By Dipo Olowookere
EuroMena has announced the listing of Biopharm, one of its portfolio companies, on the Algiers Stock Exchange.
The shares listed represent 20% of the company for a value of DZD 6.3 billion ($60 million).
The company is the third company of EuroMena to successfully enter a stock market, after Siniora Food on the Amman Stock Exchange and the Palestine Securities Exchange on the Palestine Exchange.
Biopharm is one of the leading Algerian pharmaceutical manufacturing and distribution companies owning c.15% market share in the Algerian market, with its revenues growing at c.45% over the past three years, reaching DZD 50 billion (c. USD 460 million) in 2015.
With a solid pipeline and several avenues for growth, the company is expected to maintain the strong growth momentum in the coming years.
Today, with a market cap of DZD 31.5 billion (c. USD 290 million), Biopharm is the fifth company to enter Algeria’s stock market and accounts for 70% of the total Algiers stock exchange market cap.
EuroMena invested in the company in January 2014 alongside Development Partners International (DPI), Mediterrania Capital Partners (MCP) and Deutsche Investitions- und Entwicklungsgesellschaft (DEG). The four partners have remained shareholders in Biopharm with the vision of unlocking further growth potential in the company.
“With the listing of Biopharm’s shares on the Algiers Stock Exchange, EuroMena continues its strategy of creating value to its shareholders through investing in high growth companies in the Levant and Africa regions. EuroMena, alongside its partners has helped Biopharm in formulating its strategy and growth plans, and is actively gearing it up for an optimal and profitable exit, consequently achieving high returns (IRR) for the Fund”, Gilles de Clerck, Partner at EuroMena said.
The EuroMena Fund Management Team has raised USD c.350 million to date from prominent investors, and has closed more than 20 investments and divestments. The Fund’s investors include several international institutions such as the European Investment Bank (EIB), the International Finance Corporation (IFC), the Deutsche Investitions- und Entwicklungsgesellschaft (DEG), the Électricité de France (EDF), the Proparco, the CDC Group, as well as high net worth individuals from the MENA and Gulf regions.
EuroMena III, the third and latest Fund of EuroMena, closed in June 2016 for a total consideration of USD 150 million. The Fund aims to invest in high growth local companies in the Levant and Africa regions, turn them into Regional Leading Groups, and prepare them for a profitable exit within a timeframe of 3-7 years. To date, EuroMena III has already invested 35% of its capital in the Levant, North Africa, and Sub-Saharan Africa regions.