{"id":567727,"date":"2020-12-06T04:30:14","date_gmt":"2020-12-06T04:30:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/06\/lorax-capital-acquires-significant-minority-stake-in-dsquares-in-first-investment-by-its-new-fund\/"},"modified":"2020-12-06T04:30:14","modified_gmt":"2020-12-06T04:30:14","slug":"lorax-capital-acquires-significant-minority-stake-in-dsquares-in-first-investment-by-its-new-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/06\/lorax-capital-acquires-significant-minority-stake-in-dsquares-in-first-investment-by-its-new-fund\/","title":{"rendered":"Lorax Capital acquires \u201csignificant\u201d minority stake in Dsquares in first investment by its new fund"},"content":{"rendered":"

<\/a> Lorax Capital Partners<\/a><\/strong> has acquired a \u201csignificant\u201d minority stake in loyalty <\/strong>services provider <\/strong>Dsquares<\/a><\/strong> through its LCP Fund II, the private equity outfit said in a statement (pdf)<\/a>, without specifying the size of the stake or the value of the investment. The acquisition includes Ezdehar Egypt Mid-Cap Fund\u2019s 22.5% stake, which Lorax Capital was reported<\/a> to be in talks for back in October. The bulk of the investment came through a capital increase which the fund says will be used to up-scale Dsquares\u2019 new business lines and expand the company\u2019s footprint in Egypt and abroad.<\/p>\n

The investment is the first Lorax has made since closing its LCP Fund II. <\/strong>Lorax said in<\/a>October<\/a> it had raised USD 142 mn from international limited partners including EAEF, EBRD and the French Development Agency\u2019s Proparco for its new USD 250 mn SME-focused fund.<\/p>\n

Who are the players? <\/strong>Lorax is an Egypt-focused private equity firm with LPs that include a who\u2019s who of development finance agencies and other international players. Lorax\u2019s portfolio also includes stakes in Sarwa Capital and Fawry as well as NIS Schools, among others. Dsquares is a Cairo-based startup that provides end-to-end loyalty, rewards and concierge services. Other Dsquares include our friends at Algebra Ventures, the EBRD and the IFC as well as Cisco.<\/p>\n

But Enterprise, why do PE people talk funny? Like how does a \u201cclosed\u201d fund still make <\/strong>an investment? <\/strong>Welcome to the weird (and frankly wonderful) language of private equity investors. Private equity general partners <\/strong>(Lorax in this case) will typically raise a fund <\/strong>(LCP II) from limited partners <\/strong>(EBRD, EAEF \u2014 normals would just call them \u201cinvestors\u201d). Those LPs make commitments <\/strong>to the fund, which hopes to reach a first close<\/strong> (to gin up some excitement) and then a final close <\/strong>(which just means \u201cI raised all the funding I want\u201d). The GP then calls the capital <\/strong>or draws down <\/strong>the commitments made by the LPs (\u201cGimme my funds, please\u201d) so that it can make investments in portfolio companies <\/strong>(Dsquares). We can talk some other morning about how the PE firms make returns.<\/p>\n

Advisors:<\/strong> Al Tamimi Law Firm acted as the legal advisor to Lorax while Youssef & Partners provided legal advice to Dsquares.<\/p>\n

OTHER M&A NEWS-<\/strong><\/p>\n

Raya Holding is planning to acquire 100% of two subsidiaries of Saudi conglomerate <\/strong>Alturki Holding<\/strong>, the company said in a regulatory filing (pdf)<\/a>. The company might bring the targets, United Retail Company<\/a> (URC) and Itsalat International Egypt (i2 Stores<\/a>), under the umbrella of its retail electronics arm, Raya Shop<\/a>. EGX-listed consumer stalwart MM Group tried to buy URC and i2 Stores<\/strong> back in 2018<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Lorax Capital Partners has acquired a \u201csignificant\u201d minority stake in loyalty services provider Dsquares through its LCP Fund II, the private equity outfit said in a statement (pdf), without specifying the size of the stake or the value of the investment. The acquisition includes Ezdehar Egypt Mid-Cap Fund\u2019s 22.5% stake, which Lorax Capital was reported […]<\/p>\n","protected":false},"author":1,"featured_media":567728,"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":[540,72,762,7128,758,614,338],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-567727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-dsquares","tag-enterpriseam","tag-ezdehar","tag-ma-watch","tag-private-equity","tag-raya-holding","tag-retail","wpautop","entry"],"acf":{"mongo_id":"664a5c28-a18e-4f15-a95f-0774b7fc08a5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/91.jpg","photo_position":"above","related_issue":[567721],"teaser":"","voice_url":""},"yoast_head":"\nLorax Capital acquires \u201csignificant\u201d minority stake in Dsquares in first investment by its new fund - 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\/2020\/12\/06\/lorax-capital-acquires-significant-minority-stake-in-dsquares-in-first-investment-by-its-new-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lorax Capital acquires \u201csignificant\u201d minority stake in Dsquares in first investment by its new fund\" \/>\n<meta property=\"og:description\" content=\"Lorax Capital Partners has acquired a \u201csignificant\u201d minority stake in loyalty services provider Dsquares through its LCP Fund II, the private equity outfit said in a statement (pdf), without specifying the size of the stake or the value of the investment. 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Lorax CapitalPartners is reportedly looking to acquire Ezdehar Egypt Mid-Cap Fund\u2019s 22.5% stake in loyalty services provider Dsquares, the local press reports, citing sources with knowledge of the matter. The sale could be worth more than double what\u2026","rel":"","context":"In "Speed Round"","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":565203,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/meet-the-players-interested-in-getting-in-on-the-egypt-mid-cap-fund-ii\/","url_meta":{"origin":567727,"position":1},"title":"Meet the players interested in getting in on the Egypt Mid-Cap Fund II","author":"enterpriseam admin","date":"25 March 2021","format":false,"excerpt":"Everyone wants in on Egypt Mid-Cap Fund II, which will close in May: Private equity firm Ezdehar may be looking at a first close for its second fund, worth USD 120 mn, at the end of May, founder and managing director Emad Barsoum tells us. The European Bank for Reconstruction\u2026","rel":"","context":"In "SPEED ROUND: INVESTMENT WATCH"","block_context":{"text":"SPEED ROUND: INVESTMENT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575122,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/ezdehar-egypt-mid-cap-fund-plans-to-exit-dsquares-two-other-companies-within-6-months\/","url_meta":{"origin":567727,"position":2},"title":"Ezdehar Egypt Mid-Cap Fund plans to exit Dsquares, two other companies within 6 months","author":"enterpriseam admin","date":"4 October 2020","format":false,"excerpt":"M&A WATCH- Ezdehar Egypt Mid-Cap Fund is looking to sell its stake in customer loyalty card company Dsquares within the next six months, founding partner Emad Barsoum told Al Mal. Barsoum said the fund also plans to exit two other companies within the same period, and to make one last\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/29.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628263,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/28\/ezdehar-acquires-strategic-stake-in-loyalty-and-rewards-player-dsquares\/","url_meta":{"origin":567727,"position":3},"title":"Ezdehar acquires strategic stake in loyalty and rewards player Dsquares","author":"enterpriseam admin","date":"28 June 2018","format":false,"excerpt":"M&A WATCH- Ezdehar closes acquisition of \u2018strategic\u2019 stake in loyalty programs provider Dsquares: Our friends at Ezdehar Management have completed the acquisition of a strategic stake in in digital marketing and IT solutions firm Dsquares, the company said in a press release. \u201cWe are excited to back the Dsquares team\u2026","rel":"","context":"In "Speed Round"","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":575119,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/lorax-raises-usd-142-mn-from-international-lps-for-new-usd-250-mn-private-equity-fund-ebrd-commits-usd-10-mn-to-spe-capital-partners-fund\/","url_meta":{"origin":567727,"position":4},"title":"Lorax raises USD 142 mn from international LPs for new, USD 250 mn private equity fund; EBRD commits USD 10 mn to SPE Capital Partners fund","author":"enterpriseam admin","date":"4 October 2020","format":false,"excerpt":"PRIVATE EQUITY WATCH- Lorax Capital raises USD 142 mn from international limited partners (LPs) for new USD 250 mn private equity fund: Egyptian private equity outfit Lorax Capital Partners has secured commitments of c. USD 142 mn for its SME-focused PE fund, LCP II. Limited partners in LCP II include\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/28.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575586,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/20\/proparco-commits-usd-11-mn-to-lorax-capitals-egypt-focused-lcp-ii-fund\/","url_meta":{"origin":567727,"position":5},"title":"Proparco commits USD 11 mn to Lorax Capital\u2019s Egypt-focused LCP II fund","author":"enterpriseam admin","date":"20 October 2020","format":false,"excerpt":"INVESTMENT WATCH- Proparco has committed USD 11 mn to Egypt- and SME-focused private equity fund LCP II, the French Development Agency\u2019s investment arm said in a statement. The investment will help mid-cap companies in Egypt access long-term financing, which the statement says is \u201call the more important in a period\u2026","rel":"","context":"In "Speed Round"","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\/567727","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=567727"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567727\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/567721"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/567728"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=567727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=567727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=567727"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=567727"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=567727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}