TCV to spend USD 30 mn on minority stakes in two firms this year: Private equity firm Tanmiya Capital Ventures (TCV) will spend USD 30 mn to add two unnamed food companies to its portfolio in 2023, Managing Partner Youssef Ayoub was quoted as telling Al Mal. TCV aims to acquire stakes of up to 49% in the firms, which it will acquire through capital increases rather than buying from existing shareholders, he said.

Some clues: The two food firms each have annual sales in the range of EGP 500 mn – EGP 1 bn and significant hard currency income streams from exports, the newspaper quotes him as saying.The company plans to exit both firms “after several years,” he added. TCV in November said it was planning to add three unnamed companies to its portfolio in 2023, which already contains Abu Auf, Hassan Allam Utilities, Mifad, Plant Form and Tamweel Holding.

Where the money’s coming from: The acquisitions will be financed with funds from TCV’s existing shareholders, the news outlet reports. TCV acts as a fund manager for the Egyptian-American Enterprise Fund, which has invested a total of USD 30 mn in TCV transactions since 2019 and last week told Enterprise it wants to continue its support for the asset manager as it sets out to fundraise again. TCV is also considering establishing partnerships with new investors to garner fresh funds, Ayoub said.