Mediterrania Capital Partners, a mid-market private equity firm focused on growth investments in North Africa and Sub-Saharan countries, has sold its remaining stake in Cash Plus — the largest independent money transfer company in Morocco — to a group of Moroccan family offices.
Financial details of the transaction were not disclosed.
Founded in 2004, Cash Plus is Moroccan money transfer and low-income financial services provider. It offers access to currency exchange services, online payments of purchases and taxes, and other banking services for low-income customers.
Mediterrania Capital had picked up a 49% stake in the company in July 2014. Under Mediterrania Capital’s partial ownership, Cash Plus’s annual revenue quadrupled and earnings before interest, tax, depreciation and amortisation (EBITDA) jumped six-fold. The company also expanded its presence by increasing the number of points of sale from 360 to nearly 2,000 during this period.
Mediterrania also helped Cash Plus obtain a payment licence from the Moroccan Central Bank, allowing the company to offer its customers low-income banking services, and helped the company develop its own enterprise resource planning (ERP) system and launch several web-based and mobile applications.
Nabil Amar, Cash Plus’s deputy CEO, said that Mediterrania’s financial and operational support helped the company enter “a new era” that included a major restructuring plan and rebranding strategy, the start of key partnerships with banks, telecom operators and utility providers, the granting of a payment licence by the Moroccan Central Bank and the digitalisation of its products and services. “This benefited the lives of thousands of customers across Morocco and abroad.”
In May 2019, Mediterrania Capital Partners sold a 40% stake in Cash Plus to Groupe Richbond, a Moroccan industrial and property conglomerate.