The investment fund FinaCorp, based in Tunis, put 22MDH in the capital of Mellah avenir Développement , This injection of funds through a capital increase, gives the Moroccan distributor more resources to accelerate its development.
Mellah avenir Développement (MAD) Moroccan distributor for several multinational products and local companies including Unilever, Méditel Savola and Bimo, has opened its capital to investment funds.
FinaCorp, based in Tunisia and a dedicated fund investments in the Maghreb enterprises in the development stage. With up to 22 million dirhams by cash contribution in the context of a transaction of a capital increase, grants FinaCorp to 29% of the round table of the Moroccan distribution company. With these new resources, MAD has the capital to accelerate its development. Thus, according to Mr. Hicham Mellah, CEO of MAD, “The partnership with FinaCorp allows MAD to finance its growth while institutionalizing its capital.” This institutionalization of capital is a prerequisite for an IPO in the future.
To support these projects, MAD plans to invest in logistics with the construction of new regional stores in its main areas of intervention, especially in Marrakech.
Through these projects, the company expects more access and greater improvement in the quality of its service to win new cards and retain former suppliers who trust him.
Founded in 2003, with a starting capital of 100,000 dirhams, MAD has since seen rapid development. In 2011, the company achieved a turnover (provisional data) of 325 million dirhams, up 20% compared to the previous year. This sales volume is made up of 63% for wholesalers and 35% for retailers. The objective of the company is to grow further in the retail segment. This also justifies the strategy adopted at the distribution that focuses on three areas: logistics & transportation, storage and marketing of goods through a competent sales force. And to succeed, MAD can rely on a fleet of 110 trucks for him to serve 25 000 points of sale in Morocco and a storage site to 3 levels 3000 m2 with a storage capacity of more than 3000 pallets.
Finally, in order to be in line with its development, MAD will soon inaugurate its new headquarters. With a total cost of 10 million dirhams which was self-financed.