Mediterrania Capital Partners (MCP) has led an investor consortium to acquire Travaux Généraux de Construction de Casablanca (TGCC), Morocco’s leading general contracting company specializing in construction and public works for a total consideration of €55m. MCP, a Barcelona-based private equity fund that focuses on growth investments in SMEs and mid-cap companies in North and Sub-Saharan Africa, announced the acquisition by a press statement on their website.

According to MCP, the investment is aimed at supporting TGCC’s strategic expansion plans within Morocco and across Sub Sahara Africa in the coming years. After being established in 1991, the company currently employs more than 8,250 people and is active in Sub-Saharan Africa through its subsidiaries in Gabon and Côte d’Ivoire.

Mediterrania Capital, who are present in Abidjan, Algiers, Barcelona, Cairo and Malta, have operated in Morocco since 2008. The investment, which is also backed by DEG, Proparco, and South Suez, is the first of Mediterrania Capital’s third fund (MCIII), which recently reached its first close at €108m. MC III’s second closing is scheduled for mid-2018 with a target of €250 million.