{"id":547990,"date":"2022-07-21T04:00:24","date_gmt":"2022-07-21T04:00:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/mohamed-el-sewedy-acquires-sportswear-brand-magma\/"},"modified":"2022-07-21T04:00:24","modified_gmt":"2022-07-21T04:00:24","slug":"mohamed-el-sewedy-acquires-sportswear-brand-magma","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/mohamed-el-sewedy-acquires-sportswear-brand-magma\/","title":{"rendered":"Mohamed El Sewedy acquires sportswear brand Magma"},"content":{"rendered":"<p><strong>Mohamed El Sewedy<\/strong> <strong>h<\/strong><strong>as acquired<\/strong><strong> local sportswear brand <\/strong><strong><a href=\"https:\/\/magmasportswear.com\/\">Magma<\/a><\/strong> for an undisclosed amount, <a href=\"https:\/\/www.facebook.com\/AverroesVentures\/\">Averroes Ventures<\/a>, which worked on the transaction, said in <a href=\"https:\/\/ent.news\/2022\/7\/Press-Release-Averroes-Ventures-spearheads-the-acquisition-of-Magma-Sportswear-with-Investments-from-Mohamed-El-Sewedy.pdf\">a press release (pdf)<\/a>. The acquisition saw El Sewedy \u2014 who was already an investor and partner in Magma \u2014 buy out another partner for full ownership of the firm, Averroes Ventures CEO Ahmed Al Sharif told Enterprise, without disclosing the name of the seller. Averroes Ventures did not disclose the value of the acquisition.<\/p>\n<p><strong>Averroes Ventures\u2019 role was to help restructure Magma and arrange for the buyout<\/strong>, he explained, adding that the firm will now assist with the company\u2019s expansion and operations. El Sewedy is now Magma\u2019s chairman, while Amr Abu Ali is its newly appointed CEO.<\/p>\n<p><strong>What\u2019s next for Magma?<\/strong> A facelift of the brand and expansion into new markets, with an entry into Saudi Arabia on the cards before the end of the year, Al Sharif said. Magma will also open its <strong>flagship store in Egypt before the end of 2023<\/strong>, he added.<\/p>\n<p><strong>IN OTHER M&A NEWS-<\/strong><\/p>\n<p><strong>Look out for an announcement today on whether Pachin\u2019s board has approved Saybad\u2019s <\/strong><strong>takeover bid<\/strong><strong>.<\/strong> EGX-listed Paint and Chemical Industries (Pachin) held its general assembly meeting yesterday to discuss Saybad Industrial Investment\u2019s bid to buy 100% of its shares, according to an <a href=\"https:\/\/ent.news\/2022\/7\/%D8%A8%D8%A7%D9%83%D9%8A%D9%86-%D8%AF%D8%B9%D9%88%D8%A9-%D9%85%D8%AC%D9%84%D8%B3-20-7-2022.pdf\">EGX disclosure (pdf)<\/a>. Saybad\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be49d19c-306f-4ee9-b6ee-b0dba42a18be\">offer<\/a> prices Pachin\u2019s shares at between EGP 16.00 and EGP 16.50 apiece, valuing the company at EGP 384-396 mn. The takeover bid comes as \u201cthe first actual application\u201d of the state\u2019s privatization plans, a source with first-hand knowledge of the transaction told Enterprise earlier this week. Around 54% of the company is currently owned by state-owned companies and banks, the source added.<\/p>\n<p><strong>ADVISORS-<\/strong> Catalyst Partners is acting as Pachin's financial advisor. Adsero\u2013Raji Soliman & Associates is the firm\u2019s legal advisor.<\/p>\n<p><em>Correction: 23 July 2022<\/em><\/p>\n<p><em>A previous version of this article incorrectly stated that Averroes Ventures acquired Magma.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mohamed El Sewedy has acquired local sportswear brand Magma for an undisclosed amount, Averroes Ventures, which worked on the transaction, said in a press release (pdf). The acquisition saw El Sewedy \u2014 who was already an investor and partner in Magma \u2014 buy out another partner for full ownership of the firm, Averroes Ventures CEO [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":547991,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[2160,72,7128,2161,2159,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-averroes-ventures","tag-enterpriseam","tag-ma-watch","tag-magma","tag-saybad-industrial-investment","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"107f70dc-4b46-4c5b-8d4c-bf26fb8b9d6e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/221.jpg","photo_position":"above","related_issue":[547983],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mohamed El Sewedy acquires sportswear brand Magma - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/mohamed-el-sewedy-acquires-sportswear-brand-magma\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mohamed El Sewedy acquires sportswear brand Magma\" \/>\n<meta property=\"og:description\" content=\"Mohamed El Sewedy has acquired local sportswear brand Magma for an undisclosed amount, Averroes Ventures, which worked on the transaction, said in a press release (pdf). The acquisition saw El Sewedy \u2014 who was already an investor and partner in Magma \u2014 buy out another partner for full ownership of the firm, Averroes Ventures CEO [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/mohamed-el-sewedy-acquires-sportswear-brand-magma\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-21T04:00:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/221.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/mohamed-el-sewedy-acquires-sportswear-brand-magma\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/mohamed-el-sewedy-acquires-sportswear-brand-magma\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Mohamed El Sewedy acquires sportswear brand Magma\",\"datePublished\":\"2022-07-21T04:00:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/mohamed-el-sewedy-acquires-sportswear-brand-magma\/\"},\"wordCount\":326,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/mohamed-el-sewedy-acquires-sportswear-brand-magma\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/221.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Averroes Ventures\",\"EnterpriseAM\",\"M&amp;A Watch\",\"Magma\",\"Saybad Industrial Investment\",\"venture capital\"],\"articleSection\":[\"M&amp;A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/mohamed-el-sewedy-acquires-sportswear-brand-magma\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/mohamed-el-sewedy-acquires-sportswear-brand-magma\/\",\"name\":\"Mohamed El Sewedy acquires sportswear brand Magma - 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The startup plans to use the latest investment to expand in Egypt and\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556296,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/19\/cairo-logistics-startup-illa-closes-seven-figure-round\/","url_meta":{"origin":547990,"position":1},"title":"Cairo logistics startup Illa closes seven-figure round","author":"enterpriseam admin","date":"19 October 2021","format":false,"excerpt":"Cairo-based FMCG logistics startup Illa has closed a seven-figure USD investment round led by Saudi\u2019s Watheeq Financial Services and Africa-focused Golden Palm Investments, according to an emailed statement (pdf). Loftyinc Capital Management, Kepple Africa Fund, Cubit Ventures, AUC Angels, OQAL Angel Network and Flat6Labs Cairo also participated in the round.\u2026","rel":"","context":"In &quot;Startup watch&quot;","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/206.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547311,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/16\/khazenly-gets-the-bag-along-with-regtech-startup-valify\/","url_meta":{"origin":547990,"position":2},"title":"Khazenly gets the bag along with regtech startup Valify","author":"enterpriseam admin","date":"16 June 2022","format":false,"excerpt":"B2B logistics firm Khazenly has closed a USD 2.5 mn seed round led by ArzanVenture Capital and Shorooq Partners with participation from Camel Ventures, Averroes Ventures, and a number angel investors, the company said in a release(pdf).About Khazenly: Founded last year by Mohamed Younes (LinkedIn), Osama Aljammali (LinkedIn), Mohamed Montasser\u2026","rel":"","context":"In &quot;Startup watch&quot;","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/Khazenly-co-founders-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554285,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/28\/mohamed-el-sewedy-stays-on-as-fei-head\/","url_meta":{"origin":547990,"position":3},"title":"Mohamed El Sewedy stays on as FEI head","author":"enterpriseam admin","date":"28 December 2021","format":false,"excerpt":"Mohamed El Sewedy has been re-appointed as the head of the Federation of Egyptian Industries (FEI) through 2025, according to an FEI statement (pdf).","rel":"","context":"In &quot;Moves&quot;","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548027,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/this-morning-lavrov-in-town-today-who-declares-monkeypox-a-global-health-emergency\/","url_meta":{"origin":547990,"position":4},"title":"THIS MORNING: Lavrov in town today; WHO declares monkeypox a global health emergency","author":"enterpriseam admin","date":"24 July 2022","format":false,"excerpt":"Call us Mark Mobius Stans. We don\u2019t care: In life, it is very rare to meet actual living legends that started a field you\u2019re in. It is even rarer when that person actually remembers you. So you can pretty much imagine that it was birthday, Christmas, and New Years all\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":651913,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/23\/house-to-vote-on-compensation-act-next-week-el-sewedy\/","url_meta":{"origin":547990,"position":5},"title":"House to vote on compensation act next week -El Sewedy","author":"enterpriseam admin","date":"23 February 2017","format":false,"excerpt":"The House of Representatives will be voting on the Compensation Act at a plenary session next week, MP and Federation of Egyptian Industries Chief Mohamed El Sewedy said, according to Al Borsa. The remarks come one day after contractors threatened to suspend work on government projects until the legislation \u2014\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547990","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547990"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547990\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547983"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547991"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547990"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547990"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}