(Ecofin Agency) - Initiated last March, the takeover of NME, one of Côte d’Ivoire’s top packaging companies, was just completed this month. AFIG Funds, a fund manager, and Norfund from Norway are among its new owners. 

On July 3, 2023, a group of investors comprising the Advanced Finance and Investment Group (AFIG Funds) and the Norwegian Investment Fund for Developing Countries (Norfund) finalized the process of acquiring the Ivorian packaging company Nouvelle Mici Embaci (NME) from Holea Holding, the parent company of the Ivorian agro-industrial conglomerate Groupe Carré d'Or. Bridge Bank Côte d’Ivoire and Mauritius Commercial Bank financed the deal.

AFIG Funds and their co-investor Norfund established a leveraged financing structure to acquire the entire share capital of NME. This leading packaging company in Côte d'Ivoire is one of the largest in Francophone West Africa.

The acquisition of Nouvelle Mici Embaci, a subsidiary of the Ivorian private group Carré d'Or, took place in three phases. It started in March 2023 with the approval of an acquisition loan from Bridge Bank Group Côte d'Ivoire. In May 2023, Norfund made a capital investment and finalized sale agreements with Holea Holding, the seller. The last phase of disbursement concluded on July 3.

NME manufactures cardboard, paper packaging, and bags. Previously owned by Carré d'Or Group for over fifteen years, it is now controlled by the consortium led by AFIG Funds. Through the transaction, Holea Holding and its subsidiary Carré d'Or will refocus on consumer products and distribution. For AFIG Funds and Norfund, this acquisition represents an opportunity to expand the company's operations in West Africa.

According to KeysFinance Partners, an investment bank that provided advice to Carré d'Or Group, this acquisition is “one of the largest private equity deals in Côte d'Ivoire in recent years”.

Chamberline MOKO