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NBK Capital buys AfricInvest's stake in Polymedic

NBK Capital Partners acquired the stake of Tunisian private equity firm AfricInvest in pharmaceutical company Polymedic SA, according to Africa Global Funds.

The exit of AfricInvest's Maghreb Private Equity Fund III in Polymedic enables Dubai, United Arab Emirates-based NBK Capital and Jordan's Foursan Group-owned Foursan Capital Partners private equity fund to own a majority stake in Polymedic.

Mohamed Houbachi, Polymedic CEO, will remain in position and will keep a significant stake in the company, according to the report.

The Casablanca, Morocco-based generics manufacturing company specializes in producing and marketing medicines, owning a portfolio of over 200 registered products across 12 therapeutic areas. It also manufactures originator drugs and other generic medicines for pharmaceutical companies such as Aventis, Leo, Bayer and Schering.

Attijariwafa Bank Morocco and Attijariwafa Bank Middle East (Dubai) acted as arranger, facility agent and book runner of the transaction financing, advised by Naciri & Associes – Allen & Overy.

Freshfields Bruckhaus Deringer, Asafo & Co., Dentons and Clifford Chance provided NBK Capital Partners and Polymedic legal advice.