IGVCF makes a EUR 2M equity investment in Nouvelle Mici Embaci

April 10, 2024

Accra, April 10, 2024– Injaro Investment Advisors, a Ghanaian private capital fund manager, is excited to announce a EUR 2M equity investment in Nouvelle Mici Embaci (“NME”), one of the leading packaging companies in Côte d'Ivoire and Francophone West Africa. This marks the second investment made by the Injaro Ghana Venture Capital Fund (“IGVCF” or the “Fund”), and the Fund’s first investment in Côte d'Ivoire.

Nouvelle Mici Embaci is a market leader in the Packaging and Industrial Printing Services. Starting with a focus on corrugated packaging, the Company has over the last 40 years, diversified its offerings to include industrial printing, production of polypropylene bags, and paper recycling. Consequently, NME has earned the trust and preference of a diverse client base, ranging from large multinational clients to numerous local clients across various sectors. IGVCF’s investment will allow the Company to unlock the next stage of growth by deepening its market share in Côte d'Ivoire and expanding to other West African countries. IGVCF is pleased to join an existing consortium of seasoned private equity investors comprising Advanced Finance and Investment Group (“AFIG Funds”) and the Norwegian Investment Fund for Developing Countries (“Norfund”), who completed a 100% acquisition of the Company last year.

Through this investment, IGVCF will be partnering with a profitable SME in Côte d'Ivoire, making a significant contribution to advancing the local economy. This investment, targeting the Manufacturing sector aligns with the Fund’s preferred sectors of investment which include Inclusive Financial Services, Food & Agribusiness, Education, Healthcare, Manufacturing, and Industrial Services. The Fund also promotes environmental, social and governance best practices in its portfolio companies to support job creation and sustained economic growth in Ghana and Côte d’Ivoire.

Jerry Parkes, MD of Injaro Investment Advisors, commented: “The Injaro team is excited to partner with the NME team, AFIG Funds, and Norfund in this transformational investment. In NME, we envision the emergence of a regional powerhouse in the packaging industry that will continue to make significant contributions to economic growth and employment. For our investors, this investment also represents a credible opportunity to achieve attractive returns and portfolio diversification for their clients.”

Papa Madiaw Ndiaye, Board Chairman of Nouvelle MICI EMBACI, and CEO of AFIG funds added: "Both AFIG Funds and Nouvelle MICI EMBACI are pleased to announce the addition of Injaro Investments, a leading player in Ghana's private capital sector. Welcoming Injaro Investments into our investor consortium, alongside Norfund, is an exciting development. Together, we are committed to advancing this phase of value creation, further solidifying the company's prominent position in Cote d’Ivoire's packaging industry.’’

About Injaro:

Injaro Investment Advisors Limited (“Injaro”) is an investment advisory firm licensed by the Ghana Securities & Exchange Commission and is part of Injaro Investments Limited, an international group which manages over USD 100M across multiple funds and has investments across Sub-Saharan Africa. The team has expertise in the areas of private equity, corporate finance advisory, asset management, management consulting and project management. Injaro manages the Injaro Ghana Venture Capital Fund (IGVCF), a private equity fund backed by local pension funds and registered under the laws of Ghana and licensed by the Securities and Exchange Commission of Ghana.

About Nouvelle Mici Embaci:

NME is an Ivorian based company founded in 1983 with headquarters in Abidjan, Ivory Coast. The Company operates in the Industrial Packaging and Printing Industries, providing services in corrugated paperboard packaging, industrial printing, carton recycling, and the production of polypropylene bags. NME serves a range of local and international clients across verticals such as Fast-Moving Consumer Goods (FMCG), agriculture, advertising, pharmaceuticals, and industrials.

For more information, please contact: Jerry Parkes or