A consortium of investors made up of Amethis, the European Bank for Reconstruction and Development (EBRD), and SPE AIF I, LP (SPE Capital) acquired a majority stake of GlobalCorp for Financial Services S.A.E (GlobalCorp) — a leading non-banking financial services company in Egypt.
Established in 2015, GlobalCorp is a leading Egyptian non-banking lender with a current focus on leasing and factoring solutions for corporates and small, medium, and large enterprises.
The company’s leased assets include production lines, equipment and machinery, vehicles, and commercial/industrial real-estate, while the factoring product portfolio covers a range of short-term financing solutions.
Since inception, GlobalCorp has extended EGP 13bn ($715m) of credit over 800+ leasing and factoring contracts spanning more than 30 industries, with over 25% of its portfolio serving SMEs and green financing.
The company also arranged Egypt’s first and largest factoring syndication and completed its first securitisation at the end of 2021.
The investment consortium will be investing in GlobalCorp alongside Founder, Group CEO, and Managing Director Hatem Samir in partnership with its highly capable management team.
The investment in GlobalCorp will include a primary capital investment to further scale the company’s portfolio and expand into new business segments.
The consortium will also partner with GlobalCorp’s management on scaling the company’s infrastructure and operations, investing in technology, and advancing the company’s impact agenda, including the promotion of greater financial inclusion, financing to SME clients and green initiatives, as well as promoting leading ESG and client protection standards within the NBFS industry.
“We are very happy to welcome our new partners to GlobalCorp. The backing of leading international financial institutions is a testimony to GlobalCorp’s success and unique profile in the market. We have ambitious plans for the company and look forward to combining our strengths to create value for all our stakeholders,” Samir said.
Adnane Zerhouni — Investment Director at Amethis — added: “We are very pleased to partner with Hatem Samir and his team and we are looking forward to help grow the company, thus contributing to financial inclusion in Egypt. This is the first investment of Amethis in Egypt, which is now a core market for our funds.”
“We are very happy to join this consortium for the bank’s first equity investment in a financial institution in Egypt and its first partnership in Egypt’s leasing and factoring sector. This investment will support a leading financial company to provide financing to an important segment of the Egyptian economy, covering small and medium businesses,” said Heike Harmgart — EBRD Managing Director for the Southern and Eastern Mediterranean region.
Ahmed Eloraby — a partner — and Mehdi Charfi — Managing Partner at SPE Capital — added: “This will be our second investment in Egypt through the SPE AIF I Fund and a reflection of the deepening of SPE Capital’s on-the-ground presence as a team. We are excited to partner with Hatem and GlobalCorp’s management team on scaling the company’s organisation, product offerings, and market positioning, and look forward to unlocking long-lasting value and impact to the company’s stakeholders.”