AfricInvest exits Algerian packaging firm

29 Sep 2016

AfricInvest, one of the key Pan-African midcap private equity firms, is pleased to announce that its Maghreb Private Equity Fund II (MPEF II) has successfully concluded its exit from Général Emballage (GE) a leader in the manufacturing and processing of corrugated cardboard based in Algeria (

Under the agreement, AfricInvest and the original founders, the Batouche family, have sold a 49% stake in Général Emballage to a consortium composed of DPI and DEG, the German Development Agency, for a total amount of approximately US$55mn.

Général Emballage is Algeria’s leading cardboard manufacturer and processor and has a well-diversified blue-chip client base, with more than 1,000 clients in various sectors, ranging from international businesses such as Henkel, Coca Cola and Heineken to local businesses active across the food processing, pharmaceutical, cosmetics, and household appliances and electronics sectors.

AfricInvest first invested in Général Emballage in 2009 to support its sponsor and founding partner, Mr. Ramadan Batouche in the execution of an ambitious business plan which allowed the company to develop leading-edge printing and cutting technology. Over the course of AfricInvest’s partnership with the company, GE was able to generate impressive growth, increasing its turnover and EBITDA by five and eight times, respectively. GE also put in place an export network with its first commercial base in Tunis.

In addition to its attractive financial returns, the partnership between Mr. Ramdane Batouche and AfricInvest has also led to important development impacts. Général Emballage’s personnel numbers have increased from 510 employees at the time of investment, to more than 1,170 staff today (a multiple of 2.3x), while the overall payroll has increased four times. The company has led several tree-planting campaigns to draw attention to the risks of deforestation. Moreover, GE has partnered with the University of Béjaia to launch a degree program that includes specialized training in the packaging industry.

Senior Partner and Managing Director of AfricInvest Algeria, Yazid Taalba said, “We are both proud and honored to have joined forces with Mr. Ramdane Batouche to help Général Emballage achieve such impressive growth. The company is now the unchallenged leader in Algeria and among the major African players in its sector. For the past seven years, our partnership with Général Emballage has been strong, supported by the professionalism, commitment and loyalty of its team and setting a good example for the industrial sector in Algeria. We express our best wishes of success and further growth to GE and are delighted to handover to DPI and DEG.”

AfricInvest Senior Partner, Mehdi, Gharbi, said “Our investment in Général Emballage shows how the good chemistry between a visionary sponsor and a ‘hands on’ PE fund can be instrumental in driving the success of a midcap company. This transformation has been led by the implementation of strong governance combined with an ability to attract and retain the best talent. The next challenge for Général Emballage is to extend its success toward Africa and southern Europe. We are confident that the company has all the ingredients to deliver.”

Général Emballage founding partner and manager, Mr. Ramdane Batouche said, “My first experience with a private equity fund was with AfricInvest. We have worked extremely well together over the past seven years and I am happy to see what GE has been able to achieve in terms of value creation and growth. I am also excited to partner with DPI and DEG in order to continue our growth in other regions of the African continent.”



Ann Wyman, Investor Relations

+216 71 189 800

About AfricInvest

AfricInvest was founded in 1994 and is today among the leading private equity firms in North and Sub-Saharan Africa with more than US$1bn of assets under management across 14 PE funds and sponsored by prestigious DFIs, private and institutional investors. The firm has made 135 investments over the course of its history, and relies on a team of 50 highly skilled investment professionals with over 130 years of cumulative PE experience. AfricInvest operates out of seven offices in Tunis, Casablanca, Algiers, Lagos, Abidjan, Nairobi and Paris.

AfricInvest Group is the co-founder of the African Venture Capital Association ( and the Emerging Markets Private Equity Association ( and member of the Euromed Capital Forum (

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