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Le Capital Investissement au Maroc – Année 2017 © 2018 Grant Thornton. All rights reserved.
ACTIVITY REPORT PRIVATE EQUITY
MOROCCO 2019
12th edition - February 26, 2020
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
19 out of 20 respondents
Summary
PE Activity Report – AMIC 2019 © 2020 Grant Thornton 3
1. Executive Summary
2. Funds Raising
3. Investments
4. Exits
5. Private Equity Performance
6. Annexes I. Key Figures
II. Forecasts
III. Scope & Methodology
IV. Acronyms
V. Glossary
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
4.8 Bln MAD for ≃ 120 divestments
8.5 Bln MAD whose:
- 7.3 Bln MAD new investments - 1.2 Bln MAD reinvestments
20,8 Bln MAD whose:
- 15.3 Bln MAD for PE - 5.5 Bln MAD for infrastructure
funds
End of 2019 End of 2019 End of 2019
4
Overview of the Private Equity industry in Morocco
Funds Raising
News 2019
Investments Exits Performance
Integration of 3 new funds of AMETHIS NA :
- AMETHIS Fund I - AMETHIS Fund II - AMETHIS MENA Fund II
1,187 Mln MAD
796 Mln MAD 765 Mln MAD
In 2019 In 2019 In 2019 End of 2019
Gross IRR
Multiple
14 %
2,0 x
9 new investments
4 reinvestments
11 new divestments
Integration of CDG INVEST
1. EXECUTIVE SUMMARY
28 Fund Management
Companies
+ 50 Funds
+ 200 Invested companies
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
34%
43%
32%
42%
36% 39%
37%
39%
5
In number
SCA SAS OPCC Foreign SA
57%
37% 20% 25%
18%
43% 37%
50% 50%
4%
30% 25%
4%
2000 - 2005 2006 - 2011 2012 - 2016 2017 - 2019
56%
22% 8%
16%
16%
44%
56%
55%
74%
6%
37%
10% 1%
2000 - 2005 2006 - 2011 2012 - 2016 2017 - 2019
As % of value
LEVÉ
ES
INV
ES
TIS
SE
ME
NT
S
SOR
TIES
P
ER
FO
RM
AN
CE
Funds intended for transregional investments opt primarily for foreign forms while local funds favor Moroccan legal forms (OPCC and SA)
2. LEGAL FORM OF FUNDS
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
Independents Financial institutions captives State captives Investment companies
6
End of 2019
61%
36%
2% 1%
As % of value
2. NATURE DES FONDS
43%
67% 84%
51%
32% 16%
3% 1% 2%
2006 - 2011 2012 - 2016 2017 - 2019
Strong growth of independent funds since the 2nd generation (2006-2011) of funds
2. NATURE OF FUNDS
PE Activity Report – AMIC 2019 © 2020 Grant Thornton 7
XX Capital raised (including infrastructure funds
2. CAPITAUX LEVÉS (MMAD)
480
916
1,478
666 481
50
1,318
1,681
1,187
2011 2012 2013 2014 2015 2016 2017 2018 2019
980
2 416
3 078
Capital raised reached a total amount of 4.187 Mln MAD over the period 2017 - 2019
6,154
3,591 4,187
2006 - 2011 2012 - 2016 2017 - 2019
LEVÉ
ES
INV
ES
TIS
SE
ME
NT
S
SOR
TIES
P
ER
FO
RM
AN
CE
2. CAPITAL RAISED PER YEAR (Mln MAD)
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
Transregional funds Moroccan funds
86%
8
2. CAPITAUX LEVÉS PAR TYPE DE FONDS (MMAD)
314
946
90
850
117 0 0 0 0
508 587
173 0
391
66
1,361
666 481
50
1,318 1,173
600
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3,732
967 1,095
2,422 2,624
3,092
2006 - 2011 2012 - 2016 2017 - 2019
Transregional funds capture 75% of the funds raised for Morocco since 2012
2. CAPITAL RAISED BY FUND TYPE (Mln MAD)
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
As % of value
9
** Individuals, Private companies ** Funds of funds, Holdings, Investment companies
State & Public Organizations International Development Organizations Others*
Insurance Companies Investment vehicules**
Bank & Asset Management Companies
2. CAPITAUX LEVÉS PAR TYPE D’INVESTISSEUR
20% 30%
46% 62% 24%
16%
11% 10% 9%
13% 5% 8%
29% 9% 21% 32%
8% 9% 6%
5% 2% 4%
1% 1% 6% 8% 5%
2000 - 2005 2006 - 2011 2012 - 2016 2017 - 2019
International development organizations provide more than half of the funds raised from 2017, representing 62% of the funds raised for the 4th generation of funds
LEVÉ
ES
INV
ES
TIS
SE
ME
NT
S
SOR
TIES
P
ER
FO
RM
AN
CE
2. CAPITAL RAISED BY INVESTOR TYPE
Pension Funds
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
*Kuweit, Saudi Arabia, Tunisia, UAE, USA
European Union Other countries* Morocco
58%
42% Moroccan capital
Foreign capital
End of 2019
10
End of 2010
47%
53%
2. CAPITAUX LEVÉS PAR NATIONALITÉ DES INVESTISSEURS
26% 36% 57%
81% 1%
16% 7%
3%
73% 48% 36%
16%
2000 - 2005 2006 - 2011 2012 - 2016 2017 - 2019
Strong increase in capital raised from international investors
2. CAPITAL RAISED BY INVESTOR NATIONALITY
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
Amounts invested and reinvested (in Mln MAD)
Amounts invested Amounts reinvested Number of companies
Number of new investments
11
3. MONTANTS INVESTIS ET RÉINVESTIS
193
499
593
363
714
293
1 024
707
112
219
92
148
84
50
58
6
17
14
10
18
6
16
9
2014
2013
2012
2015
2016
2017
2018
2019
Investments amounted to 765 Mln MAD in 2019 with 9 new investments recorded
NB: Update of investments made in 2018
LEVÉ
ES
INVE
STIS
SEM
ENTS
SO
RTI
ES
PE
RF
OR
MA
NC
E
I NVEST MENTS
3. EVOLUTION OF INVESTED AND REINVESTED FUNDS
174
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
*Béni Mellal - Khénifra, Dakhla-Oued Eddahab, Darâa - Tafilalet, Guelmim - Oued Noun, Laâyoune - Sakia El Hamra, The’Oriental, Souss - Massa
12
9%
6%
Rabat - Salé - Kénitra
Casablanca - Settat
8%
67% Fez - Meknes
Tangier - Tétouan - Al Hoceima
Marrakech - Safi 5%
67%
9%
8%
6% 5% 5%
Rabat - Salé - Kénitra
Tangier - Tétouan - Al Hoceima Casablanca - Settat Marrakech - Safi Fez - Meknes Other regions*
As % of value
3. ZONES GÉOGRAPHIQUES DES ENTREPRISES INVESTIES
End of 2019
3. LOCATION OF INVESTED COMPANIES
PE Activity Report – AMIC 2019 © 2020 Grant Thornton 13
Rabat - Salé - Kénitra Tangier - Tétouan - Al Hoceima Casablanca - Settat Marrakech - Safi
Fez - Meknes Other regions
77% 68% 65%
In number As % of value
73% 72% 62% 68%
7% 2% 4%
3%
10% 9%
13% 19%
4% 4%
7% 5% 1% 9%
5% 12% 8% 3%
2000 - 2005 2006 - 2011 2012 - 2016 2017 - 2019
77% 68% 63% 69%
2% 7%
5%
17% 13%
7% 10%
7% 10% 8%
2% 3% 9% 4% 5% 8% 5% 1%
2000 - 2005 2006 - 2011 2012 - 2016 2017 - 2019
3. ZONES GÉOGRAPHIQUES DES ENTREPRISES INVESTIES
LEVÉ
ES
INVE
STIS
SEM
ENTS
SO
RTI
ES
PE
RF
OR
MA
NC
E
I NVEST MENTS
3. LOCATION OF INVESTED COMPANIES (2)
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
Per fund generation End of 2019
14
*Aerospace, Education, Packaging, Chemical industry and others
Iauto industry Primary Health
ICT Agribusiness Trade & Distribution
Other industries* Construction & Public Works
Services & Transport
17%
25%
25%
16%
13% 15%
14%
7% 5% 4%
1%
3. SECTEURS D’ACTIVITÉ DES ENTREPRISES INVESTIES
18% 25% 29% 25%
25% 15% 15% 15%
1% 22% 8% 13% 12%
19%
12% 13% 11%
12%
10% 21%
27%
5%
4%
1% 14% 8%
6% 1% 6% 3% 1% 2% 1%
2000 - 2005 2006 - 2011 2012 - 2016 2017 - 2019
3. SECTORS OF INVESTED COMPANIES
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
Par génération de fonds
1%
6%
79%
14%
End of 2019
15
Turn around Seed & Venture Buy out Growth
As % of value
3. STADE DE DÉVELOPPEMENT DES ENTREPRISES INVESTIES
71% 75% 93%
23% 16%
1% 5% 7% 5% 1% 2% 1%
2006 - 2011 2012 - 2016 2017 - 2019
LEVÉ
ES
INVE
STIS
SEM
ENTS
SO
RTI
ES
PE
RF
OR
MA
NC
E
I NVEST MENTS
3. INVESTED COMPANIES BY DEVELOPMENT STAGE
Per fund generation
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
Par génération de fonds
26%
61%
12%
1%
End of 2019
16
In number
3. STADE DE DÉVELOPPEMENT DES ENTREPRISES INVESTIES
56% 58% 71%
14% 25%
13% 8% 29%
17% 9%
2006 - 2011 2012 - 2016 2017 - 2019
3. INVESTED COMPANIES BY DEVELOPMENT STAGE (2)
Turn around Seed & Venture Buy out Growth
Per fund generation
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
>67% <34% 34-50 50-67
In number As % of value
17
3. TRANCHE DE CAPITAL ACQUISE DANS LES ENTREPRISES
44% 61%
42%
35% 3% 11% 4%
2012 - 2016 2017 - 2019
49%
81%
33%
18% 6% 12%
1%
2012 - 2016 2017 - 2019
Significant decline in majority transactions in favor of minority positions, mainly those below 34% of capital acquired
LEVÉ
ES
INVE
STIS
SEM
ENTS
SO
RTI
ES
PE
RF
OR
MA
NC
E
I NVEST MENTS
3. COMPANIES FUNDED BY PERCENT OF CAPITAL ACQUIRED
PE Activity Report – AMIC 2019 © 2020 Grant Thornton 18
Per fund generation
<10 Mln MAD >100 Mln MAD 50-100 Mln MAD 20-50 MLn MAD 10-20 Mln MAD
Tickets ≤ 20 MMAD
Tickets ≥ 100 MMAD
End of 2019 (Size Concentration)
In number
3. TAILLE DES TRANSACTIONS
40%
26% 22% 12%
]0,5] ]5,10] ]10,15] ]15,20]
55%
14% 9% 21%
[100, 125] ]125, 150] ]150, 175] ]175, …
13% 23%
18% 16%
32% 19%
10% 19%
27% 23%
2012 - 2016 2017 - 2019
Increase of the number of transactions over 100 Mln MAD between the 3rd and 4th generation (from 13% to 23%) as well as transactions between 10 and 20 Mln MAD (from 10% to 19%)
3. COMPANIES FUNDED BY TRANSACTION SIZE
Tickets ≤ 20 Mln MAD
Tickets ≥ 100 Mln MAD
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
7
12
8
Seed / Venture
2006 - 2011 2012 - 2016 2017 - 2019
43 55
92 Growth / Buy out / Turn around
19
2006 - 2011
2012 - 2016
2017 - 2019
Average ticket (2017 – 2019) = 49 Mln MAD
3. TICKETS MOYENS DES INVESTISSEMENTS
The growing size of funds results in the doubling of the average investment tickets in two generations
Investment tickets are aimed at the needs of start-ups
LEVÉ
ES
INVE
STIS
SEM
ENTS
SO
RTI
ES
PE
RF
OR
MA
NC
E
I NVEST MENTS
3. AVERAGE TICKET SIZE (Mln MAD)
PE Activity Report – AMIC 2019 © 2020 Grant Thornton 20
Par année
By fund generation
360 448
81 99 182 205
968
314
796
2017 2011 2012 2016 2013 2014 2015 2018
4. DÉSINVESTISSEMENTS EN VALEUR (MMAD)
1 496 1 015
2 079
2006 - 2011 2012 - 2016 2017 - 2019
2019
11 divestments carried out for a total amount of 796 Mln MAD
4. EVOLUTION OF EXITS (as % of value, Mln MAD)
By year
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
As % of value In number
21
Management / Historical Shareholder Industrial / Strategic IPO Secondary market
Payback Loss realized
1% 9% 3%
18%
55%
25%
56% 18%
56%
11%
5%
15% 6%
21%
1%
2006 - 2011 2012 - 2016 2017 - 20192%
17% 4%
9%
6%
7%
28% 16%
22% 24% 29%
17% 5%
43% 28%
38%
5%
2006 - 2011 2012 - 2016 2017 - 2019
Other (Public Agencies, etc.)
Increase in the number of secondary market exits between the 3rd and 4th generation of funds (18% to 55%)
LEVÉ
ES
INVE
STIS
SEM
ENTS
SO
RTI
ES
PE
RF
OR
MA
NC
E
E XITS
4. EXITS BY FUND GENERATION
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
En valeur In number
22
31%
22%
29%
15%
2% 1%
35%
22%
19%
8%
10% 5%
1%
At the end of 2019, funds achieved 122 exits Industrial and secondary market exits represent 60% of the amounts divested
4. EXITS AT THE END OF 2019
Management / Historical Shareholder Industrial / Strategic IPO Secondary market
Payback Loss realized Other (public agencies, etc.)
As % of value
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
-11%
6% 17%
39%
Quartile 1 Quartile 2 Quartile 3 Quartile 4
Weighted average IRR at end of 2019 : 14 %
Average multiple (unweighted) : 2.0 (Seed-Venture: 1,2 / Growth: 2,3 / Turn around: 1,8)
Average investment length: 6.1 years
TRI Brut par stade
2.0 x
TRI Brut
14 %
Multiple global
Gross Internal Rate of Return (IRR)* Multiple
2000-2019
* Average Gross IRR on exits (Cf. Methodology)
23
19 53 12
On the basis of 84 exits
Unweighted average IRR per quartile
XX Exits number per stage
2%
14% 17%
Seed / Venture Growth Turn around
LEVÉ
ES
INVE
STIS
SEM
ENTS
SO
RTI
ES
PERF
ORM
ANCE
PERFORMANCE
5. DIVESTMENT PERFORMANCE
Gross IRR per stage
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
I. Key Figures
II. Forecasts
III. Scope & Methodology
IV. Acronyms
V. Glossary
24
6. ANNEXES
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
Funds raised
Investments
Exits
Performance Average multiple = 2.0 x
More than 20 Bln MAD raised for Private Equity and
infrastructure
73 % funds raised since 2012 are by transregional
funds
8.5 Bln MAD invested in ≃ 210 companies by the
end of 2019
765 Mln MAD invested in 2019
Average
investment ticket Seed / Venture = 8 Mln MAD (2017-2019)
Weighted average gross IRR = 14 %
Average investment time
= 6.1 années
Accumulated amounts exited end of 2019
≃ 5 Bln MAD
55 % of exits since 2017 through secondary market
25
About 2,7 Bln MAD still available for investment excluding infrastructure
Average investment
ticket Growth / Buy out / Turn around
= 92 Mln MAD (2017-2019)
Amount divested in 2019
= 796 Mln MAD
I. KEY FIGURES
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
36%
33%
17%
14%
Identifying exits Managing portfolio companies Fundraising
Investing in new companies Sub-Saharan Africa
Algeria
Tunisia
Egypt
Morocco
Priority investment areas (for transregional funds)
26
25%
25% 17%
17%
8% 8%
Other
II. FORECASTS
Main challenges for 2020
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
43%
14% 14%
29%
Planned fundraising for news funds
19% 28%
24% 28%
Planned exits of the majority of porfolio companies
S2 2020 S1 2020 S2 2021 S1 2021
S2 2020 S1 2020 S2 2021 S1 2021
27
* For management companies planning to raise new funds (1st graphic) and to look for exits (2nd graphic)
II. FORECASTS* (2)
PE Activity Report – AMIC 2019 © 2020 Grant Thornton 28
11%
10%
13%
Services Health
Energy
Education
Distribution Consumer Goods Transport & Logistics
New technologies
Agribusiness Telecom Automotive Construction & Public Works
Investment sectors over the next 5 years
13%
13%
11%
11% 10%
10%
7%
7%
7%
5% 5%
2%
II. TENDANCES II. FORECASTS (3)
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
AFRICINVEST
BMCI DEVELOPPEMENT
FIROGEST
MPEF I
MPEF II
MPEF III
MPEF IV
ALMAMED
MASSINISSA MAROC
MASSINISSA LUXEMBOURG
ATLAMED
AM INVEST MOROCCO
ATTIJARI INVEST
AGRAM INVEST IGRANE
Moroccan Infrastructure Fund
AZUR PARTNERS
NÉBÉTOU FUND
BMCI DÉVELOPPEMENT
BROOKSTONE PARTNERS
EMERALD FUND MJT PARK
CDG CAPITAL INFRA
INFRAMED INFRAMAROC
CDG CAPITAL PE
SINDIBAD
CAPMEZZANINE
CAPMEZZANINE II
AMETHIS NORTH AFRICA
AMETHIS MAGHREB FUND I
SEAF MOROCCO
SEAF MOROCCO Growth Fund
ENTREPRISES PARTNERS
HOLDAGRO
TARGA
INFRA INVEST
ARGAN INFRASTRUCTURE FUND
MEDITERRANIA CAPITAL PARTNERS
MEDITERRANIA CAPITAL I
MEDITERRANIA CAPITAL II
MEDITERRANIA CAPITAL III
MITC CAPITAL
MAROC NUMERIC FUND
MAROC NUMERIC FUND II
OCP SA
OIFFA
PME CROISSANCE
UPLINE INVESTMENTS
FONDS MOUSSAHAMA I
UPLINE INVESTMENT FUND
FONDS MOUSSAHAMA II
Fund management companies New funds in 2019
Funds in divestment phase or divested
29
AMETHIS FUND I
AMETHIS FUND II
AMETHIS MENA FUND II
CDG INVEST
FIPAR AfricInvest I
III. SCOPE & METHODOLOGY
3P FUND
FIRO
Fund management management
PRIVATE EQUITY INITIATIVES (AFRICINVEST)
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
This study includes:
• All fund management companies which are members of AMIC with a local representative office in Morocco and have a portion of funds to invest dedicated to Morocco
• Funds investing mainly in SMEs and unlisted companies
• Limited Life Funds
• Infrastructure Funds both with greenfield and brownfield investment
• All investment sectors except funds dedicated to real estate and tourism
• Data collection was done via a survey of 20 management companies on a self reporting basis (including infrastructure funds)
30
Scope
III. SCOPE & METHODOLOGY (2)
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
CAPITAL RAISED The amounts of funds raised only includes the part dedicated to Morocco and the part dedicated to Private Equity Amounts raised by infrastructure funds are analyzed and presented separately For transregional funds where the portion dedicated to Morocco has not been communicated, only actual amounts invested are reported The review of statements of certain funds resulted in technical corrections to the amounts raised by year (hence differences from amounts presented in previous years) INVESTMENTS The amounts invested represent amounts disbursed Detailed investment analysis does not include “Large Caps” (transaction over 200 mln MAD) as this new segment does not currently include a sufficient number of transactions EXITS AND PERFORMANCE Amounts exited are amounts of sales of investments IRRs represent gross IRRs upon exit as reported by the funds The scope of IRR calculations does not include partial exits or IRRs from investments of less than 1 year IRR are weighted by amounts invested Losses caused by exceptional events have note been taken into account in the average calculation of IRR
31
III. PÉRIMÈTRE ET MÉTHODOLOGIE DE L’ÉTUDE III. SCOPE & METHODOLOGY (3)
Methodology
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
Bln MAD Milliards de Dirhams marocains ICT Information and Communications Technology IPO Initial Public Offering (Introduction en Bourse) IRR Internal Rate of Return Mln MAD Millions de Dirhams marocains OPCC Organisme de Placement Collectif en Capital, investment vehicule dedicated to PE and created by Law 41-05 and modified by Law 18-14 SA Société Anonyme, equivalent to standard Corporation in Common Law SAS Société par Actions Simplifiée, equivalent to Limited Liability Company (LLC) SCA Société en Commandite par Actions, a partnership limited by shares
32
IV. ACRONYMS
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
Buy out Capital (transmission capital): Transmission capital operations allow an executive, associated with a PE fund, to transfer its company, or more generally prepare its enterprise succession by selling its business in several stages. Exit Amount: Exit valued at proceeds of sale of investment in the enterprise. Exit Mode: Management Share by-back from PE investor by management of the enterprise. Exit Mode: Payback Recovery of the initial amount of an investment. This sometimes corresponds to the repayment of advances in equity. Funds of Funds: A fund raising funds from multiple sources for investment in a diverse number of private equity funds. Growth Capital (late stage venture capital): Investment in equity and quasi-equity in order to finance the development of a business or the acquisition of new stocks. The business partner is a company established in its markets, profitable and having significant growth prospects. Frequently called Growth Venture Capital. IRR (Internal Rate of Return): Measurement of the average annualized rate of return of an investment consisting of negative flows (cash outflows) and positive flows (cash inflows). It is used to measure and monitor performance of private equity transactions. Invested Capital: Capital invested in enterprises by venture or private equity fund companies. Multiple: Investment Multiple = Proceeds of sale / Invested amount.
33
V. GLOSSARY
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
Private Equity Fund: An investment vehicle that raises capital from a diverse group of investors with a view to investing in unlisted private firms and realizing capital gains shared among investors. Quartile: Division of the quartiles are the values that share a set of values into four equal parts. Thus, in the distribution of IRR for example, the first quartile is the IRR below which lie 25% of IRRs. Quasi Equity: Financing vehicles that combine both debt and equity characteristic. Raised Capital: Confirmed investment commitments in venture or private equity funds. Seed Capital: Seed Capital investors bring, along with equity, a professional network and personal experience in early stage entrepreneurial projects that are still in development. Small and Mid Caps: The definition of small and mid caps varies depending on the maturity of the markets. In Morocco, AMIC considers that the investments “Small and Mid Caps” correspond to transactions less than 200 Mln MAD. Transregional Funds: Funds targeting several investment geographies at countries level (in contrast to ‘regional’ funds focused on regional investment within Morocco alone). Venture Capital (early stage): Equity or quasi equity in young enterprises and start-ups.
34
V. GLOSSARY (2)
PE Activity Report – AMIC 2019 © 2020 Grant Thornton
Web Site: www.fidarocgt.com Web Site: www.amic.org.ma
Founded in 2000, AMIC (the Moroccan Private Equity Association) is an independent professional association whose mission is to unite, represent and promote the Private Equity profession to local and international investors, entrepreneurs and governmental bodies. AMIC's main mission is to strengthen the Private Equity industry’s competitiveness in Morocco and abroad via:
- Effective and clear communication about the Private Equity industry - Executing reliable reports and surveys on the state of Private
Equity in Morocco
- Active participation in discussions on any draft law regulating the sector
- Establishing a good governance and ethics code for the Private
Equity industry and promoting compliance with this code - Providing support services to members on regulatory issues
related to the profession
- Development of a quality training program touching on all industry fundamental skills.
Fidaroc Grant Thornton is a leading audit and consultancy firm in Morocco, and member of the Grant Thornton International, a global leader in consulting and auditing (38 500 employees, 130 countries). For over twenty years, Fidaroc Grant Thornton has supported its clients by setting a priority to listen to them and deliver creative services value. Fidaroc Grant Thornton operates in the following areas: Auditing-Statutory Auditor Advisory
- IFRS / Consolidation - Transaction and valuation services - Actuarial - Management of fixed assets - Business Risk Services - Research and strategy - Organisation - Information system - Improvement of the performance - Certification/Categorization
Legal, tax and social services advisory Outsourcing accounting and social services support