New Delhi, March 12 -- A consortium of investors led by Africa- and Middle East-focussed private equity firm SPE Capital, along with international financial institution European Bank for Reconstruction and Development (EBRD), French development finance institution Proparco, and state-owned Belgian Investment Company for Developing Countries (BIO), has invested in Egyptian pharmaceutical company Orchidia Pharmaceutical Industries.
The financial terms of the transaction were not disclosed.
Orchidia, which operates through a European holding company, was set up in 1993 by Ossama Abbas. It manufactures ophthalmic drugs in Egypt and exports to over 20 countries, with a strong presence across the Middle East and Africa
The company aims to become a leading regional player in ophthalmology while providing high-quality, affordable medicines to patients across Egypt and the wider region.
SPE Capital is investing in Orchidia for the second time. It previously backed the company in 2013 and exited in 2017.
"The current investment represents a renewal of our longstanding partnership, combining SPE's operational expertise with the support of three leading development finance institutions," SPE said in a statement.
Post the transaction, the Abbas family will continue to lead Orchidia.
"The transaction builds on our experience in the pharma sector and reflects our continued conviction in the long-term potential of the Egyptian market," Nabil Triki, managing partner and chief executive of SPE, said in a LinkedIn post.
The deal marks SPE Capital's fifth investment from its third fund, which is targeting to raise a corpus of $350 million. VCCircle previously reported it was aiming to wrap up the final close of its third fund by the first half of 2026.
So far, the Mauritius-based firm has invested in Egypt-based non-bank financial services company Tamweely Microfinance, payments platform OMOA Group, Morocco-based private clinic Clinique Tilila, and specialty chemicals manufacturer Delta Holdings, according to its website.
Formed in 2016 following a spinout from MENA-focused investment bank Swicorp, SPE Capital has deployed more than $500 million to date. SPE PEF III, which has a hard cap of $400 million, is backed by the International Finance Corporation (IFC), EBRD, and other institutional investors.
The fund targets control-oriented, growth-stage equity and equity-related deals in mid-sized companies. While Egypt, Morocco, and Tunisia remain its core focus, up to 25% of the corpus may be allocated to sub-Saharan Africa. SPE Capital plans to back 8-10 companies through Fund III.
SPE Capital's second vehicle, a Category-I AIF, has a portfolio of nine companies including Egypt-based non-banking financial services player GlobalCorp, Morocco's Amanys Pharma, Tunisia's herbal food supplements player Vital, and Cote d'Ivoire's power security solutions provider Ademat.
Published by HT Digital Content Services with permission from VC Circle.