SPE Capital, Amethis, EBRD line up exit from GlobalCorp

Anchor investors in homegrown financial services player GlobalCorp are looking to exit the company in a transaction that could see up to 100% of the company change hands, our friend Hatem Samir, the company’s founder and CEO, tells EnterpriseAM.

The transaction is expected to close within two to four months, Samir tells us. The company will open its virtual data room and issue process letters to interested bidders this week, kicking off due diligence, he added, with the final price tag depending entirely on the outcome. An unconfirmed report in the Arabic press claimed the transaction could be in the USD 200 mn (EGP 10.7 bn) range.

Interest is reportedly already running high. The potential sale has drawn interest from more than a half-dozen strategic and financial investors, including multiple international bidders. At least one UAE-based bank was rumored to be circling the firm as recently as last year.

Who’s selling? Sellers include Tunis-headquartered PE firm SPE Capital; Paris-based, Africa-focused fund Amethis; and the European Bank for Reconstruction and Development — which together bought a 90% stake valued at EGP 914 mn in 2022. Samir, who held onto a 10% minority during that round, tells us he will likely stay on, though whether he rolls his equity over depends on the buyer.

SOUND SMART- GlobalCorp have built their growth around a high-velocity ownership model — bringing in new shareholders roughly every five years to match the company’s expanding capital appetite. The company offers leasing, factoring, mortgages, and consumer finance.

Another cycle, another exit: “We are looking for serious buyers to partner with to facilitate entry into new markets,” Samir tells us. The sale was always the endgame for the current owners, he says, adding that this would mark the second exit for GlobalCorp since its founding in 2015, following the 2022 departure of Ezdehar and Sanad Fund.

Our take: A strong exit of a high-profile player like GlobalCorp would be a boost not just for Egypt as an investment destination, but for the nation’s burgeoning private equity industry and M&A market, both of which have been enjoying a renaissance of late. Hatem has been a longtime fixture of our stage at the EnterpriseAM Egypt Forum (here and here).

ADVISORS- Dubai-based Arqaam Capital is quarterbacking the transaction, Samir tells us.