International Group for Modern Coatings secures USD 45M funds from Vantage Capital to drive regional expansion
This transaction stands as Vantage Capital’s third commitment in Egypt and one of the largest mezzanine deals ever recorded in the country.
EGYPT – International Group for Modern Coatings (MIDO), an Egyptian coating and paints manufacturer, has received a USD 45 million mezzanine debt facility from Vantage Capital, the continent’s premier provider of such financing.
According to MIDO, proceeds from the investment will refinance existing obligations and strengthen operational liquidity, allowing MIDO to ramp up output at its Alexandria plants.
As a key manufacturer of specialized paints and coatings, the company plans to leverage idle production lines for expanded sales within Egypt and increased exports.
MIDO CEO Ramy Galal said, “Over nearly five decades, we have built MIDO into a business that competes on technical complexity, product quality, and the breadth of its offering across diverse markets.”
“Our differentiators, manufacturing infrastructure, R&D, distribution, and brand equity now gain firepower from Vantage Capital to unlock latent capacity and accelerate local and export ambitions. We value their understanding of our vision and swift execution.”
The deal promises to bring essential foreign exchange into Egypt through boosted exports of premium, homegrown coatings.
It will also spur job creation in technical manufacturing, R&D, marketing, and distribution, nurturing skilled employment in Alexandria.
By substituting imports with locally made goods, the partnership promotes Egypt’s manufacturing self-reliance and elevates its status as a regional export hub.
Representing the 41st deal across four mezzanine fund vintages in 11 African nations, this investment underscores Vantage Capital’s strategy of backing transformative enterprises.
Founded in 1979 by Aly Ghaly as a modest workshop in Alexandria, MIDO has grown into one of Egypt’s top three speciality coatings producers, employing 1,001-5,000 people across two vertically integrated plants spanning 47,100 square meters.
The company manufactures over 1,200 products, including automotive coatings, decorative paints, wood coatings, industrial paints, resins, polishes, adhesives, and printing inks, with annual output exceeding 100,000 tonnes and exports to more than 50 countries, primarily in Africa.
Key strengths include in-house resin production, packaging, robust R&D, extensive distribution networks, and strong brand equity, positioning it as a homegrown industrial powerhouse.
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