Mediterrania Capital Partners completes exit process from TGCC as it approaches €1 billion capitalisation milestone

Mediterrania Capital Partners (MCP), a Private Equity firm focused on growth investments for SMEs and mid-cap companies in North and Sub-Saharan Africa, announces it has completed its exit process from TGCC, a leading construction and civil engineering company based in Morocco.

Founded in 1991 by Mohammed Bouzoubaa, TGCC has grown to become Morocco’s biggest construction and civil engineering company. Since its investment, Mediterrania Capital Partners has played a critical role in the company’s development by implementing effective value creation processes and strong governance practices across all areas, with a particular focus on TGCC’s internationalisation. With MCP’s guidance, TGCC has successfully expanded into Gabon, Côte d’Ivoire and Senegal and increased its projects in other Sub-Saharan Africa countries managed from Casablanca.

A key milestone in the partnership was TGCC’s Initial Public Offering (IPO) on the Casablanca Stock Exchange (CSE) in December 2021. With MC III’s support in IFRS implementation along with strong leadership from the management team, the IPO was flawlessly executed. Launched with a share price of MAD 130, TGCC’s shares have experienced significant growth, reaching a peak of MAD 330 on 19^th April. Today, TGCC boasts a market capitalisation approaching €1 billion. This positive evolution reflects the company’s exceptional financial performance, Morocco’s robust economic growth and the anticipation of new construction projects as the country prepares to host the 2030 World Cup.

Over the tenure of MC III’s investment, TGCC has not only achieved financial success but also made significant contributions to the African continent’s youth employment. The company currently employs 11,700 people, over 1,400 of whom are young professionals. In that period, TGCC has created more than 3,500 jobs, demonstrating its commitment to social impact and sustainable growth.

Hatim Ben Ahmed, Managing Partner at Mediterrania Capital Partners, said: “In 2018, we saw a tremendous opportunity to invest in TGCC, leveraging our value creation model to consolidate the company’s leading position in the domestic market while boosting its international expansion. Throughout our partnership, we’ve supported TGCC along its growth trajectory, facilitating its journey towards market capitalisation. We’re very excited to witness the success of the IPO and subsequent achievements that are propelling TGCC to become the newest ‘unicorn’ in Africa.”

Albert Alsina, Mediterrania Capital Partners’ Founder and CEO, said: “We are extremely proud to have played a part in TGCC’s success story and confident that the company is well-positioned to continue outperforming and capturing future growth in the African continent. Today, TGCC is a company with a clear vision that makes a major contribution to the development of Africa by supporting its economies and delivering a positive social and environmental impact.”

About Mediterrania Capital Partners

Founded in 2013, Mediterrania Capital Partners is a dedicated Private Equity firm focusing on growth investments in SMEs and mid-cap companies in Africa with an annual turnover of €20 million to €300 million and expansion strategies into North and Sub-Saharan African markets. With offices in Abidjan, Barcelona, Cairo, Casablanca, Valletta and Mauritius, the company takes a proactive, hands-on approach to implementing the growth strategy of its portfolio companies by driving their Value Creation and ESG processes.

Mediterrania Capital Partners is a regulated financial investment manager licensed by the Malta Financial Services Authority (MFSA), the Financial Services Commission (FSC) in Mauritius and the Comisión Nacional del Mercado de Valores (CNMV) in Spain.

About TGCC

A global player in industrial public works and construction, TGCC (Travaux Généraux de Construction de Casablanca) has been building for over 30 years in several sectors: hotel, commercial, industrial, administrative and residential. With more than 11,000 employees in Morocco and sub-Saharan Africa, TGCC has established itself as a national leader, having completed more than 1,000 large-scale projects. Backed by solid experience and unwavering professionalism, TGCC masters the quality of its services and leverages its skills to meet customers' requirements.