{"id":567903,"date":"2020-12-10T04:11:49","date_gmt":"2020-12-10T04:11:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/dpi-on-its-big-adwia-investment-why-it-likes-egypt-right-now\/"},"modified":"2020-12-10T04:11:49","modified_gmt":"2020-12-10T04:11:49","slug":"dpi-on-its-big-adwia-investment-why-it-likes-egypt-right-now","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/dpi-on-its-big-adwia-investment-why-it-likes-egypt-right-now\/","title":{"rendered":"DPI on its big Adwia investment + why it likes Egypt right now"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Private equity house <\/strong><strong><a href=\"https:\/\/www.dpi-llp.com\/\">DPI<\/a><\/strong><strong> made waves last month with the USD <\/strong><strong>126 mn acquisition of Egyptian pharmaceutical platform Adwia<\/strong> along with the UK\u2019s CDC and the European Bank for Reconstruction and Development. The pan-African private equity firm manages over USD 1.7 bn in assets through 24 investments across 29 countries and made its first Egypt investment in 2016, acquiring a third of Egyptian electronics and home appliance business <a href=\"https:\/\/enterprise.press\/stories\/2016\/07\/24\/dpi-acquires-a-third-of-b-tech-for-usd-35-mn\/\">B-Tech for USD 35 mn<\/a> through its USD 725 mn African Development Partners (ADP) II fund. The fund, which is now fully invested, saw two further acquisitions in Egypt: The purchase of a stake in water pipe manufacturer Egyptian German Industrial Corporate (<a href=\"https:\/\/www.egic.com.eg\/\">EGIC<\/a>) in 2017, and a more recent <a href=\"https:\/\/enterprise.press\/stories\/2018\/08\/14\/dpi-partners-with-gb-auto-on-mashroey-and-tasaheel\/\">USD 45 mn purchase of a 33% stake in GB Auto\u2019s MNT Investment BV<\/a>, the parent company of asset based lender Mashroey and microfinance player Tasaheel. MNT in turn holds a stake in tuk-tuk ride sharing, delivery, and microfinance business <a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/15\/halan-reaches-10-mn-rides-and-deliveries-plans-expansion-into-other-mena-markets\/\">Halan<\/a>.<\/p>\n<p><strong>We had a chat with Ziad Abaza, the DPI Principal primarily responsible for the firm\u2019s Egypt portfolio<\/strong>, on the firm\u2019s new healthcare venture, what industries they\u2019re keeping an eye on, and DPI\u2019s plans and prospects for Egypt. Edited excerpts from our conversation:<\/p>\n<p><strong>Egypt is one of the countries in Africa that has been very strong performing over the last four to five years<\/strong>, let's say since the devaluation. We always say, think of somebody moving from the suburbs to the city \u2014 what's that person going to need? They're going to need a bank account, they're going to need to put their kids in school, they\u2019ll need to get healthcare. So everything around urbanization that benefits from the growing young population is what we\u2019re interested in.<\/p>\n<p><strong>DPI has so far made three equity-based investments in Egypt, and we like the growth story here very much.<\/strong> All our Egyptian assets have performed well for us, so we've been quite comfortable making pure equity investments in Egypt. The firm\u2019s modus operandi involves acquiring significant minority stakes in fast growing businesses and working with the existing management team. We help businesses with strategic direction, acquisitions, international expansion and ESG, which is perhaps not in the DNA of every Egyptian.<\/p>\n<p><strong>With a population of 100 mn+, Egypt still has one of the lowest banking penetrations, and Egypt\u2019s non-banking financial services sector still has a lot of space to grow.<\/strong> Part of what has helped the industry grow so far is the 2015 Microfinance Act, which helped regulate the industry. When we first looked at this in 2015, you maybe had two or three players in the microfinance space. Fast forward and there\u2019s more than ten players five years later.<\/p>\n<p><strong>Similarly, we expect regulation through the Consumer Finance Act will have a positive effect <\/strong>on DPI\u2019s businesses like BTech, which operates much of their sales through credit. We feel that regulation will help protect and grow that industry as the Microfinance Act did with the microfinance industry. The Consumer Finance Act will regulate an industry that is increasingly important in supporting small enterprises, since consumers don\u2019t just take on credit to buy goods, but also as working capital for their businesses. Especially on the microfinance side you can see that there's a great impact story.<\/p>\n<p><strong>After years of eyeing an entry point, DPI made its first investment in the healthcare industry with last month\u2019s USD 126 mn Adwia acquisition<\/strong>, which was also the first drawdown from the 2019 ADP III fund. It's an asset that we've been following for quite some time. The issue with healthcare industry tickets is that they\u2019re often either too small for DPI\u2019s mandate, or overvalued through auctions.<\/p>\n<p><strong>Now with our joint USD 250 mn pharma investment platform with the EBRD and CDC Group, a big part of the thesis is bringing more affordable meds<\/strong>, especially in critical care and oncology, to the population and the wider continent.<\/p>\n<p><strong>What we're trying to do is provide affordable medication and therapeutic areas<\/strong>, which are perhaps not as easily available or as affordable in the country and the continent as a whole.<\/p>\n<p>The platform\u2019s investment in India\u2019s Celon labs, which specialize in critical oncology, will provide the know-how while Adwia\u2019s manufacturing facilities and regional export networks will facilitate the distribution of medicines across the continent. The platform is at the due diligence stage with several other healthcare related potential acquisitions in countries such as Morocco, Tunisia, Algeria, Nigeria, C\u00f4te d\u2019Ivoire, and Ethiopia, and we have plans to establish a local distribution presence in the core regions of Africa.<\/p>\n<p><strong>Beyond our investments in retail, healthcare, and the non-banking financial services industries, we see growth potential in education, FMCGs, and the food and beverage industries.<\/strong> With a country like Egypt, what we do is we look at the demographic fundamentals of this country and what drives growth in this country. When you have a country of 100 mn people that are underserved in quite a few areas, there's always really good chance to create value that come out<\/p>\n<p><strong>Industries like infrastructure, energy and real estate are not within DPI\u2019s mandate, but they\u2019re not entirely off the table<\/strong> if we see the right opportunity. I don't think we've yet invested in all the industries that we like in Egypt. I do think there's some other industries that will be interesting in years to come and we will turn our attention to those out of the third fund.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Private equity house DPI made waves last month with the USD 126 mn acquisition of Egyptian pharmaceutical platform Adwia along with the UK\u2019s CDC and the European Bank for Reconstruction and Development. The pan-African private equity firm manages over USD 1.7 bn in assets through 24 investments across 29 countries and made its first Egypt [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":567904,"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":[7279],"tags":[851,3286,571,72,2073,4288],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-567903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-spotlight","tag-adwia","tag-dpi","tag-ebrd","tag-enterpriseam","tag-spotlight","tag-ziad-abaza","wpautop","entry"],"acf":{"mongo_id":"2afe508f-6102-496d-9981-78979d0179fc","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/201.jpg","photo_position":"above","related_issue":[567886],"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>DPI on its big Adwia investment + why it likes Egypt right now - 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\/10\/dpi-on-its-big-adwia-investment-why-it-likes-egypt-right-now\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DPI on its big Adwia investment + why it likes Egypt right now\" \/>\n<meta property=\"og:description\" content=\"Private equity house DPI made waves last month with the USD 126 mn acquisition of Egyptian pharmaceutical platform Adwia along with the UK\u2019s CDC and the European Bank for Reconstruction and Development. 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Adwia is\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":555969,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/05\/egypt-in-the-spotlight-as-dpi-hits-final-close-on-africas-largest-ever-pe-fund\/","url_meta":{"origin":567903,"position":1},"title":"Egypt in the spotlight as DPI hits final close on Africa\u2019s largest-ever PE fund","author":"enterpriseam admin","date":"5 October 2021","format":false,"excerpt":"Africa-focused private equity firm Development Partners International (DPI) is on track for a USD 900 mn final close to its third fund. Its African Development Partners III (ADP III) has an additional USD 250 mn worth of dedicated co-investment capital, the firm said in a statement, giving it a total\u2026","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/57.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":617666,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/26\/abu-dhabi-wealth-fund-mubadala-acquires-100-of-adwia-parent-company-kelix-bio\/","url_meta":{"origin":567903,"position":2},"title":"Abu Dhabi wealth fund Mubadala acquires 100% of Adwia parent company Kelix Bio","author":"enterpriseam admin","date":"26 March 2024","format":false,"excerpt":"DPI, BII, and EBRD offloaded all of their shares in the company to Mubadala","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2193.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573386,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/04\/dpi-adwia-end-acquisition-talks-after-failing-to-agree-valuation\/","url_meta":{"origin":567903,"position":3},"title":"DPI, Adwia end acquisition talks after failing to agree valuation","author":"enterpriseam admin","date":"4 August 2020","format":false,"excerpt":"M&A WATCH- DPI, Adwia end acquisition talks after failing to agree valuation: Acquisition talks between UK Africa-focused private equity firm Development Partners International (DPI) and pharma manufacturer Adwia have broken down after the two sides failed to agree on a valuation, Adwia Chairman Hossam Taher told Al Mal. Adwia rejected\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":574872,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/24\/ebrd-cdc-also-in-the-running-to-acquire-egypts-adwia\/","url_meta":{"origin":567903,"position":4},"title":"EBRD, CDC also in the running to acquire Egypt\u2019s Adwia?","author":"enterpriseam admin","date":"24 September 2020","format":false,"excerpt":"M&A WATCH- EBRD, CDC also in the running to acquire Egypt\u2019s Adwia? Pharma manufacturer Adwia is still up for grabs, as the European Bank for Reconstruction and Development (EBRD) and the UK development finance institution CDC have reportedly expressed interest in taking a stake, reportsAl Mal. An EBRD representative declined\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":576245,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/ebrd-cdc-dpi-consortium-create-usd-250-mn-pharma-investment-platform-for-egypt\/","url_meta":{"origin":567903,"position":5},"title":"EBRD, CDC, DPI consortium create USD 250 mn pharma investment platform for Egypt","author":"enterpriseam admin","date":"17 November 2020","format":false,"excerpt":"INVESTMENT WATCH- Alphabet soup of global investors building USD 250 mn pharma investment platform for Egypt: The European Bank for Reconstruction and Development (EBRD) along with the UK\u2019s Commonwealth Development Corporation (CDC) Group and UK-based Africa-focused Development Partners International (DPI) have created a joint investment platform focusing on the pharma\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\/567903","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=567903"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567903\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/567886"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/567904"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=567903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=567903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=567903"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=567903"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=567903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}