SPE Capital seals Morocco control deal for Outsourcia; AfricInvest exits

 SPE Capital seals Morocco control deal for Outsourcia; AfricInvest exits

SPE Capital, which was spun out of Swicorp and raised $258 million to hit the final close on its first private equity fund, said Wednesday it has signed an agreement to invest MAD330 million ($33 million) to acquire a majority stake in Outsourcia, a Moroccan customer experience and business process outsourcing provider.

This comes nearly a month after The Capital Quest first reported the deal where AfricInvest is logging out of Outsourcia via a secondary sale to SPE Capital.

Founded in 2003, Outsourcia is a Moroccan customer experience, business process and medical reports editing provider. It services a large base of top-tier international clients through a multilingual and omnichannel offering.

Over the past few years, Outsourcia has established itself as one of the leading operators in its core outsourcing market, on the back of continued organic growth as well as acquisitions in France, sub-Saharan and southern Africa. The group says it is in the top 10 outsourcing companies for the French market.

Youssef Chraïbi, founder and CEO of Outsourcia, said: “Over the past five years, Outsourcia has been able to deploy its growth strategy, based on geographic and sector diversification. With the support of AfricInvest, we have made strategic acquisitions in France and Madagascar.”

“Having now an investment fund managed by SPE Capital in the Group’s funding round should allow us to open a new chapter in our development and accelerate our organic and external growth, both in Europe and Africa,” he said.

He added that SPE’s investment will help the company to continue implementing its “Acquire & Migrate” strategy and consolidate its position as a major Moroccan player in the outsourcing business.

AfricInvest had invested in Outsourcia via Maghreb Private Equity Fund III in March 2016.

Outsourcia has doubled its revenue over the last six years. Nearly half of its revenue is generated in the home market with France pulling in around 28% of the business followed by Madagascar (18%) and Niger (6%).

Ecommerce is the key sector it is currently serving, accounting for a little over a third of the business, followed by healthcare, services, banking and insurance, and automobiles.

Outsourcia now employs more than 2,400 people in four countries (Morocco, France, Madagascar, and Niger) with a client list that includes Total, Renault, Orange, GRDF and Bank of Africa.

For SPE Capital, this is the third deal in as many months. In March, TPG sealed an exit from its debut Africa bet via a secondary deal with SPE Capital. SPE Capital acquired a minority stake in Holding Générale d’Education (Holged), a private education group in Morocco and Tunisia, from TPG Growth, the middle market and growth equity platform of TPG, and Satya Capital, an independent pan-African focused investment firm.

Last week, SPE Capital teamed up with Amethis and EBRD for a buyout in Egypt. PE firm Ezdehar exited as part of the deal.

Outsourcia was advised by Asafo & Co. SPE Capital was advised by Gide (legal advisor), Deloitte (financial and tax advisor), Ibis Consulting (ESG advisor), and Matine Consulting (commercial advisor).

Vivek Sinha

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