egyptian non-banking financial institution that focuses on leasing and factoring solutions for corporates as well as small and medium-sized enterprises (SMEs). GlobalCorp transformed into a full non-banking financial institution by finalizing the license to operate its consumer finance arm. The Company’s leased assets include production lines, equipment and machinery, vehicles, and commercial/industrial real-estate, with a product portfolio that covers a range of short-term financing solutions. Since inception, GlobalCorp extended EGP 13bn ($715m) of credit over 800+ leasing and factoring contracts spanning more than 30 industries, with over 25% of its portfolio serving SMEs and green financing. The Company also arranged Egypt’s first and largest factoring syndication and completed its first securitization at the end of 2021.
The stake in GlobalCorp was sold to a consortium of investors including Amethis, the European Bank for Reconstruction and Development (“EBRD”), and SPE AIF I, LP (“SPE Capital”). The consortium aims to work closely with Hatem Samir and GlobalCorp’s highly capable management team to further scale the Company’s portfolio and expand into new business segments.
Abdullah M. AlSharekh, Managing Director of Markets and Investment Banking at Kamco Invest, said, “This transaction marks another successful mergers and acquisitions deal closed by Kamco Invest in 2022, affirming the team’s ability to achieve client strategies and goals. During the past year, Kamco Invest advised on several key regional mergers and acquisitions transactions. Most recently, Kamco Invest acted as the financial advisor to STC Kuwait, a leading regional telecom and digital solutions provider, on the acquisition of e-Portal Holding Company, one of Kuwait’s key players in the Information and Communication Technology (ICT) field.”
Sherif Abdel Aal, Senior Consultant – CEO Office at Kamco Invest, said, “We are glad to collaborate with and provide our advisory services to leading PE firms such as Ezdehar and Sanad, and Hatem Samir a recognized veteran in the leasing industry. This transaction marks another added milestone to Kamco Invest’s track record, further solidifying its regional footprint and ability to execute complex transactions in different jurisdictions, while providing world class advisory services in a timely manner. The investment opportunity attracted a large number of bidders from different geographies. The buyers’ profiles demonstrate the trust and significant appetite of international investors in Egypt’s resilient economy, the non-banking financial sector and GlobalCorp’s management, as well as equity story. Kamco Invest is delighted to have played a key role and contributed to attracting new PE players to the Egyptian market; as this transaction marks the first investment by Amethis in Egypt, and the first equity investment by the EBRD and SPE Capital into an Egyptian financial institution.”
With 22 transactions completed in 2021, Kamco Invest acted as an investment banker on deals with a cumulative value of USD 29.2bn since inception; across equity capital markets, debt capital markets and mergers & acquisitions. The Investment Banking team advised on deals in Kuwait, Egypt, United Arab of Emirates, Saudi Arabia, Oman, Jordan, and Bahrain.
It is worth noting that in addition to Kamco Invest being the exclusive sell-side advisor and the sole financial advisor to the transaction, Matouk Bassiouny acted as legal counsel to the Sellers while Helmy, Hamza and Partners – Member Firm of Baker & McKenzie International acted as legal counsel to the Buyers.
