MCB has been mandated to act as lead arranger for the structuring of a leveraged financing, enabling the acquisition of Nouvelle Mici Embaci (NME) by a consortium of investors formed by Advanced Finance and Investment Group ("AFIG Funds") and Norfund, the Norwegian investment fund for developing countries.

Owned by the Carré d'Or Group for over fifteen years, NME is one of the leading manufacturers of cardboard and paper packaging, polypropylene bags and recycling in Côte d'Ivoire and French-speaking sub-Saharan Africa. Renowned for its know-how and quality of service, the company's customer portfolio includes the region's major industrial players, both local and multinational. This acquisition by AFIG Funds and Norfund is designed to support the company's regional growth ambitions and make it a true regional champion in the packaging industry.

What's more, given NME's involvement in recycling operations, this transaction ticks all the right boxes in terms of MCB's raison d'être, "Success Beyond Numbers". This transaction fits perfectly with the philosophy of the MCB Group, which aims to be the financier of first choice for ESG-oriented projects in African countries. MCB is convinced that the African continent has a key role to play in global environmental protection.

Fabrice Mpollo, Investment Director at Norfund, commented: "NME is currently the leader in its main market segment. This acquisition aims to modernize its operations and expand its customer base, while setting international standards in corporate governance and environmental sustainability. It has been a long road to get to this point, and all parties, including NME's management, should be proud of what has been achieved today. We are delighted to be involved in such an important and structuring operation for the manufacturing industry in Côte d'Ivoire and the West African region."

This transaction, which closed on June 30, is one of the largest private equity deals in West Africa in recent years.

In its role as lead arranger, MCB played a key role in structuring this financing, enabling the acquisition to be completed in collaboration with its local banking partner, Bridge Bank Group Cote d'Ivoire (BBGCI). MCB's Corporate & Institutional Banking (CIB) team closed this complex cross-border transaction with the expertise deployed by the Global & International Corporates, Credit Analysis & Structuring and Legal Advisory teams. MCB and BBGCI were assisted in this transaction by Hogan Lovells (Paris) and IKT Avocats (Côte d'Ivoire).

Papa Ndiaye, CEO of AFIG Funds, added: "We are delighted with both the acquisition of NME and our partnership with such high-calibre institutions as The Mauritius Commercial Bank Limited and Bridge Bank Group. Innovation in the African financial system requires vision and perseverance, but this deal would not have been possible without the support and patience of our investors in AFIG Fund II, as well as the confidence of a wise seller like Groupe Carré d'Or. The real work now begins to leverage the structures put in place by Groupe Carré d'Or, and to implement new growth initiatives to realize the company's potential to become a true regional champion of the packaging industry."

Mr Ehouman Kassi, Managing Director of Bridge Bank Group CI, commented: "We are delighted to be associated with this innovative transaction, both in terms of its structure and the nature of the parties involved. It will be one of the first LBOs in our region. I am proud that our teams were able to structure a financing product adapted to a legal and regulatory framework that is still developing when it comes to this type of financial structuring. This required close collaboration and perseverance on the part of all parties involved to create a framework conducive to the creativity required for the final structuring of the transaction."

Thierry Hebraud, MCB's CEO Designate, commented: "As lead arranger, MCB's teams were able to successfully complete a transaction that was complex in many respects, thanks to the expertise of the various teams involved in the project. MCB's approach and structuring of this type of deal was flawless. We help to provide tailor-made financial solutions for projects that accelerate productive investment, facilitate intra-African trade and stimulate social and environmental progress in the countries in which we operate. The needs of African countries in terms of sustainable development will continue to grow, and our institution, at the heart of the Mauritian financial center, will be at their side to support the continent's low-carbon transition and their expansion projects."

About MCB

Founded in Mauritius in 1838, MCB has long played a role at the crossroads of the Asian and African worlds, not forgetting the Middle East. Over the past fifteen years, the MCB Group has decided to make the African continent its priority in terms of development, in view of strong demographic and economic growth and an explosion in investment needs across the Continent.

In addition to its historic presence in the Indian Ocean, MCB is now active in all the major regions of the continent, with a very strong, albeit indirect, presence in English-speaking West Africa, in East Africa via Kenya, and in Southern Africa from Johannesburg. This presence is reinforced by international offices in Dubai and Paris.

Today, MCB is targeting new high-growth markets in French-speaking Africa, such as Côte d'Ivoire, Senegal and Cameroon, to help accelerate local economic development.

MCB is rated Baa3 by Moody's, making it one of the few financial institutions so rated in sub-Saharan Africa. MCB is also a socially responsible institution, committed to promoting the principles of sustainable development, and adheres to the Equator Principles and the United Nations Global Compact.

www.mcb.mu

Press contacts

MCB: gilles.martial@mcb.mu, + 230 54981821

Poinciana agency: nicolas@poinciana.co, + 33 6 18 09 66 90

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