AFIG Funds and Norfund Successfully Complete Acquisition of Ivorian Packaging Company NME

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A consortium of investors led by AFIG Funds and Norfund has successfully completed the acquisition of Nouvelle Mici Embaci (NME), one of Côte d’Ivoire’s leading packaging companies. The purchase, which began in March 2023, concluded on July 3, making it one of the largest private equity deals in recent years in the country.

NME, a subsidiary of the Ivorian private group Carré d’Or, specializes in manufacturing cardboard, paper packaging, and bags. The company’s acquisition marks a strategic move for AFIG Funds and Norfund, providing them with an opportunity to expand their operations in the vibrant West African market.

The takeover was executed in three phases, starting with the approval of an acquisition loan from Bridge Bank Group Côte d’Ivoire in March. In May, Norfund made a capital investment and finalized the sale agreements with Holea Holding, the parent company of Groupe Carré d’Or. The last phase of disbursement concluded on July 3, solidifying AFIG Funds and Norfund as the new owners of NME.

With the completion of the acquisition, Holea Holding and Carré d’Or will refocus on consumer products and distribution, while NME becomes a prominent asset in the portfolio of the consortium led by AFIG Funds.

The acquisition of NME showcases the growing interest of international investors in the Ivorian market and highlights the potential for further expansion and development in the packaging industry in Francophone West Africa.

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