Egypt’s MIDO Secures 45 Million US Dollars From Vantage Capital for Expansion

Mintesinot Niggusie

Egypt’s International Group for Modern Coatings (MIDO) has secured 45 million US dollars in mezzanine debt financing from Vantage Capital, in a transaction aimed at refinancing existing obligations and supporting working capital needs to unlock additional production capacity. The investment will help the specialty coatings manufacturer expand operations at its industrial base in Alexandria, where it runs two vertically integrated facilities covering 47,100 square metres with a combined annual production capacity of more than 100,000 tonnes.

MIDO produces a portfolio of over 1,200 stock-keeping units, including automotive refinish coatings, wood coatings, polyester resins, adhesives, and other industrial materials. The company also operates proprietary resin production lines and packaging capabilities within its facilities. Founded in 1979 by Dr. Aly Ghaly, MIDO has evolved into a regional manufacturer with exports to more than 50 countries. Africa remains its primary market, alongside sales across the Gulf, Europe, Asia, and the United States. It also engages in private-label and co-manufacturing arrangements with international coatings companies including Nippon Paint, Kansai Paint, and Yatu Paint.

Management will remain unchanged following the transaction. Dr. Aly Ghaly continues as chairman, while Ramy Galal remains chief executive officer. Ramy Galal said the financing strengthens the company’s ability to scale operations. “Vantage Capital’s funding gives us the firepower to unlock substantial latent capacity in our facilities and accelerate both our local and export growth ambitions,” he said.

Vantage Capital, which describes itself as Africa’s largest mezzanine debt fund manager, said the deal is among the largest mezzanine transactions completed in Egypt and marks its third investment in the country. Omar Gharbawi, associate partner at Vantage Capital, said MIDO had developed into a resilient industrial platform operating across more than 50 countries. He added that the business had expanded despite macroeconomic and geopolitical pressures.

Warren van der Merwe, managing partner at Vantage Capital, said Egypt remains a key industrial economy in Africa, citing its manufacturing base and workforce. He described MIDO as a founder-led company with an export-oriented model and structured growth plan. The transaction represents Vantage Capital’s 41st investment across four generations of mezzanine funds, with its portfolio spread across 11 African countries. Advisers on the deal included Matouk Bassiouny and Werksmans for Vantage Capital, and Adsero for MIDO. PwC Middle East, Emerton, and SLR also advised the investor consortium.