S U S T A I N A B I L I T Y  R E P O R T  2 0 1 9
S U S T A I N A B I L I T Y  R E P O R T
2 0 1 9
A B I DJ A N  |  A L G I E R S  |  B A R C E L O N A  |  C A I R O  |  C A S A B L A N C A  |  V A L L E T TA

SUSTAINABILITY REPORT 2019

Foreword
02 · 03
At Mediterrania Capital Partners, environ-
mental, social and governance (ESG) criteria 
are fully integrated into our investment 
processes. As social and environmental issues 
increasingly affect consumer behaviour and 
business conditions, there’s growing evidence 
that ESG strategies can improve returns and 
limit risks. We view global challenges such 
as climate change, increased waste and 
pollution and social inequality as tangible 
threats and are convinced we can help build 
solutions through our portfolio companies to 
tackle them.
In this report, we explain our responsible 
investing approach and the measures we are 
putting in place at both fund and portfolio levels 
to help our investors achieve their financial 
and sustainable goals. We are proud of the 
progress made in 2019. We have engaged 
with our portfolio companies across different 
countries in Africa in a wide range of areas 
including the reduction of their environmental 
footprint, optimisation of the use of resources 
by applying changes to supply chains and 
operations, improvement of working conditions 
and benefits to employees, etc.
Making the transition to a more sustainable 
world is a complex task that we cannot tackle 
on our own. That’s why we are partnering 
with clients, cooperating with fellow investors 
and joining forces with leading development 
financial institutions to define and implement 
the most relevant ESG practices in the most 
effective way, reaching a wider society. It is all 
about what we can achieve together. 
Moving into 2020 there’s a lot to look forward 
to. Through our funds Mediterrania Capital 
II and Mediterrania Capital III, we have 
invested in companies that engage with the 
UN’s Sustainable Development Goals and 
produce both ESG impact and market-rate 
financial returns.
Our main objective moving forward is to 
continue to expand and accelerate investments 
that 
benefit 
African 
communities 
and 
economies while providing strong returns to 
our investors.
I encourage you to read this year’s report and 
learn how Mediterrania Capital Partners is 
helping to make this world a better place.
SAÂD BENDIDI
CHAIRMAN AND PARTNER

Table of contents
12 Years Investing in Growth Capital in Africa ......................................02
About us ......................................................................................................06
Mediterrania Capital Partners At a Glance ............................................07
Sustainable Investing Global Leaders ....................................................08
Our ESG approach .....................................................................................10
2019 Key Impact Highlights .....................................................................14
• Consumer Discretionary .................................................................16 
o Groupe Scolaire René Descartes
o Indigo Company
o Université Privée de Marrakech
• Consumer Staples  ..........................................................................32
o Aziza
o Randa
• Financials...........................................................................................44 
o Cash Plus
o Groupe Cofina
• Information Technology .................................................................54
o MedTech
• Industrials  .........................................................................................60
o C.E.C.I.
o Cieptal Cars
o TGCC
• Health Care  ......................................................................................74
o Cairo Scan
Disclaimer....................................................................................................80

12
years
investing
in growth
capital
in Africa
Repetitive Model of Value Creation
Strong Sector Diversification
Deployment Velocity
Depth of Pipeline
Focus on Returns
Low Loss Ratio
Social Impact
06 · 07

Casablanca
Barcelona
Algiers
Valletta
Cairo
Abidjan
Primary Investment
Markets
Secondary Markets of
Portfolio Companies
Mediterrania Capital
Partner’s Offices
About us
SUSTAINABILITY REPORT 2019
MEDITERRANIA CAPITAL PARTNERS is 
a private equity firm focusing on growth 
investments in consolidated and growing 
SMEs and mid-cap companies in Africa.
Since 2008 we have been partnering with 
leading entrepreneurs in full alignment with 
key shareholders to nurture lasting value 
creation and sustainable development.

8
million
years
Mediterrania
Capital Partners
At a Glance
€465
32 LPs
€212
Full exits
12+
Assets Under Management
Investments
Partial exits
22
3
invested in
Mediterrania Capital
Partners’ funds
20,000
hired by Mediterrania Capital 
Partners’ portfolio companies
€1.5 billion
delivered in annual revenues
by portfolio companies 
in 2019
invested since 2008
Countries
invested in
7
investing in Africa
Portfolio
companies
14
Countries of 
operations
Employees
27
million
Note: Data includes all funds managed or supervised by Mediterrania Capital Partners
06· 07

SUSTAINABILITY REPORT 2019
Sustainable 
Investing
Global Leaders
Improving communities’ 
living conditions
Through Mediterrania Capital Partners’ 
funds we have invested in sectors that play a 
crucial role in delivering progress against the 
United Nations‘ Sustainable Development 
End poverty 
in all forms
End hunger, achieve 
food security, improve 
nutrition and promote 
sustainable agriculture
Ensure healthy lives 
and promote well being 
for all at all ages
Ensure inclusive and 
equitable quality 
education and promote 
lifelong learning 
opportunities for all
5
4
3
2
Number of portfolio 
companies implementing 
and integrating the SDG 
goal in their strategy.

08 · 09
Promote sustained, 
inclusive and sustainable 
economic growth, full and 
productive employment 
and decent work 
Make cities and human 
settlements inclusive, safe, 
resilient and sustainable
Take urgent action to 
combat climate change 
and its impacts
Build resilient 
infrastructure, promote 
inclusive and sustainable 
industrialization and 
foster innovation
Ensure sustainable 
consumption and 
production patterns
Strengthen the means 
of implementation 
and revitalize the 
global partnership for 
sustainable development
Reduce inequalities among 
and within countries
Achieve gender 
equality and empower 
all women and girls 
Ensure availability 
and sustainable 
management of water 
and sanitation for all
Goals (SDGs) including food manufacturing 
and distribution, health care, education and 
financial services for low-income population.
Our investments seek to maximise gains for 
investors and stakeholders while supporting 
the economic and social development of 
African communities through job creation and 
improvement of work conditions, advanced 
education 
programmes 
and 
women 
empowerment. Mediterrania Capital’s 
investee companies currently support all the 
SDGs focused on improving the quality of life 
of the communities in the investee countries.
7
12
10
2
5
12
4
5
3

ESG factors have an impact on whether we 
make an investment, how we manage that 
investment and when and how we exit it.
Responsible investing from the very 
start of the investment process
When sourcing for new investments, we target 
market leaders with growth potential operating 
in sectors that are critical for Africa’s path to 
grow. Pursuing only the most attractive deals 
in terms of value creation and financial returns, 
we will favour those investment opportunities 
that have a clear and direct impact on the 
communities and economies in Africa. 
During the screening process, a high-level 
initial assessment of ESG issues of the 
potential investee company is carried out. 
This assessment includes the granting of risk 
ratings for health & safety, environmental, 
social and governance issues, and an 
evaluation of the integrity of the company’s 
management 
and 
its 
commitment 
to 
addressing environmental and social issues 
such as health, safety, bribery, corruption 
SUSTAINABILITY REPORT 2019
and climate change. Finally, we investigate 
whether the transaction provides ESG-related 
opportunities where we can add value. 
Once the investment gets the approval of 
the Investment Committee, the due diligence 
process begins. Due diligence is implemented 
with the help of an external consultant and 
involves several steps of collection of ESG 
information along with a report detailing how 
ESG risks in the investee company will be 
addressed and how opportunities for value 
creation will be exploited.
Then, an Environmental and Social Action Plan 
(ESAP) is drawn up including costs and timings, 
and agreed with the investee company.
The ESAP will consist of a set of specific actions 
towards the following objectives:
• Protection of the environment and efficient 
use of natural resources
• Provision of safe and healthy working 
conditions for the employees
• Fair treatment of the employees allowing 
them to form consultative associations
SOURCING
SCREENING
DUE 
DILIGENCE
MONITORING
EXIT
Our ESG approach

10 · 11
• Upholding of high standards of business 
integrity
• Consideration of the impact of operations 
on local communities
• Implementation of robust social and 
environmental management systems
Finally, if all the evaluations are positive, 
the shareholder agreement is signed. This 
agreement includes the undertaking by the 
investee company that the business will be 
performed in line with Mediterrania Capital 
Partners’ policies and ethical standards.
Responsible investing during the 
holding period
As a Private Equity firm, we support portfolio 
companies from a financial perspective and 
provide them with business know-how and 
recommendation on ESG practices.
Just after completion of the closing, we start 
working towards improving the environmental, 
social, and governance aspects on the new 
portfolio company.
DESKTOP
REVIEW
Q&A
MANAGEMENT
QUESTIONNAIRES
/INTERVIEWS
SITE VISITS
At Mediterrania Capital Partners, we have 
always considered ESG factors as part of 
our investment process. We view ESG 
as essential to long-term value creation 
and use it as a fundamental element 
of our investment and decision-making 
process. We strongly believe that 
companies working ethically, sustainably 
and responsibly tend to be attractive 
long-term investments. 
Rajaa Berrkia, Sustainability Director
“
“

SUSTAINABILITY REPORT 2019
and/or waste, enhancing employee working 
conditions, 
ensuring 
gender 
equality 
across all company levels and departments, 
and putting in place strong governance 
processes.
Often, some portfolio companies may face 
difficulties with its implementation since the 
plan may entail a change in the company’s 
operations or even its work culture.
In that sense, each investment director will 
be responsible for working closely with our 
Sustainability Team and the management 
of the portfolio company to ensure that 
We use our experience to advise and guide 
investee companies on how to build more 
successful and resilient companies, but also 
sustainable businesses. We help portfolio 
companies to reach the next level of growth 
building the right foundations for long-term 
development.
Mediterrania Capital Partners does not act 
as a reviewer of material produced by the 
investee company but, instead, we provide 
value-added 
guidance 
on 
each 
single 
aspect that will help the company become 
a more responsible business, protecting the 
environment by reducing CO2 emissions 
Our ESG approach
FIRST MEETING
AFTER SIGNING
SETTING UP OF
A ESG
COMMITTEE1
ASSIGNING OF
SUPERVISION
RESPONSIBILITY
TO A BOARD
MEMBER
KPIs FOR
MONITORING
AND REPORTING2
ENGAGING WITH
AN EXTERNAL
CONSULTANT
SUPERVISION/
MONITORING/
REGULAR VISITS
1 As a sub-committee to the Board of Directors if ESG is deemed of high risk. If applicable, it should be chaired by the 
senior management of investee companies.
2 Including unplanned events (serious accidents, adverse media, departure of key Environmental & Social resources, 
government inspection and any other any significant stakeholder-related issues).

12 · 13
identified ESG issues are minimised and 
opportunities for adding ESG value are fully 
implemented.
In parallel, both parties will agree on a 
reporting 
methodology 
through 
which 
the investee company reports all actions 
(both planned and executed) its results and 
progress against the set objectives. This 
report will be produced either on a quarterly, 
bi-annual or annual basis. The progress and 
follow-up steps will be presented to the 
portfolio company’s Board and Mediterrania 
Capital Partners team.
Reporting on ESG actions
• The ESAP report provided by the portfolio 
company will provide at least one annual 
summary outlining the performance of the 
ESG actions and performance against the 
specific ESAP agreed by the company and 
Mediterrania Capital Partners
• The frequency of the reporting will be 
adjusted to the level of risks
• The Key Performance Indicators (KPIs) that 
will be used to monitor Environment and 
Social factors must be agreed with the 
investee company early in the investment 
phase
• Setting the right KPIs will allow the 
management 
and 
employees 
at 
the 
investee company to focus on material 
business issues and help build commitment 
as well as track performance
• A proper reporting process will allow 
portfolio companies to:
o Notify Mediterrania Capital Partners 
and the company’s board of any serious 
accidents including those that result 
in loss of life, serious injury, material 
adverse impacts on communities and/or 
the environment, material breach of law 
or legal agreement requirements.
o Respond appropriately and swiftly to 
serious accidents, incidents or events, or 
other changes
ESAP
REPORTING
KPIs
REPORTING
ONE-OFF
INCIDENT OR
ACCIDENT
REPORTS

SUSTAINABILITY REPORT 2019
2019 Key Impact Highlights
Mediterrania Capital II and Mediterrania Capital III
Portfolio Companies
Revenues: €930.4 million
Revenue y-o-y growth: 23%
EBITDA: €132 million
EBITDA y-o-y growth: 1.17X
Employees: 18,469
Female employees: 22%
Female jobs y-o-y growth: 1.6X
€29.1 m invested in Education
€22.2 m invested in Health Care
€27.1 m invested in Financial Inclusion

14 · 15
Governance
Social
100%
100%
100%
OF PORTFOLIO COMPANIES 
PROVIDE HEALTH INSURANCE 
AND PENSION PLANS 
TO EMPLOYEES
OF PORTFOLIO COMPANIES 
HAVE EMPLOYEE TRAINING 
AND DEVELOPMENT 
PROGRAMMES
OF PORTFOLIO COMPANIES 
HAVE OSH1 POLICIES
Environmental
83%
75%
100%
OF PORTFOLIO COMPANIES 
PURSUE A SUSTAINABLE 
ENERGY POLICY
OF PORTFOLIO COMPANIES  
HAVE POLICY STATEMENTS 
DOCUMENTING COMMITMENT 
TO ENVIRONMENT
OF PORTFOLIO COMPANIES HAVE 
IMPLEMENTED BOARD-LEVEL METRICS 
THAT HELP BRIDGE THE GAP BETWEEN 
STRATEGIES AND RESULTANT OPERATIONAL 
ACHIEVEMENTS AND EFFICIENCIES
OF PORTFOLIO COMPANIES 
HAVE AN OFFICIAL 
ENVIRONMENTAL POLICY
OF PORTFOLIO COMPANIES 
HAVE POLLUTION 
PREVENTION AND WASTE 
MANAGEMENT POLICY
OF PORTFOLIO 
COMPANIES HAVE AUDIT 
AND REMUNERATION 
COMMITTEES IN PLACE
100%
73%
100%
58%
OF PORTFOLIO COMPANIES 
PRODUCE ANNUAL AUDITED 
FINANCIAL STATEMENTS
OF PORTFOLIO COMPANIES 
HAVE AN INDEPENDENT 
BOARD MEMBER
100%
1 Occupational Safety
and Health

2019 Impact Update
Consumer Discretionary

1 Agence pour l’Enseignement Français à l’Etranger. 
2 DELF is a certification delivered by the French Ministry which proves the 
French-language skills of non-French candidates.
SUSTAINABILITY REPORT 2019
Groupe Scolaire René Descartes
COUNTRY
Tunisia
SECTOR
Consumer Discretionary
INVESTMENT DATE
December 2017
INVESTMENT FUND
Mediterrania Capital II
Founded in 1993, Groupe Scolaire René Descartes is a 
Tunisian group headquartered in Tunis, offering French and 
Tunisian tuition programmes from pre-primary school to 
high school to Tunisian and international pupils. The Group 
operates two entities: GSRD and FHB.
GSRD operates two buildings in the suburban area of 
Tunis (Ennasr). It is one of only three schools in Tunisia in 
partnership with the AEFE1. In October 2019, a new building 
located in the area of Les Berges du LAC 2 was inaugurated, 
increasing the school’s capacity. 
FHB has been operating since 2016 and provides Tunisian 
programmes from pre-primary school to college. FHB’s 
pupils get a DELF2 certification and are offered the 
opportunity to integrate into GSRD’s high school.

Our added value
Improving corporate governance 
 
Following 
Mediterrania 
Capital 
Partners’ 
investment, the board of directors was 
professionalised, and two board seats 
were 
filled 
with 
Mediterrania 
Capital’s 
representatives. In addition, an independent 
director was appointed in order to help assess 
the value creation possibilities within GSRD 
and the overall industry landscape, and offer 
new strategic recommendations and guidance 
for growth. 
Strengthening information systems 
 
A new Enterprise Resource Planning (ERP) 
software was acquired to standardise, streamline 
and integrate business processes and improve 
the accuracy and the consistency of the school’s 
reporting and budgeting. The implementation 
of the software began in 2019, with most of the 
modules fully operational (commercial, human 
resources, procurement and accounting) by the 
end of 2019.
Accelerating the development plan
 
Mediterrania 
Capital 
Partners 
helped 
the 
group to accelerate the development and 
implementation of its expansion plan. The land 
of the new school in LAC 2 was selected and 
secured post-closing and construction works 
ended in September 2019. 
Both the acquisition and the construction were 
financed through a 30/70 equity/debt ratio. The 
team of Mediterrania Capital Partners, alongside 
GSRD’s management, led the process of securing 
cost-efficient financing to build the new school 
and engaged with project managers to oversee 
the construction.
The new building was inaugurated in October 
2019 and is fully operational for the 2019/2020 
academic year with 260 enrolled pupils. 
As part of the expansion plan, Ennasr school 
extension works were launched. The extension 
of the building will hold all Primary pupils while 
the existing building will hold all Secondary 
pupils (college and high school).
18 · 19

ESG in action
 
Following 
Mediterrania 
Capital 
Partners’ 
investment, Primary and Secondary schooling 
increased by 21% and 19%, respectively, over 
the last two academic years. In the academic 
year 2019/2020, 2,274 students were enrolled 
in GSRD and FHB including 1,055 female 
students (46% of the total). 
Recognising the role of education in promoting 
economic growth and social justice, GSRD 
emphasises in its programmes the role of 
primary schooling which, besides the 3Rs3, must 
lay foundations in other areas, such as spoken 
language, science, arts and the humanities, plus 
physical, emotional and moral development 
and lived experience. 
A new principal with a successful track record 
within the AEFE was hired to strengthen 
supervision and instructional guidance and 
encourage innovative approaches. A teacher-
oriented training programme has been 
implemented, as education professionals 
need to be updated continuously. The para-
professional staff has been reinforced and a 
new, consistent salary grid has been put in 
place, reducing teacher turnover from 37% to 
30%.
Groupe Scolaire René Descartes
SUSTAINABILITY REPORT 2019
3 Reading, Writing and Arithmetic

20 · 21
5
18
25%
2,274
+27%
56%
1,055
88%
SCHOOL
CAMPUSES
STUDENTS
NATIONALITIES
GROWTH OF 
PERMANENT TEACHERS
PUPILS
NEW TEACHERS
(FROM 251 TO 318)
FEMALE 
TEACHERS
FEMALE
STUDENTS
AVERAGE SUCCESS RATE
VS. 83% IN 2018
2 0 1 9  I M PA C T  K P I s
CONTRIBUTION TO THE SDGs

COUNTRIES
Tunisia, Morocco, Algeria
SECTOR
Consumer Discretionary
INVESTMENT DATE
November 2015
SUSTAINABILITY REPORT 2019
Indigo Company
Indigo is a Tunisian retail apparel group founded in 1997 
by the Ben Salem brothers. It commercialises 12 fashion 
and lifestyle brands from five major international groups, 
including Inditex, Waikiki, Celio, Mango and Etam. The 
group expanded its reach to Morocco and Algeria, in 2002 
and 2012, respectively. Today, Indigo operates a network 
of 110 outlets in the three countries (54 in Tunisia, 31 in 
Morocco and 25 in Algeria).
The group distributes 12 brands including Zara, Zara Home, 
Bershka, Oysho, Pull & Bear, Stradivarius, Massimo Dutti, 
Lefties, Celio, Jennyfer Undiz and LC Waikiki, targeting 
different customer groups in low- to moderate-income 
segments.
In late November 2019, Indigo Group opened the largest 
shopping center in Tunisia, the Mall of Sousse, which 
covers an area of 9,000 sqm.
INVESTMENT FUND
Mediterrania Capital II

Our added value
Improving corporate governance  
 
Solid 
corporate 
governance 
is 
critical 
to 
attracting investors and ensures that the Board of 
Directors fulfils its role objectively and holds the 
management accountable to the company.
Soon 
after 
Mediterrania 
Capital 
Partners 
invested in the group, the need to set up an 
independent Board of Directors came up. Indigo 
put forward the candidature of a consultant 
from Roland Berger, a strategy consulting firm 
that had advised Indigo during the investment 
process. The candidate had previously worked 
in the consumer goods and retail sectors and 
spent more than 15 years in management 
consulting, working with major retail players. 
The candidature was largely welcomed and 
accepted by Mediterrania Capital Partners 
and he was appointed an Independent Board 
Member.
A Strategic Committee was set up to support the 
group in achieving its development strategy in 
the three different countries with a strong focus 
on sales, margins and profitability. 
Mediterrania Capital Partners also put in place 
an Audit Committee to supervise the financial 
reporting and audit processes, internal controls 
and legal and regulatory compliance. Lastly, a 
Remuneration Committee was set up to assist and 
advise the Board of Directors on matters related 
to the remuneration of the Board and senior 
management, in order to motivate and retain 
executives and ensure that the group attracts the 
best talent in the market.
Simplifying and leveraging KPIs
A strong focus was directed towards agreeing 
on common reporting models for financial and 
operational performance. Mediterrania Capital 
Partners helped structure the financial reporting 
and KPIs using the data available in the company 
and when new measurements were created – 
without overwhelming the business – to clarify 
how they would help Mediterrania Capital 
Partners and Indigo Company to run the business. 
Strengthening workforce management
Mediterrania 
Capital 
supported 
Indigo’s 
investment in a workforce management
platform. The 24/7 retail solution provides 
Indigo with a robust platform that improves 
and optimises its HR abilities and allows it 
to be proactive throughout all operational 
functions. The new platform delivers real-time 
communications and staff tracking to keep the 
teams accountable and running smoothly, as 
well as real-time management of issues and 
incidents. The software also automates and 
streamlines maintenance functions, increasing 
equipment uptime and lifetime.
ESG in action
In terms of recruitment, Indigo goes beyond 
traditional interview processes by conducting 
individual and group hiring interviews that test the 
candidates on their selling skills and their fashion 
and brand knowledge. As part of the interview 
process, the HR department has developed an 
internal matrix of criteria that includes personality 
22 · 23

traits such as patience, competitiveness, team 
spirit, empathy, emotional intelligence, willingness 
and eagerness to learn, passion for the brand and 
its products, etc.
Another pillar of Indigo’s HR strategy lies in 
establishing work training programmes and 
assessment 
sessions 
to 
keep 
employees 
positively engaged. The retail sales training 
contains different elements for onboarding or 
new hire training, product knowledge training 
and behavioural retail sales training.
The retail sales training contains various elements 
for new hires such as product knowledge, and 
behavioural retail sales training which includes 
a set to learn soft skills such as communication 
and non-verbal communication, how to engage 
stranger customers at the stores and greet them 
with courtesy.
To minimise the risk exposure of Indigo 
employees, the group has developed a set of 
courses to improve security, health and safety 
within the stores and Indigo’s premises on a 
variety of topics such as fire, slips, trips and falls, 
lifting and carrying, first aid for customers, etc.
Lastly, the performance of each store is regularly 
evaluated to identify what kind of staff is required 
to improve training based on the set of skills 
required.
In order to hire the right number of staff in 
each store, current legal permits and laws in 
development are regularly analysed to enable 
the group to permanently adapt the number of 
staff per store, as having too many employees 
adversely affects costs whereas having too few 
can reduce store performance.
Like all worldwide fashion and lifestyle retailers, 
the group faces the problem of unsold clothes 
that cannot be destroyed or returned to the 
manufacturers. In Tunisia, Indigo recently 
launched its first discount outlet for unsold 
clothes and accessories from all the brands it 
distributes. Similar outlets across the country 
are expected to open soon.
Charity donations and “Artisan”
Indigo donates around 5,000 garments annually 
to 15 NGOs including SOS Village d’Enfants, 
Universelle, Afreecan, Tunaide, AAINPE, 
3OUYOUN ATTOUFOULA, Un Sourire Pour Tous, 
Croissant Rouge and Rotary Club.
The group has also developed a social 
solidarity programme called “Artisan”. This eco-
friendly programme recycles unsold garments 
and creating useful objects, carpets, pillows, 
etc. All clothes are donated to Tunisian in a 
double-win Corporate Social Responsibility 
strategy helping small businesses and creating 
new jobs. Through this initiative, Indigo targets 
more particularly women artisans such as el 
Mensej Women weavers of NAFTA in the South 
of Tunisia or in Kalâa Kebira in Sousse. The 
Artisan programme has driven the opening of a 
concept store in the Mall of Sousse to promote 
craft works from associations, young designers, 
independent artisans and eco-friendly brands.
Indigo Company
SUSTAINABILITY REPORT 2019

24 · 25
110
29%
1st
200 k
100%
12
OUTLETS
INCREASE IN 
STAFF NUMBERS
FRANCHISEE PILOT 
IN NORTH AFRICA
2,232
EMPLOYEES
MALE 
EMPLOYEES
FEMALE 
EMPLOYEES
TND OF DONATIONS
IN 2019
HEALTH INSURANCE
COVERAGE1
BRANDS FROM
5 MAJOR FASHION AND 
LIFESTYLE GROUPS
2 0 1 9  I M PA C T  K P I s
CONTRIBUTION TO THE SDGs
58%
42%
1 For employees who have worked with Indigo for more than 2 years

Université Privée de Marrakech
SUSTAINABILITY REPORT 2019
COUNTRIES
Morocco and Senegal
SECTOR
Consumer Discretionary
INVESTMENT DATE
August 2016
Founded in 2005, Université Privée de Marrakech (UPM) is 
the leading and largest state-recognised multidisciplinary 
provider of private higher education in Morocco. It 
offers more than 60 undergraduate, graduate and 
master’s programmes in six major fields: management 
and governance, tourism and hospitality management, 
engineering and innovation, health sciences, sports 
management and arts. 
UPM is located in Marrakech, on a 32-hectare flagship 
campus with a total capacity of 8,000 students and a 
residence of 600 students. The university infrastructure 
and facilities provide state-of-the-art digital educational 
equipment with a variety of new-age active learning 
classrooms, teaching laboratories, research centres, 
indoor and outdoor athletics training centres, conference 
rooms, etc.
It also has a campus in Agadir that provides executive 
education programmes such as MBAs in management and 
INVESTMENT FUND
Mediterrania Capital II

26 · 27
specialist master’s degrees covering a variety 
of different areas.
UPM has operated in Casablanca since 2015 
under an exclusive partnership with EMLYON, 
one of the top Business Schools in France. It has 
also recently acquired Université Internationale 
de Casablanca (UIC) and the ESG business 
school, to consolidate its position in Casablanca, 
outside its domestic market of Marrakech. 
UPM is also present in Senegal through both the 
opening of UPM Senegal and the acquisition of 
SCIMD in 2015. The latter is a private medical 
school located in Dakar with a total capacity of 
1,500 students. This acquisition was the first step 
in setting up UPM’s Health Sciences platform.
UPM has developed a uniquely vibrant and 
caring learning community through all its 
locations, with outstanding students, facilities 
and staff. 
It has more than 20 partnerships with international 
higher 
education 
universities 
and 
schools 
including Vatel, Euromed Management, Johnson 
& Wales University, Universitat de Barcelona, 
University of Virginia Darden School of Business 
and the ESC Clermont Business School.
Our added value
State accreditation 
 
One of the pillars of UPM’s strategy was 
obtaining the Moroccan state accreditation, not 
only to boost the career potential of students 
by offering them more hiring and career 
progression opportunities but also to improve 
its academic quality and public accountability. 
Mediterrania Capital Partners supported UPM 
during the accreditation process, especially 
during the visits and examinations by the 
accreditation 
team 
from 
the 
department 
responsible for higher education and scientific 
research.
As a nationally accredited university since 2017, 
UPM continually undergoes inspections and 
reviews by the ANEAQ (the Moroccan National 
Agency for Evaluation and Quality Assurance 
of Higher Education and Scientific Research) 
to ensure it maintains the highest quality and 
meets a strict and recognised set of service and 
operational standards.

SUSTAINABILITY REPORT 2019
This accreditation involved several conditions 
that UPM continues to meet. These included 
setting up a scientific council, securing stringent 
staff ratios with at least 30% permanent 
teachers, one teacher per 40 students in the 
management, commerce and communication 
fields, one teacher per 25 students in the 
science and technology sector and one teacher 
per 10 students in the paramedical sector.
All these criteria enable UPM to provide the 
academic excellence sought by many employers.
Buy-and-build strategy
 
UPM’s ambition is to build the biggest 
education platform in French-speaking Africa. 
Mediterrania Capital Partners supported the 
management team in the negotiations to 
complete three acquisitions in Morocco. 
The first acquisition concerned UIC, a premium 
private higher education institution. This enabled 
UPM to extend its reach into Casablanca, the 
largest education market in Morocco, and 
benefit from strong cost and revenue synergies. 
The second acquisition, of the ESG business 
school — also in Casablanca —, was intended 
to ultimately transfer all existing students to 
the UIC and use the existing infrastructure 
to launch new executive programmes. The 
ESG business school is one of the education 
pioneers in Morocco, operating since 1985 
with campuses in Casablanca, Marrakech and 
Université Privée de Marrakech

28 · 29
Agadir. It offers professional qualifications and 
degree programmes in business administration 
and information technology. 
The third and last acquisition is Sup de 
Co Marrakech, a business school based in 
Marrakech and recognised by the Moroccan 
State with around 600 enrolled students.
Health Sciences platform
 
Another element of UPM’s strategic plan consists 
in increasing its presence in the health sciences, 
including medicine, pharmacy and dental health.  
UPM Santé, established in 2015, aims to 
improve the quality of medical education and 
the qualifications of the health workforce in 
Morocco. In late 2018, it obtained the state 
accreditation in medical education allowing it 
to operate a private medicine faculty. 
In parallel, since it is mandatory to ensure a 
training hospital with adequate clinical facilities, 
UPM Santé acquired Hôpital Privée de Marrakech 
(HPM), a newly launched state-of-the-art hospital 
built in an area of 1 hectare (of which 26,000 sqm. 
are built) with a 134-bed capacity. 
Mediterrania Capital Partners supported the 
management during the acquisition and post-
acquisition phases with the help of a healthcare 
consulting firm, to reduce the cost structure of 
the hospital and integrate the new faculty of 
medicine with the rest of the entities.

ESG in action
UPM has several reasons for establishing a 
private medical school.
Firstly, it provides a response to the current 
workforce shortage in Morocco, where the 
demand for places at public medical schools is 
greater than the available supply. This shortage 
has even resulted in students going to other 
countries for their medical education. 
Morocco also suffers from insufficient high-
quality healthcare services due both to economic 
constraints and limited infrastructure, showing 
considerable growth potential.
In addition, globalisation has resulted in an 
increased demand for medical professionals 
from foreign countries coupled with increased 
wages. This combination has led to more health 
profession entrants from the expanding middle-
Université Privée de Marrakech
SUSTAINABILITY REPORT 2019
class and the demand for medical education can 
only be satisfied by private medical schools. 
UPM’s objective is to meet the needs of 
Morocco’s expanding population and improve 
health care access for all sections of society. 
Establishing a medical school in an area like 
Marrakech, where there is limited physician 
coverage, will reduce the region’s dependency 
on expatriate doctors from the largest cities such 
as Casablanca or Rabat.
Doing 
so 
will 
also 
substantially 
reduce 
the monopoly of government-run schools 
by providing students with an alternative. 
Consequently, more attractive job opportunities 
will be created through healthy competition. 
A further advantage is that, as a private medical 
school with sound financial backing, its students 
have greater access to up-to-date facilities and 
technology than in public schools.

30 · 31
8,000+
200+
538
1st
1st
9
7
57%
73
7
60+
STUDENTS IN MOROCCO
AND SENEGAL
TEACHERS, OF WHOM
30% ARE PERMANENT
EMPLOYEES
ACCREDITED PRIVATE
UNIVERSITY TO OPERATE
A PRIVATE MEDICAL SCHOOL
PRIVATE HOSPITAL
IN MARRAKECH
(134-BED CAPACITY)
OPERATING ROOMS;
ISO 9001:2005
FIELDS OF EXPERTISE
FEMALE
EMPLOYEES
WOMEN IN 
MANAGEMENT POSITIONS
STATE-OF-THE-ART
CAMPUSES IN MOROCCO
AND SENEGAL
EDUCATIONAL
PROGRAMMES
2 0 1 9  I M PA C T  K P I s
CONTRIBUTION TO THE SDGs
One of
ACCREDITED PRIVATE
UNIVERSITIES, SINCE 2017
Morocco’s

2019 Impact Update
Consumer Staples

Aziza
SUSTAINABILITY REPORT 2019
COUNTRY
Tunisia
SECTOR
Consumer Staples
INVESTMENT DATE
July 2019
Founded in 2014, Aziza is one of the leading food retail 
operators in Tunisia with 280+ stores across the country 
covering 83,000 sqm of sales area. With over 2,500 
employees, Aziza operates one of the largest store 
networks in Tunisia. Its success is based on capturing 
the middle-class customer market by offering quality 
products at low prices, next-door convenience, and stores 
where purchasing is easy.
Ghassen Slama, Aziza’s founder, owner and current 
CEO, created an unprecedented business model in 
Tunisia, placing the customer at the centre of its activity 
and adapting its offering to the circumstances of each 
moment.
INVESTMENT FUND
Mediterrania Capital III

Our added value
Improving corporate governance 
 
Since Mediterrania Capital Partners invested in 
the company, the composition of the Board of 
Directors was reshuffled with the appointment 
of new members bringing additional qualities to 
the working relationships at the boardroom table, 
between the Board of Directors and Management 
and between directors and key stakeholders.
An independent board member was appointed 
with 40 years’ experience in procurement, 
management control and logistics in Europe. The 
board was also reshuffled to add new members 
with additional qualities such as “behavioural 
skills”, to enhance the relationships around 
the boardroom table, between the board and 
management and between the directors and key 
stakeholders.
Private label expansion 
 
For Aziza to become the Tunisian leader in the 
distribution segment, a strong emphasis was put 
on providing the highest-quality products at the 
lowest possible cost. One of the pillars of that 
strategy has been to expand Aziza’s own-brand 
product offering to fulfil all its customers’ needs, 
from food to cleaning and hygiene.
Today, Aziza’s line of own-brand products 
accounts for 200 labels including Omnia, 
El Behi, Complice, Mozaic, Nassiba and IVI. 
These products are 40% cheaper on average 
than Aziza competitors’ products while being 
consistently ranked #1 in terms of “value for 
money” by its customers. Aziza’s own-brand 
products represented 12% of overall sales in 
2019, up from 4% in 2015.
34 · 35

Integrated supplier-manufacturer 
relationship
 
One of the key elements of Aziza’s operating 
model is the company’s close relationship 
with its suppliers. At the recommendation of 
Mediterrania Capital Partners, Aziza has worked 
to limit the number of integrated supplier-
manufacturers, with which it has adopted a 
“virtual integration” model. Aziza is currently 
implementing long-term offtake agreements 
with local suppliers that establish long-term 
relationships, guarantee contracts at constant 
prices, ensure the highest level of quality and 
responsiveness, and shorten the logistics chain 
by using trucks at full capacity.
Innovation and R&D
One of Aziza’s challenges was to ensure that 
enough resources were put on innovation in-
house and also among its suppliers in order 
to develop new products, improve the current 
offering 
following 
customers’ 
needs 
and 
recommendations, help reduce unnecessary 
costs in raw materials, transport and logistics, 
etc., directly resulting in lower prices for its 
customers without sacrificing product quality. 
With this in mind, an external consultant 
introduced by Mediterrania Capital Partners 
worked with Aziza’s management and brought 
many improvements including the compilation 
Aziza
SUSTAINABILITY REPORT 2019

of shopper insights, the development of new 
store portfolios and concepts. He has also 
critically analysed Aziza’s branded and private 
label offering  and helped define the right omni-
channel strategies.
Information management systems
Aziza has a powerful IT system and in-frastructure 
covering accounting and cash management, 
both at headquarters and in stores, delivering 
planograms 
and automated replenishment 
of the warehouses and sales outlets, etc. At 
Mediterrania Capital Partners’ recommendation, 
the system has been elevated to include a 
people and talent component.
In 2019, a new human resources management 
software (SWIB HR) was acquired and fully 
deployed. This software covers the HR processes 
of all staff (directors, managers and employees) 
from the recruitment phase to the management 
of employees at individual level, including 
working time and absences, evaluation of 
talent, performance of employee training, skills 
management, etc.
ESG in action
Aziza’s management is fully engaged and 
committed to improving environmental and 
social issues and has appointed a team with 
clear roles and responsibilities. The ESG 
department is headed by a Quality, Health, 
Safety and Environment (QHSE) Director who 
leads a team of 10 people including a Quality 
Manager, a Health, Safety and Environmental 
(HSE) Manager and three internal QSHE 
auditors.
Aziza has recently appointed an Energy 
Efficiency Director to supervise the 
implementation of a new, highly efficient store 
model that has resulted in energy savings, 
thereby reducing the company’s environmental 
footprint. Aziza is planning to roll out this 
technology to all stores by 2020 to further reduce 
its energy consumption by approximately 10%. 
In addition, it has also rolled out a pilot in 10 
stores to test the chiller doors proven to be 
the best solution for achieving large energy 
savings on refrigerated multi-deck cabinets. 
Another energy-saving solution under trial 
in two stores is the shelf-edge technology 
designed to reduce energy consumption 
and improve product temperatures in open 
refrigerated display decks, thereby providing 
more efficient refrigeration and reducing 
energy consumption. The company also plans 
to evolve towards solar photovoltaic systems in 
selected stores.
36· 37

Aziza’s continuous optimisation and streng-
thening of its organisational structure has 
reduced employee turnover (as employee 
satisfaction, motivation and commitment has 
risen) while also improving productivity. Under 
the supervision of the HR Director, several 
new positions called “HR Representatives” 
have been created to assist in the hiring, 
administration and training of new and existing 
employees. 
Aziza has developed a very competitive 
remuneration scheme and invests more in 
staff training than its competitors. All of Aziza’s 
employees have contracts that include a 
bonus-incentive system. Salaries are composed 
of a fixed part and a variable one based on 
the 
employee’s 
experience, 
responsibility 
and performance. Employees are hired from 
neighbouring communities to ensure an easy 
commute and encourage a good work-life 
balance. In 2019, 237 employees (vs. 161 in 
2018) were promoted. All regional managers 
and store managers are internal promotions.
Another particularity of Aziza’s HR policies is 
that it focuses on the balance of professional 
and personal life. In this sense, all employees 
work near their homes and are hired from 
neighbouring communities.
Aziza has implemented a transparent employee 
communication policy regarding working 
conditions, health risks, compensation and pay 
practices, making it easier to understand and 
correct unjustifiable and unfair pay differences 
and respond to the growing concerns about 
societal income inequality and persistent pay 
gaps between men and women. The company’s 
transparency on all these matters has had a 
positive impact on employee satisfaction and 
significantly reduced staff turnover.
Another example of Aziza’s corporate social 
responsibility is the newly set up “Social 
Fund” dedicated to providing funding for 
social purposes. These funds are derived from 
monthly employer and employee contributions 
and stored in a separate bank account.
Aziza
SUSTAINABILITY REPORT 2019

38 · 39
1st
1,100
1,200
280+
2,552
356 k
237
65% 
15-20%
35% 
200
DISCOUNT CHAIN
IN TUNISIA
SKUs
INDIRECT
EMPLOYEES
STORE NETWORK
DIRECT
EMPLOYEES
TND SPENT
ON TRAINING
OF PAYROLL
IS VARIABLE PAY
ACTIVE MEMBER
ACTING AGAINST
FEMALE EXCLUSION
INTERNAL
PROMOTIONS
IN 2019
PRIVATE
LABELS
2 0 1 9  I M PA C T  K P I s
CONTRIBUTION TO THE SDGs
MALE
FEMALE

Founded in 1987 by the Hachicha Group, Randa Group is 
a leading integrated player in Tunisia specialising in wheat 
collection, transformation and distribution in the local 
market and abroad, exporting to 20 countries.
Randa operates a main manufacturing plant in Tunis of 
over 40,000 sqm through which it controls the entirely 
lifecycle of the pasta: the silos, the mill and the pasta 
factory. A smaller facility, of 2,000 sqm and located in Sfax, 
is entirely dedicated to animal feeding.
COUNTRY
Tunisia
SECTOR
Consumer Staples
INVESTMENT DATE
September 2015
Randa
SUSTAINABILITY REPORT 2019
INVESTMENT FUND
Mediterrania Capital II

Our added value
Strengthening corporate governance 
and HR
 
Since Mediterrania Capital Partners invested 
in the group, Randa has moved from a family-
run business to an institutionally driven one by 
restructuring the composition of the Board of 
Directors and empowering the Deputy CEO. 
After assessing the senior management team, 
Mediterrania Capital Partners worked alongside 
the group to reshuffle these positions with new 
HR, Supply Chain and Commercial Directors, 
as well as a new Plant Manager. Also a Logistics 
Director was appointed in charge of reducing 
and optimising the logistic costs and improving 
the asset turnover ratio.
Increasing production capacity  
 
Following 
Mediterrania 
Capital 
Partners’ 
investment, Randa expanded its production 
capacities by improving the efficiency of 
its existing equipment and acquiring new 
production lines.  
The Capital Expenditure (CapEx) Plan included 
one additional line for short-cut pasta and 
couscous and increased storage capacity for 
wheat with an additional silo of 80 tons. A new 
trituration line was also installed, increasing its 
capacity from 500 to 800 tons per day.
 
Product diversification
 
To meet the demands and convenience of the 
diversified bakery professional and retailers in 
Tunisia, Randa made a significant investment to 
acquire a new cooked bakery product line, thus 
expanding its range of products from frozen 
and pre-cooked product to cooked ones. A 
new brand was created, Happy’s, which quickly 
became a key player in the cooked bakery 
segment. In 2017, one year after its launch, 
Happy’s was awarded the “Great Taste Award”.
Reorienting the export strategy
Mediterrania 
Capital 
Partners, 
alongside 
Randa’s management, hired the consulting firm 
Deloitte to define an export marketing plan and 
identify new exports markets  to offset the effects 
of limited quotas in the local market.
Randa’s development plan consisted in 
consolidating its market position in existing 
markets in West Africa while increasing exports 
to Libya and other markets in Sub-Saharan Africa 
(Ethiopia, Angola and Somalia), the European 
Union 
(France, 
Spain, 
Belgium, 
Germany, 
Switzerland 
and 
Ukraine), 
North 
America 
(Canada) and Asia (Japan). The plan also 
contemplated an improvement of the payment 
40 · 41

terms and profitability. A new Export Director 
was appointed in charge of implementing the 
development plan.
Joint venture with Panzani pasta 
During 2019 and with Mediterrania Capital’s 
support, Randa started negotiations to create 
a joint venture with Ebro Foods, the owner 
of Panzani pasta. Ebro Foods is the leading 
company in the Spanish food processing sector 
and the world’s largest trader/miller of rice and 
the second-biggest producer of pasta. The 
joint venture will partially outsource to Tunisia 
the production of Panzani pasta for the entire 
MENA region. Randa will produce Panzani pasta 
under licence and export it to certain African 
countries. The first products are expected to 
launch in late 2020.
ESG in action
In this industry, companies usually create waste 
ranging from 47 to 74 g/kg of the product 
depending on the type of pasta. Therefore, 
disposing of these by-products properly by 
recycling them as animal feed is not only 
economically favourable for Randa but also 
better for the environment. 
As part of its diversification strategy, Randa has 
set up two animal feed production lines, Alfet 
El Machia and Sanders Tunisie. Alfet El Machia 
specialises in producing livestock feed, poultry 
and chicken feed while Sanders produces 
ruminant (cattle, buffaloes, sheep and goats), 
horses and rabbit feed as well as fattening feed. 
All the production is sold locally.
As an industrial food manufacturer, Randa 
needs heating and electrical power as well 
as refrigeration systems. This has a significant 
environmental impact, consisting of carbon 
dioxide emissions from the energy used in the 
manufacturing processes and the refrigeration 
equipment. 
With this in mind, Randa has acquired a 
trigeneration system with a total capacity 
of 4,500 KW that provides electrical power, 
heating and cooling to the entire premises in 
Tunis simultaneously. The heat produced by the 
system is also used to produce steam and hot 
water for onsite use. 
This technology has allowed Randa to reduce its 
fuel and energy costs and refrigerant leakage. 
In 2019, energy expenses went down by 55% 
and greenhouse gas emissions were reduced 
by 40%.
The same year, Randa became ISO 22000 
certified which enabled to show its customers 
that the company has a food safety system 
in place. It also obtained the Halal Certificate 
which guarantees the production of high-quality 
products and has helped accelerate Randa’s 
exports especially into Muslim countries.
Randa
SUSTAINABILITY REPORT 2019

42 · 43
1,046
4
1st
33
2
Zero 
Waste
ISO
100%
EMPLOYEES
SHORT-CUT
PASTA LINES
ENERGY-EFFICIENT
PASTA MANUFACTURER
IN TUNISIA
YEARS
OF OPERATIONS
LONG-CUT
PASTA LINES
MANAGEMENT STRATEGY
9001
AND ISO 22000
CERTIFIED
INTEGRATED
MANUFACTURER
2 0 1 9  I M PA C T  K P I s
CONTRIBUTION TO THE SDGs
80%
20%
MALE
FEMALE

2019 Impact Update
Financials

COUNTRY
Morocco
SECTOR
Financials
INVESTMENT DATE
July 2014
SUSTAINABILITY REPORT 2019
Cash Plus
Founded in 2004 Cash Plus is a family-owned business 
specialised in domestic and international money transfers. 
The company also offers services such as currency 
exchange, online payment of purchases and taxes, and 
a comprehensive portfolio of inclusive financial products 
marketed through its network and via its mobile application.
Since it began operations, Cash Plus has formed more than 
15 partnerships with major international money transfer 
players including Western Union, MoneyGram, Money 
Trans, Money Exchange and RIA, and developed its own 
national money transfer service under the Cash Plus brand.
In October 2015 Cash Plus completed the acquisition of 
Eurosol and became the second-largest money transfer 
company in Morocco and the largest independent one. 
Today Cash Plus’ network accounts for more than 1,800 
agencies.
INVESTMENT FUND
Mediterrania Capital II

Our added value
Improving corporate governance and 
HR 
 
After Mediterrania Capital Partners invested 
in Cash Plus, the composition of the Board of 
Directors was improved to ensure diversity, 
independence and succession planning. With 
that in mind, a Board with a broader mix of 
competencies was put in place. 
The restructured Board of Directors supervised 
and guided the management team in light 
of the long-term strategy of the company 
and created a vibrant culture of constructive 
support and engaged challenge. It has proved 
to be a valuable asset to the management and 
Mediterrania Capital Partners and is vital to the 
creation and protection of long-term value and 
a source of competitive advantage.
An Independent Member of the Board with 
over 40 years of experience in the banking and 
financial services in Morocco (Credit du Maroc, 
CIH, BMCE Bank, Attijariwafa bank) and abroad 
at CBAO in Senegal was appointed. 
At the same time, Mediterrania Capital 
Partners got strongly involved in the HR 
restructuring process that looked to reinforce 
the management team and helped with the 
recruitment of a new CEO, Audit Manager, HR 
Manager, Business Development Manager and 
Sales Manager.
Network development: Horizontal in-
tegration 
 
According to plan, Mediterrania Capital Partners 
supported Cash Plus during the negotiation, 
acquisition and integration of Eurosol, the 4th 
largest money transfer player in Morocco with 
a network of 300 agencies, helping to unify 
and streamline business processes across both 
entities and maximising economies of scale and 
revenue synergies.
Restructuring and rebranding
 
In parallel, a major restructuring plan was 
initiated at the group level. This plan included 
a rebranding strategy to change the corporate 
image and create a new greater sense of brand 
unity across the Cash Plus network, from its 
competitors, and in the market.
The Group also acquired a new IT system 
offering the functional and technical features 
needed for its growing network and portfolio 
product range (mainly new low-income banking 
products and mobile banking).
To improve the geolocation quality of the 
network and provide high-quality map 
graphics, Cash Plus acquired “CartoService”, a 
web-based service that helps identify optimal 
location scenarios for its outlets and enables 
appropriate decision making from different 
perspectives, including financial, qualitative 
and risk assessment.
In order to manage FX gains and losses, Cash 
Plus implemented a hedging policy to hedge 
forex risk.
Payment licence 
Mediterrania Capital Partners got deeply involved 
with the Moroccan Central Bank’s licensing 
process. Cash Plus is the fifth financial services 
company to be authorised to receive deposits 
and other repayable funds, and offer low-income 
banking services (IBAN issuance, own cards 
issuance, etc.) to customers in Morocco.
46 · 47

Expanding product portfolio
Thanks to its licence from the Moroccan’s Central 
Bank, Cash Plus began to diversify its portfolio 
of products and developed a multi-support 
solution of payment accounts and prepaid debit 
cards granting access to electronic payments, 
wire and funds withdrawal as well as payment 
terminals and mobile accounts.  
To continue creating more value to customers, 
the group partnered with three local banks in 
Morocco to distribute their products through 
the Cash Plus network. 
It also partnered with the three telecom 
operators in Morocco for mobile recharges, 
with e-commerce players to create a multi-
collect network (Jumia) or sell bus tickets 
(Mabrouk.com), and with utility providers and 
the Moroccan tax authorities to allow customers 
to pay utility bills and taxes either physically at 
outlets or through its mobile application.
ESG in action
Digitalisation affects everything and, especially 
regarding financial services, its impact can 
be transformative by taking control of the 
whole customer experience ecosystem 
and managing the entire business from the 
customer’s perspective, rethinking the legacy 
infrastructure, culture and established business 
model.
Cash Plus Mobile, the group’s transactional 
mobile application, enables customers to 
use their smartphone to conduct financial 
transactions remotely such as transfer their 
funds, top-up their phone, pay bills, consult 
their recent transaction history, etc.
Another layer of the Cash Plus strategy consists 
in improving the customer experience by 
engaging with its customers through social 
media channels such as Facebook and LinkedIn, 
often through humorous posts.
As a result of its dynamic digitalisation process 
and social media initiatives, Cash Plus was 
awarded the “Most Digitalised Brand” for two 
consecutive years, in 2018 and 2019, and the 
“Best Social Media Engagement Campaign” in 
2019. 
Within the framework of the UN’s 2030 Agenda, 
Cash Plus has adopted a strategy of “South-
South Cooperation” through partnerships 
in Mali and Tunisia that could become 
accelerators of sustainable development. Such 
partnerships drive the exchange of experiences 
and strengthen capacities thanks to the transfer 
of technologies and knowledge, and also 
stimulate new exchange networks. To date, an 
agreement has been signed with Orabank Mali 
and Cash Plus Mali has already been set up.
Driven by shareholder activism and a greater 
awareness of ESG risks and opportunities, as 
well as rising expectations from society and a 
younger generation of customers, Cash Plus 
is taking greater action on ESG factors. Topics 
such as gender diversity, violence and climate 
change are nowadays aspects that Cash Plus 
has begun to tackle by encouraging better 
practices amongst its employees at headquar-
ters and across all its network.
Cash Plus
SUSTAINABILITY REPORT 2019

48 · 49
1,837
500
360 k
6 million
12 million
ISO
180
AGENCIES
EMPLOYEES
MAD SPENT
ON TRAINING
4.4 million
INTERNATIONAL
TRANSFERS PROCESSED
NATIONAL
TRANSFERS PROCESSED
BILL PAYMENTS
PROCESSED
9001
CERTIFIED
EMPLOYEES
TRAINED
2 0 1 9  I M PA C T  K P I s
CONTRIBUTION TO THE SDGs
57%
43%
MALE
FEMALE

COUNTRIES
West and Central Africa
SECTOR
Financials
INVESTMENT DATE
March 2018
SUSTAINABILITY REPORT 2019
Groupe Cofina
Based in Abidjan, Groupe Cofina was created by Jean-
Luc Konan in 2014 and is the leading mesofinance and 
transactional financial services institution in West and Central 
Africa. Operating through two divisions, Cofina and CPS 
(Cash Point Services), the group is addressing the “missing 
middle” in the financial industry, helping entrepreneurs and 
small and medium enterprises to obtain medium- or long-
term financing.
The group provides a large range of banking products 
including national and international cash transfers as well 
as financing solutions and related advisory services such as 
money collection, settlement and cash management to its 
more than 180,000 customers.
With more than 1,300 employees, Cofina and CPS operate in 
seven countries across Africa: Côte d’Ivoire, Senegal, Guinea 
Conakry, Gabon, Mali, Congo Brazzaville and Burkina Faso 
through a network of 90 agencies. 
INVESTMENT FUND
Mediterrania Capital III

Our added value
Business expansion 
 
Thanks to Mediterrania Capital’s support and 
expertise in the financial sector, Groupe Cofina 
delivered outstanding results at the end of 
2019. The group’s total assets reached FCFA 
212 billion by the end of the year. Total deposits 
amounted to FCFA 143 billion, up 29% year-on-
year, and the total value of loans outstanding 
increased by 30% to FCFA 146 billion in the 
same period. 
Mediterrania Capital Partners also assisted 
the group in setting up a disciplined process 
to evaluate the potential growth in potential 
markets: Burkina Faso, Togo, Benin and Nigeria. 
Following a thorough analysis, in October 
2019 Groupe Cofina launched its subsidiary in 
Burkina Faso. Elsewhere, the group obtained 
the regulatory approvals needed to launch 
Cofina Togo and its opening is expected for 
mid-2020.
Facilitating access to finance
 
Mediterrania Capital Partners introduced Groupe 
Cofina to key Development Financial Institutions 
such as AfDB (African Development Bank), 
FMO (The Netherlands Development Finance 
Company), and BIO (the Belgian Investment 
Company for Developing countries), all of which 
are keen to support the ambitious expansion of 
Groupe Cofina across Africa.
The group’s level of indebtedness is closely 
monitored to preserve its Capital Adequacy Ratio 
and so ensure its solvency and protection from 
any unfortunate events that might arise from the 
liquidity and credit risks that Groupe Cofina is 
exposed to in the usual course of business.
Banking licensing
 
As per the business plan, Groupe Cofina and 
Mediterrania Capital Partners began negotiations 
with the Central Bank of West African countries 
to obtain the full banking licence required to 
launch the first Financial Inclusion Bank in the 
country. This licence will allow Groupe Cofina 
to have direct access to the interbank market 
(and thereby, to competitive facility lines related 
to its mesofinance activities), eliminate the cost 
of transactions to other banks and increase 
incidental revenues from the deposit drive. It 
will also enable the group to offer custody and 
settlement services to microfinance institutions.
Financial services digitalisation
 
The industry is become increasingly digitalised, 
opening up a world of possibilities both for 
the banking institutions themselves and for 
customers. With the emergence of Fintech, 
Groupe Cofina’s management realised that 
the group needed to modernise its business 
methods in order to offer the best customer 
service and keep growing its client base. Another 
significant advantage of Fintech is the cost 
reduction inherent in online payment methods 
and cashless transactions.
Cofina Groupe has embraced this trend and 
launched “COFINA Mobile”, a mobile application 
that allows customers to manage all their banking 
operations 24 hours a day. This new online 
customer platform is extremely convenient, 
saves time and minimises human error, thereby 
building customer loyalty. Through “COFINA 
Mobile”, the group aims to adopt an omnichannel 
approach to banking in its evolution towards a 
customer-centric model.
50 · 51

ESG in action
Since it began operations, Groupe Cofina has 
paid particular attention to female entrepreneurs. 
In Africa, 24% of entrepreneurs are women, and 
their contribution to the continent’s GDP ranges 
from 7% to 9%, representing a total of USD 150–
200 billion.
50% 
of 
Groupe 
Cofina’s 
customers 
are 
women, 
confirming 
the 
prevalence 
of 
female entrepreneurs in Africa. To recognise 
the significant role women entrepreneurs 
play in Africa’s economy and provide them 
with 
additional 
resources, 
Groupe 
Cofina 
acquired MiMOYE Finances, an Ivory Coast-
based microfinance company dedicated to 
women entrepreneurs and companies at least 
50%-owned by women, that was facing some 
difficulties. Immediately after the acquisition, a 
restructuring plan was put in place that included 
the rebranding of the company to “Finance pour 
Elle.” The group, through Fin’elle, is planning to 
allocate FCFA 15 billion of funding to women 
entrepreneurship.
Groupe Cofina is supporting new entrepreneurs 
by running the programme “Cofina Startup 
House”, a start-up incubator that aids companies in 
their creation and gestation phases by providing 
co-working spaces, coaching and mentoring, 
networking and fundraising during the startup 
phase. The first edition of “Cofina Startup House” 
was launched in 2017 in Abidjan and Dakar. The 
second edition, launched in 2019, targets projects 
in the growth phase and provides businesses 
with value-added services such as management 
training and office space.  
Lastly, in August 2019, Groupe Cofina launched 
the “Young Professional Program (YPP)” in Ivory 
Coast and Senegal. The programme recruits 
young graduates for the banking and finance 
sectors in these two countries and actively 
seeks candidates who demonstrate leadership 
and entrepreneurship skills and are looking for 
their first experience in a company operating 
in the financial services. It is a very rigorous 
and selective 12-month programme aimed at 
identifying new talent.
Groupe Cofina
SUSTAINABILITY REPORT 2019

52 · 53
7
1,337
1,164
90
53% MALE
47% FEMALE
112 billion 93,788
175 k
20
COUNTRIES
EMPLOYEES
EMPLOYEES
TRAINED
AGENCIES
FCFA SPENT
ON TRAINING
PROJECTS FINANCED
SINCE INCEPTION
CUSTOMERS, OF WHOM
45% ARE WOMEN
NATIONALITIES
2 0 1 9  I M PA C T  K P I s
CONTRIBUTION TO THE SDGs

2019 Impact Update
Information Technology

MedTech Group
COUNTRIES
Morocco, France 
and Belgium
SECTOR
Information Technology
INVESTMENT DATE
May 2016
SUSTAINABILITY REPORT 2019
Founded in 1989, MedTech Group offers comprehensive 
IT and telecom services through partnerships with leading 
international service providers and software editors such as 
Oracle, IBM, Cisco, and Alcatel-Lucent. 
Through its twelve subsidiaries, MedTech delivers a wide 
range of products and services: Business Intelligence, 
ERP Business Solutions, Banking and Financial Solutions 
and 
Services, 
Systems 
Engineering, 
Consulting, 
Telecommunication 
Solutions 
Integration, 
Systems 
Architecture Integration, Payment Systems Integration, 
IT Training Services, Digital Transformation, Security and 
Mobile Solutions.
Over the last 20 years, the group has implemented a 
successful acquisition strategy demonstrating its ability to 
integrate new companies and businesses. Six acquisitions 
were completed between 2000 and 2015 and four other 
acquisitions during 2016 and 2017, in Europe and Morocco. 
These acquisitions enabled the group to expand its reach to 
cover the entire spectrum of the IT value chain.
INVESTMENT FUND
Mediterrania Capital II

Our added value
Redesigning the Finance
and Commercial departments   
 
As MedTech’s business grew and its clients 
and operations spread out geographically and 
began to be served by more complex business 
structures, Mediterrania Capital Partners and 
the group’s management team turned their 
attention to structuring the finance department 
to support growth. MedTech chose to divide 
responsibilities between a new, holding-level 
corporate finance centre and embedded finance 
teams within each subsidiary. This approach has 
enabled the group to ensure good governance 
and oversight of all subsidiaries, support the 
group’s strategic initiatives, foster information 
sharing and coordinate business activities, 
optimise processes, consolidate assets and 
reduce costs via labour arbitrage. 
The newly-appointed CFO was mandated 
with consolidating, analysing and packaging 
information 
across 
businesses 
to 
meet 
regulatory requirements as well as to enable 
faster and better business decisions at the 
Board level. 
A new group Sales department was also 
set up to develop a cross-selling strategy 
across all subsidiaries, consisting in offering 
complementary products and/or services that 
optimise or improve the original product or 
service provided by adding new functionalities.
The group also recruited a new Commercial 
Director from Dell. He has helped improve 
coordination and communication between 
Sales teams, address their training needs — 
mainly in terms of pricing skills — and ultimately 
enabled faster and better business decisions to 
be reached at the Board level with consolidated 
information across subsidiaries. 
Supporting the M&A strategy 
 
Conscious that the local Moroccan market is not 
offering further growth prospects, Mediterrania 
Capital Partners and MedTech decided to focus 
on new cross-border mergers and acquisitions in 
the Middle East and North Africa (MENA) region. 
A few opportunities were jointly analysed, 
including a leading Egyptian group specialising 
in systems integration and the design and 
deployment of customised IT solutions for asset-
intensive industries such as telecoms, utilities, 
oil & gas and transportation. However, MedTech 
faced multiple challenges of evaluating the 
target, cultural and institutional differences 
and the liabilities of foreignness among others, 
leading it to turn the opportunity down. 
MedTech is since actively looking at new 
opportunities.
Employee stock options  
 
Mediterrania Capital Partners has worked on 
setting up incentive stock plans to grant equity 
compensation to MedTech executives and key 
employees. These plans were set out in writing 
in the form of regular call options that give the 
employees the right to buy MedTech stock at a 
discount price for a finite period in the future. 
This helped the group encourage employee 
loyalty and support for corporate growth as 
well as aligning its interests with those of these 
employees through a shared- ownership model.  
ESG in action
  
One of the missions of MedTech is to establish a 
foundation that reduces the gap between those 
with access to Information and Communications 
Technologies (ICT) and those without. 
56 · 57

This gap, called the digital divide, is not only a 
social issue that divides society into two groups: 
it can take other forms such as lower performance 
hardware, slower or expensive internet 
connections, difficulty in obtaining technical 
assistance, limited access to subscription-based 
contents or banking services, etc. 
Accordingly, MedTech’s strategy focuses on 
providing access to highly proven technology 
solutions across several African countries, 
although it is aware that, as IT is an energy 
hog, this has an indisputable impact on the 
environment. Consequently, the group has 
adopted a sustainable IT policy that tackles IT 
management and disposal and encourages 
and helps its clients to do likewise. 
This IT policy includes the purchase of energy-
efficient desktop computers, laptops, servers 
and other IT equipment, as well as managing 
the power consumption of this equipment. 
It also provides for the environmentally-safe 
disposal of this equipment (otherwise known as 
“e-waste”) through recycling or donation at the 
end of the device’s lifecycle. This green policy 
forbids IT equipment disposal that ends up in 
landfill, where the toxic substances it contains 
can leak into groundwater, cause water and 
air pollution and eventually affect humans and 
wildlife. 
MedTech works with many of the major 
hardware manufacturers who offer free take-
back programmes. The group applies the same 
policy with its clients.
MedTech has also invested in environmentally-
friendly solutions such as virtualisation 
technologies, server consolidation, PC power 
management and deployment of more efficient 
equipment.
The group has also implemented campaigns 
to encourage its employees to save energy by 
taking simple steps such as turning off their 
computer or switching the lights off before 
going home. 
In addition to the tangible benefits of these 
actions, MedTech has also experienced 
intangible 
benefits 
such 
as 
improving 
employee retention and recruitment among 
its generally young engineers, who tend to be 
environmentally-conscious and consider it a 
differentiator to work for a green group. 
SUSTAINABILITY REPORT 2019
MedTech Group

58 · 59
12
316
201
990
1 million
118%
400+
15
SUBSIDIARIES
OF EMPLOYEES
ARE FEMALE (32%)
EMPLOYEES
TRAINED IN 2019
EMPLOYEES
MAD SPENT ON
TRAINING IN 2019
WORKFORCE GROWTH
COMPARED TO 2015
IN SERVICES, RETAIL, 
TELECOM, E-GOVERNMENT, 
BANKS AND INDUSTRY
WOMEN IN 
MANAGEMENT POSITIONS
2 0 1 9  I M PA C T  K P I s
CONTRIBUTION TO THE SDGs
ISO
CERTIFIED
9001:2005
clients

2019 Impact Update
Industrials

C.E.C.I. Group
Founded in 2004, C.E.C.I. Group is active in the truck and 
bus assembly, truck and car body manufacturing and 
automotive spare parts business in Morocco and Algeria.
In 2010, the group bought a 27,000 sqm. former Renault 
factory in Casablanca and transformed it into one of the 
leading industrial assemblers in Morocco, with a unique 
set of know-how and technical expertise. The factory can 
produce 2,800 truck chassis per year and is complemented 
by an integration facility, also in Casablanca. C.E.C.I. also 
owns three after-sales service centres in Casablanca, 
Agadir and Tangiers.
C.E.C.I. works with major groups such as Krone, Dhollandia, 
Renault and Renault Trucks, AB Volvo, Ford, KIA, Webasto, 
Thermo King and Mitsubishi. It delivers a full range of 
products and services complying with European standards.
In 2013, C.E.C.I. established a local production plant in 
Algeria, expanding its operations outside Morocco.
COUNTRIES
Morocco and Algeria
SECTOR
Industrials
INVESTMENT DATE
November 2014
SUSTAINABILITY REPORT 2019
INVESTMENT FUND
Mediterrania Capital II

Our added value
Corporate reorganisation 
and restructuring
 
Shortly after investment, Mediterrania Capital 
Partners and C.E.C.I.’s management team led 
a plan to reorganise and restructure all group 
subsidiaries (CMVI, AMB and CECI Algeria) 
under the umbrella of the holding company. 
The holding was also transformed from a limited 
liability company to a public limited one to 
reinforce the group’s credibility and confidence 
by operating under a stricter legal regime and 
strengthening its corporate governance through 
improved disclosures and transparency. A Board 
of Directors was elected, with two (out of five) 
seats for Mediterrania Capital Partners.
Mediterrania Capital Partners also recom-
mended that the fiscal year of C.E.C.I.’s 
subsidiaries be aligned with the calendar year. 
A new deputy general director was appointed 
in charge of day-to-day operations, planning 
and quality control.  
Expansion in Algeria
 
Conscious that the trailer market is much larger 
in Algeria than in Morocco and there is almost no 
competition there, Mediterrania Capital Partners 
and the group worked on different collaboration 
options with large international trucks and car 
manufacturers. In 2015, the group extended its 
distribution agreement with Krone to Algeria, 
where it currently operates trailer and industrial 
bodywork plants.
Own-brand products
 
The group’s in-house engineering, architecture 
and design services brought incomparable 
expertise that pushed it to develop its own body 
moulds for manufacturing truck body parts 
used in the production of almost all brands of 
utility vehicles. It offers a wide range for dry, 
refrigerated and flatbed trucks, which are also 
marketed in Algeria.
C.E.C.I. also launched a new business segment 
consisting of tailor-made trucks, trailers or 
semi-trailers for specific uses such as mobile 
banking or health units.
The group has also developed a proprietary 
range of flatbed trailers manufactured in 
Turkey.
Passenger cars and LCVs 
 
Morocco seeks to position itself as an 
international automotive hub and the first car 
manufacturer on the continent. Consequently, 
C.E.C.I. has been able to develop a new 
transformation offering for Renault and PSA 
passenger cars and light commercial vehicles 
(LCVs), the two car manufacturers established 
there. This segment is one of the fastest-growing 
segments currently making up a considerable 
proportion of fleet vehicles in Morocco, which 
pushed the group to expand its transformation 
services to include Ford and Volkswagen 
vehicles. 
ESG in action 
 
C.E.C.I. is engaged in a process to continually 
improve its facilities. For example, in 2019 
it implemented a major programme to 
modernise and upgrade its main plant, 
redefining the layout between the different 
activities and improving the ergonomics of the 
workstations. 
62 · 63

It designed a more favourable and efficient 
working environment that encourages good 
posture, less effort and fewer movements. It has 
helped increase job security amongst employees 
and improved their level of satisfaction as they 
are clear about what to do and how it must be 
done, boosting their morale and increasing 
their motivation through improved training 
capabilities.
One of the main risk areas was the painting 
section with its potentially high exposure to toxic 
fumes from paints, varnishes and solvents, all of 
which have high levels of VOCs. 
The Group has built three dedicated paint booths 
with an exhaust ventilation system capturing 
overspray and solvent vapour. It has helped to 
control and contain hazardous materials, prevent 
debris and dust from compromising the quality 
of the airflow and prevent contamination. 
The Group is ISO 9001:2005 certified 
since 2019.
In order to support health care providers in 
Morocco and scale up mobile clinic outreach 
to populations and communities where health 
facilities do not exist, are not functional or are 
inaccessible, C.E.C.I. has improved the cost-
effectiveness and layout of its health units. The units 
are fully optimised and offer a wide range of layout 
options including waiting areas, examination 
rooms, staff bathrooms, disabled access and 
accessible bathrooms, telemedicine facilities, 
audio-video centre and multimedia packages.
Finally, understanding the continent’s challenging 
health care climate, the group has partnered with 
Les Dauphins, a leading European ambulance 
manufacturer, to produce emergency mobile 
health vehicles for Morocco and other countries 
in West and Central Africa.
C.E.C.I. Group
SUSTAINABILITY REPORT 2019

15
400+
Moroccan
Volvo
3
14
125
YEARS
OF OPERATIONS
TRUCKS AND BUSES
PRODUCED ANNUALLY
IN TRUCK AND 
CAR BODY MANUFACTURING
QUALITY EXCELLENCE AWARD
(THE FIRST INDEPENDENT
ASSEMBLY COMPANY)
WOMEN IN 
MANAGEMENT POSITIONS
FEMALE
EMPLOYEES
EMPLOYEES
2 0 1 9  I M PA C T  K P I s
CONTRIBUTION TO THE SDGs
64 · 65
leader 
ISO
CERTIFIED
9001:2005

Cieptal Cars
Founded in 2006, Cieptal Cars is a leading player in long-
term car rentals in Algeria. It is a service-oriented company 
focused on blue-chip corporate customers, mainly from 
the oil and gas industry, also providing car maintenance 
and driver services on demand.
Cieptal Cars operates from two sites: Algiers and Hassi 
Messaoud, an oil refinery town, considered as the first energy 
town in Algeria, where all large oil and gas companies have 
offices and bases. That location gives Cieptal Cars a competitive 
positioning versus other players in the car rental segment.
The Algerian market is highly fragmented and made of 
several small unstructured players with 10 to 20 vehicles. 
Additionally, large multinationals such as Hertz, Budget, etc., 
have very little presence in the market and are mainly focused 
in B to C short-term rentals. 
Operating a fleet of around 1,000 vehicles at the end of 2019, 
Cieptal Cars is the number one player in the South of Algeria 
in the B to B segment.
COUNTRY
Algeria
SECTOR
Industrials
INVESTMENT DATE
March 2016
SUSTAINABILITY REPORT 2019
INVESTMENT FUND
Mediterrania Capital II

66 · 67
Our added value
Expansion strategy
 
The key growth driver for Cieptal Cars is 
increasing the fleet size. Mediterrania Capital 
Partners’ investment enabled the company to 
continue increasing its capacity, renew existing 
contracts and conclude new contracts with 
more efficient and environmentally friendly 
cars. The size of the fleet increased to 1,000 
vehicles by the end of 2019, from 761 vehicles 
in 2015. It boosted the company’s capacity to 
address larger tenders of long-term car rentals 
in a context of increasing import restrictions 
and quotas of cars in Algeria. 
 
In fact, the automotive sector in Algeria has 
undergone 
significant 
regulatory 
changes 
aimed at increasing local manufacturing with 
a view to increasing exports. The requirement 
for licences was introduced in late 2015, and 
imports came to a standstill in early 2016 until 
the Ministry of Commerce granted licences in 
May of that year, but no cars were allowed into 
the country during 2017 and 2018. However, 
Cieptal Cars was able to import 320 new 
vehicles through its local bank through rental 
agreements. It has enabled the company to 
strongly differentiate from competition, which 
was suffering from shortage of cars, and obtain 
new major contracts with global bluechip Oil & 
Gas companies operating in Algeria.
Furthermore, the government required vehicle 
importers to invest in an industrial or semi-
industrial project in the sector. In late 2018, 
a handful of car manufacturers obtained 
approvals from local authorities and were 
expected to begin importing and assembling 
vehicles by end of 2019. However, Algeria’s 
political uncertainty since early 2019 impacted 
the sector again.  
 
Customer base diversification
 
As the outcome of strategic brainstorming 
sessions, Cieptal Cars alongside Mediterrania 
Capital Partners, decided to stop the activity of car 
transportation services which witnessed a sharp 
drop and diversify into the used car market. It 
allowed the company to sell a stock of used trucks 
and trailers at attractive prices in the second-hand 
market and recycle the extra cash flow into new 
and more environmentally friendly vehicles for 
the long-term rental business.
Employee incentives programmes 
 
Mediterrania Capital Partners worked on setting 
incentive plans to encourage, recognise, and 
reward employees’ performance and align their 
interests with those of the shareholders. They 
were clearly set out, so that all eligible employees 
were aware of their goals and rewards and how 
performance measures were set. 
By having these incentives in place, employees 
felt encouraged to strive harder to meet the 
company’s objectives and enable a reduction of 
employee turnover rate to 16% in 2018 and 2019

Cieptal Cars
(from 23% in 2016), as it decreased the feeling of 
being undervalued or under-compensated.
As a result of these programmes, Cieptal Cars 
has shown greater employee engagement, 
retention, and overall job satisfaction. Its 
customers have also reported a higher level of 
client satisfaction.
ESG in action 
 
Cieptal Cars has low to moderate environmental 
risk as it purchases vehicles from original 
manufacturers 
that 
meet 
more 
stringent 
environmental and emissions requirements and 
pass on the incremental costs to customers. 
It typically owns vehicles for less than four 
years. It can therefore adjust its vehicle fleet for 
stricter environmental regulations. However, the 
company expects any such changes would be 
phased in over a long period of time.
Nevertheless, managing environmental impact, 
maintaining safe and reliable fleet of cars are 
key at Cieptal Cars to drive customer satisfaction 
and manage regulatory risks. The company has 
developed a robust corporate responsibility 
framework which is aligned to address levels of 
greenhouse gases and air pollutants and ensure 
efficient fleet utilisation.
Cieptal Cars has also taken several steps to 
reduce its carbon footprint, including replacing 
in permanence its older fleet with lower-
emission alternatives (i.e. more fuel-efficient 
models), reducing its usage of older vehicles and 
continuing to invest into the latest Euro VI diesel 
technology. 
The location-based approach adopted by Cieptal 
Cars allows it to reduce the environmental impact 
of its business as well.
Also, because the car industry rental is a consumer 
related business, service quality and employee 
satisfaction are very important factors at Cieptal 
Cars. The company runs yearly satisfaction surveys 
with its main clients such as Toyota, Schlumberger, 
Saipem, BJSP, ConocoPhillips, and Ava that show 
they are highly satisfied with the overall quality of 
products and services and ranked the company 
amongst the best in the Algerian market in terms 
of commitment, maintenance services, timely 
response and compliance with schedules and 
regulatory requirements.
 
Cieptal Cars has improved its work culture and is 
today considered as more favourable, according 
to a recent employee survey. It is one of the largest 
employers of drivers in Hassi Messaoud, offering 
opportunities for promotion and options of on-
site living camps. Consequently, the absenteeism 
level strongly decreased over the last 3 years to 
0,8%, from 1,28% in 2015.
SUSTAINABILITY REPORT 2019

68 · 69
2
318
10
74.5%
1,000+
4.5 years
33%
6.7 million
LOCATION-BASED SITES
(ALGIERS AND HASSI MESSAOUD)
EMPLOYEES
FEMALE
EMPLOYEES
OF THE WORKFORCE
IS MADE OF DRIVERS
VEHICLES
AVERAGE FLEET AGE
REDUCTION OF EMPLOYEE 
TURNOVER IN 2019
COMPARED TO 2016
DZD OF SOCIAL 
LOANS GRANTED 
DURING 2019
2 0 1 9  I M PA C T  K P I s
CONTRIBUTION TO THE SDGs
ISO
CERTIFIED
9001:2005

TGCC
COUNTRIES
Morocco, Gabon, 
Ivory Coast and some
countries in 
Sub-Saharan Africa
SECTOR
Industrials
INVESTMENT DATE
January 2018
INVESTMENT FUND
Mediterrania Capital III
SUSTAINABILITY REPORT 2019
Founded in 1991, TGCC has grown to become the national 
leader in the Moroccan construction industry, accounting 
for large projects that span several activity sectors such as 
residential, hospitality, commercial, industrial, administrative 
and infrastructure. 
TGCC is one of the fastest-growing groups in Morocco. It has 
expertise in executing large and complex projects providing 
integrated design, engineering, procurement, construction 
and project management to more than 1,000 projects.
TGCC has made sizeable investments in innovation to ensure 
the most efficient sources of materials and state-of-the-art 
construction processes and methods while maintaining 
uncompromising standards of safety and sustainability.
The group expanded to Gabon in 2013, reached Ivory 
Coast in 2014 and launched operations in Senegal in 2018. 
TGCC manages works in other countries in Sub-Saharan 
Africa from Casablanca. In total the group employs almost 
7,700 employees.

Our added value
Strengthening corporate governance   
 
Since the early days of the investment, Mediterrania 
Capital Partners put considerable emphasis on 
building strong governance processes within 
TGCC and setting up a Board of Directors with the 
robust expertise needed to ensure value is returned 
to all investors. A strong sense of corporate 
governance with clearly defined responsibilities 
was implemented, providing tight control of 
the business, improved risk management and 
reduced potential liabilities throughout the life of 
the investment, right through to exit. 
Two non-executive directors bringing different 
industry experiences (in construction and large-
scale entrepreneurship) were also appointed to 
add an independent viewpoint to the formerly 
family-run Board.
Technical resources to keep business 
on track
 
To steer the group in the right direction, 
Mediterrania Capital Partners enhanced the 
management information and reporting systems to 
align them with the performance and sustainability 
objectives of the business.
A new SAP Financial Consolidation application 
was implemented to empower the finance 
team. It ensures that all consolidation work is 
executed in a single system to avoid unnecessary 
work and comply with predefined automatic 
rules. The application also unifies legal and 
management report generation, accelerates the 
entire financial close-to-disclose process and 
complies with the newly applied international 
accounting standards (IFRS). 
A new internal audit function was set up to 
aid Board and management oversight by 
performing internal controls to ensure operating 
effectiveness, risk mitigation and compliance 
with any relevant laws or regulations. 
Project control mechanisms were also streng-
thened to achieve better-informed decisions.
Employee incentive programmes 
 
Mediterrania Capital Partners worked on setting 
up incentive plans to drive the group’s success, 
reward senior management for their achievement 
and create a sense of accomplishment. These plans 
were clearly stated in writing so that all eligible 
employees know their goals and their rewards and 
how the performance measures are set. 
Mediterrania Capital Partners stressed that these 
incentives should always be substantial enough 
to motivate employees and that, in turn, TGCC 
must deliver on employee successes.
Mediterrania Capital Partners also introduced 
employee performance appraisal mechanisms 
in which career development planning is also 
addressed. It also strengthened the criticality 
of self-assessments to provide an accurate 
performance rating.
ESG in action
 
Quality, health, safety and the environment 
(QHSE) are a key part of the construction, 
commissioning and start-up phases of any 
project at TGCC. They are carefully managed 
in close collaboration with clients, contractors, 
suppliers and any other partners. 
TGCC has implemented an integrated manage-
ment system that provides a comprehensive set of 
tools for steering all QHSE activities, establishing 
measurable objectives and achieving continuous 
improvements in HSE performance.
70 · 71

Accordingly, TGCC has strengthened its QHSE 
resources to build an integrated team so that on-
site QHSE is hardwired into each project, from 
day one onwards, and continuously monitored 
throughout the entire life of the project.
A Deputy Manager was appointed to support the 
current QHSE Director and four HSE Supervisors 
were promoted to Area Managers. Each Area 
Manager is responsible for a team consisting of 
an HSE Supervisor and several HSE Team Leads 
as well as Assistant Leads. 
TGCC focuses on a wide range of QHSE issues 
from the planning stage to delivery of every 
project, to ensure that the right organisation, 
planning, procedures and systems are in place 
at all construction sites. 
Project-specific risks, relevant legal requirements, 
planning site management organisation and 
other specific QHSE aspects are identified 
at the beginning of each project. Once 
construction begins, clear lines of leadership 
and accountability are established to monitor 
performance. The group also benchmarks its 
QHSE performance at all construction sites 
through KPIs, routine reviews and audits.
The same system is also implemented in 
Ivory Coast, where a new QHSE Director was 
appointed in 2019.
TGCC additionally took steps to enhance its 
environmental 
performance 
and 
improve 
employee safety, reducing workplace risks and 
creating better, safer working conditions for all. 
It is the first construction company in Morocco to 
be certified ISO 14001 and ISO 45.001.
The group also invests in industry-specific HSE 
training courses provided either in-house or by 
external consultants, covering diverse topics such 
as Personal Protective Equipment (PPE) essentials, 
working at height, health risks, electrical safety, 
portable work equipment, etc. 
To further prevent workplace injuries, increase 
safety 
awareness 
and 
reduce 
workers’ 
compensations costs, the group implemented 
a behaviour-based programme called “Safety 
Awards” to recognise and reward safe behaviour 
by the teams with the greatest reduction in 
employee injuries, illness and fatalities and the 
cleanest working environment. 
TGCC is also a pioneer in the shift towards 
alternative building materials for green construction 
in some projects, using innovations such as 
Low-E glass, Isophone paint, hydro-ceramics, 
green asphalt solutions, etc. 
An analysis of the wastewater produced by the 
machinery washing station produced negative 
results. Accordingly, the group decided to invest 
in a wastewater treatment system equipped with 
an oil-water separator to remove oils, grease and 
hydrocarbons.
As part of its Corporate social responsibility (CSR) 
strategy in 2019, TGCC partnered with Attijariwafa 
Bank for the “Dar Al Moukawil” programme, the 
first entrepreneurship ecosystem in Morocco 
composed of various and interdependent actors 
promoting the creation of new businesses.
Since TGCC’s strenght lies in the qualified, 
specialised architects of tomorrow, the group 
has launched a training programme for young 
architects to expand their knowledge of structural 
systems and architectural design.
TGCC
SUSTAINABILITY REPORT 2019

CONTRIBUTION TO THE SDGs
72 · 73
25
20
53
7,685
52.3 million
1,778
70
87
573
YEARS 
OF OPERATIONS
WOMEN IN
MANAGEMENT POSITIONS
EXTERNAL TRAINING
SESSIONS (796 HOURS)
EMPLOYEES
MAD SPENT ON EMPLOYEE
BENEFITS IN 2019
IN-HOUSE TRAINING
SESSIONS (31,149 HOURS)
HEALTH & SAFETY
SUPERVISORS AND
TEAM LEADS
FEMALE
EMPLOYEES
EMPLOYEES TRAINED
2 0 1 9  I M PA C T  K P I s
ISO
9001:2015
ISO
ISO
CERTIFIED
CERTIFIED
CERTIFIED
14001:2015 45001:2018

2019 Impact Update
Health Care

Cairo Scan
COUNTRY
Morocco
SECTOR
Healthcare
INVESTMENT DATE
March 2018
SUSTAINABILITY REPORT 2019
Founded in 1983, Cairo Scan is the leading private provider 
of radiological and clinical laboratory services in Egypt. 
It initially specialised in diagnostic and interventional 
imaging procedures before expanding into laboratory 
testing in 2012. 
Cairo Scan has the largest branch network in Giza and 
Cairo, the major cities, with 19 centres covering them 
both. It employs a team of highly skilled professionals, 
including more than 300 doctors and nurses equipped with 
sophisticated state-of-the-art medical equipment consisting 
of over 120 high-tech machines sourced from world-class 
medical device manufacturers (Philips, Siemens, GE, 
Toshiba, etc.).
Cairo Scan targets customers from middle- and upper-
income segments who are either fully or partially covered 
by private medical care programmes or professional 
syndicates. It also receives walk-in patients, who represented 
29% of revenues in 2019.
INVESTMENT FUND
Mediterrania Capital III

Our added value
Network expansion 
 
Two new high-grade branches were opened 
in 2019 according to plan. The new A-grade 
Othman Ibn Affan branch covers 500 sqm, and 
the A+-grade Nasr City branch covers 2,000 
sqm. The latter is a flagship branch providing 
both radiology and lab services to Dar Al Fouad 
Hospital & Clinics Tower, one of the largest 
hospitals in Egypt and the Middle East.
Cairo Scan is also introducing the latest 
radiotherapy technology to help locate, stage 
and diagnose cancer, catering for the increasing 
demand and pursuing its transformation into a 
one-stop-shop diagnostic imaging centre. 
Negotiations 
for 
purchasing 
the 
medical 
equipment to be used in this new venture 
are in progress with one of the global brand 
names, Varian. Cairo Scan is also negotiating 
with Clinique Hartmann in France for it to 
provide world-class medical training teaching 
the group’s doctors and employees the latest 
technologies and techniques to improve its 
patient care.
Strengthening HR 
 
Mediterrania 
Capital 
Partners 
supported 
Cairo Scan in reshaping its human resources. 
A new financial controller was appointed to 
implement its financial reporting requirements, 
manage all finance and accounting operations 
and coordinate the preparation of its budget 
and monitor variances across branches.  
A new Chief Financial Officer was also 
appointed. His broad experience across finance 
functions and in corporate development 
will be invaluable in supporting Cairo Scan’s 
growth.
The group’s operational and support teams were 
also reinforced to cope with its business growth 
requirements.
IT system 
 
A new financial information system was acquired 
to support the automation and integration of 
all financial processes into a unified platform 
across 
the 
many 
departments, 
including 
budget management, execution (cash/debt 
management, treasury, etc.), accounting and 
reporting. It has significantly improved Cairo 
Scan’s operational efficiency and enabled it to 
increase transparency and accountability. The 
system has also helped it to make informed 
decisions at the Board level.
ESG in action
 
Women are severely underrepresented in 
radiology in general, and their presence 
decreases even further in radiology leadership, 
all over the world.
76 · 77

Like other Arab countries, Egypt has a 
conservative community culture; many female 
patients prefer to consult physicians of the same 
gender and the demand for female IR doctors 
to treat female patients has tremendously 
increased as a result. Consequently, there has 
been a growing interest in joining the IR specialty 
in Egypt in recent years. 
This new trend has enabled Cairo Scan to 
address gender disparity in radiology. 
Conscious that women bring a different 
perspective to the workplace, their collaborative, 
empathetic and compassionate approach to 
patient care is an asset that Cairo Scan embraces 
and leverages. The group has removed all 
barriers to the recruitment of female physicians 
and made it a priority to recruit more women in 
the field. Currently, they represent 67% of the 
population of physicians. 
As well as providing women with flexible work 
schedules and relocation options, Cairo Scan is 
attracting them by providing a supportive culture 
and suitable work environment, thus improving 
their work-life balance and career advancement 
(relative to pregnancy, postpartum recovery 
and lactation, for example).
Cairo Scan has also established a zero-tolerance 
policy towards intolerance, discrimination, and 
bullying, as women are particularly vulnerable 
to sexual harassment in the sector. The group 
has delivered an anti-harassment training 
programme and also implemented a formal 
grievance system.
Human resource management continues to be 
one of the more challenging aspects at Cairo Scan.
Radiologists 
and 
nurses 
face 
increasing 
challenges when delivering the best patient 
care despite increasing volumes, responding 
to demands for a faster report turnaround time 
and spending more face time with patients. 
The group introduced several solutions for 
matching the desired workload and work 
schedule of its employees with its needs such as 
alternative hours, compressed schedules, part-
time employment and job sharing. However, 
the lack of predictability in patient volume and 
case mix continues to present one of the main 
scheduling challenges. 
The group has placed a strong emphasis on 
convenience, with the rollout of its website 
booking system and patient portal. They have 
also put in place a premium panel of services 
including 
in-home 
services 
for 
radiology 
examinations and laboratory tests, and the 
delivery of results on CD-ROM, via email or 
directly on the person’s mobile device.
Cairo 
Scan 
also 
uses 
a 
tele-radiology 
reporting service enabling it to perform image 
transmissions between different locations, 
thereby eliminating the need to be in the 
same location as the patient. The service has 
improved the group’s patient care and allowed 
it to expand Cairo Scan’s reach even into 
remote locations.
As part of its policy of increasing employee 
benefits, the number of group employees 
with health insurance increased by 25% to 
636 employees compared with 511 in 2018. 
Cairo Scan also decided to apply a global 50% 
discount off all lab and/or radiology tests for 
direct relatives of employees.
Cairo Scan
SUSTAINABILITY REPORT 2019

37
168
428 k
19
831
62%
40-50%
60 k
575 k
120+
35%
YEARS 
OF OPERATIONS
PHYSICIANS
(67% ARE FEMALE)
IMAGING DIAGNOSTIC
CASES IN 2019
BRANCHES
EMPLOYEES
OF SCANS ARE X-RAYS,
MRI OR ULTRASOUND
DISCOUNTED RATE
FOR SYNDICATE PATIENTS
SCANS OF
SYNDICATE PATIENTS
LABORATORY TESTS
CONDUCTED IN 2019
DIAGNOSTIC IMAGING 
MACHINES
FEMALE
EMPLOYEES
2 0 1 9  I M PA C T  K P I s
CONTRIBUTION TO THE SDGs
78 · 79

Disclaimer
The sole purpose of the Mediterrania Capital Partners’ 
Annual Sustainability Report (“Report”) is to present, on 
a non-reliance basis, to the recipient relevant informa-
tion pertaining to our business.
No representation or warranty, express or implied, is 
made or given by Mediterrania Capital Partners as to 
the accuracy, completeness or correctness of the data, 
information or views contained in this Report, nor to any 
projection, forecast, calculation, forward-looking state-
ment, assumption or estimate contained herein. Data in 
this Report have not been independently verified nor 
audited. Mediterrania Capital Partners will assume no 
liability whatsoever in respect of any data or informa-
tion contained in the Report.
This Report is not intended to form the basis of a de-
cision to invest, purchase any securities or any other 
investment decision, and does not constitute an offer, 
invitation or recommendation of the sale or purchase of 
securities, nor does it form the basis of any contract, nor 
any pre-contractual relationship.
The information is inherently subject to change without 
notice and may become outdated.
This Report includes descriptions of selected Medite-
rrania Capital Partners investments, including details on 
the transaction, investment thesis and events post-ac-
quisition. The selected investments are intended only 
to be illustrative of the types of investments made by 
Mediterrania Capital Partners, hence there can be no 
assurance that any future investment made by Medite-
rrania Capital Partners will achieve comparable results.
Recipients of this Report should conduct their own due 
diligence and other enquiries in relation to such informa-
tion and consult with their own professional advisors as 
to the accuracy and implications of the data, and infor-
mation contained in this Report.
This Report does not constitute or form part of, and 
should not be construed as, or relied upon in respect of, 
any offer for sale or subscription of, or solicitation of any 
offer to purchase or subscribe for any interests in any of 
the funds managed by Mediterrania Capital Partners. 
This Report is intended for discussion purposes only and 
is solely for your information and may not be reprodu-
ced or further distributed to any other person or publi-
shed, in whole or in part, for any other purpose.
Mediterrania Capital Partners is a financial investment 
manager regulated by the Malta Financial Services Au-
thority (MFSA), the Financial Services Commission (FSC) 
in Mauritius and the Comisión Nacional del Mercado de 
Valores (CNMV) in Spain. 
Photographs
All illustrations and photographs originate from Medite-
rrania Capital Partners’ image library, or have been su-
pplied by investment partners, or have been taken by 
Mediterrania Capital Partners employees on site visits.
SUSTAINABILITY REPORT 2019

2016
Small Cap Award – EMEA
Awarded by PE International
Portfolio Company of the Year
(Cash Plus)
Awarded by PE Africa
2017
PE House of the Year – 
Regional investor: North Africa
Awarded by PE Africa
2018
PE House of the year – 
Regional investor: North Africa
Awarded by PE Africa
2019
PE House of the year – 
Regional investor: North Africa
Awarded by PE Africa
Awards
80 · 81

ABIDJAN
Immueble ATTA
Rue Lecoeur
Le Plateau
17 BP487 Abidjan
Côte d’Ivoire
ALGIERS
Ilot 304, Section nº 2
El Moustakbel
Ain Allah, Dely Ibrahim
CP 16047 Algiers
Algeria
BARCELONA
Diputación, 246 - 1º
08007 Barcelona
Spain
CAIRO
1 Ahmed Ragheb
Garden City
11519 Cairo
Egypt
CASABLANCA
157, Boulevard d’Anfa – 
2ème étage
20100 Casablanca
Morocco
VALLETTA (Headquarters)
B2, Industry Street
Zone 5, Central Business District
Qormi CBD 5030
Malta