First investment by EuroMena Fund extended. Co-financing Nigerian-based Lebanese tissue paper firm - Lebanon

First investment by
EuroMena Fund extended
Co-financing Nigerian-based
Lebanese tissue paper firm
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EuroMena III, the latest of the EuroMena Funds, and Amethis Finance, an investment vehicle dedicated for Africa, and other co-investors, have extended a convertible loan for Elephant Africa Holding, the holding entity of Bel Papyrus and Bel Impex operating in Nigeria, producers of tissue paper products in Nigeria. The value of the investment is $50 million, $15 million of which were secured by EuroMena III, said Romen Mathieu, Managing Partner of The EuroMena Funds.

Founded by brothers Antoine and Gabriel Boulos in Lagos in 1987, the group produces jumbo reels, which it converts into toilet paper, napkins, facial tissues, kitchen towels, and handkerchiefs, with a 35 percent market share of finished products.

This transaction is the first by EuroMena III. It is also the first to be achieved by the EuroMena Funds in sub-Saharan Africa. EuroMena’s strategy for sub-Saharan Africa is to invest in sound companies with strong growth potential and to benefit from the participation and knowhow of Lebanese living in the concernedregion. EuroMena III is also expected to complete its second transaction next month, confirming the solid investment momentum of EuroMena III, in view of its second closing expected at $200 million by Q1 2016.

“The collaboration between the Boulos Family, EuroMena, and Amethis will contribute positively to the group’s development, enabling it to achieve its ambitious growth plans,” Mathieu said.

Kyte Partners acted as sole financial advisor to the Boulos family on the transaction.

EuroMena III had its first closing in October 2014 for a total consideration of $100 million, backed by commitments of top tier institutions, High Net Worth Individuals (HNWI), and family offices.
Reported by Rana Freifer
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Date Posted: Sep 11, 2015