Vantage Capital has provided $45 million in mezzanine debt funding to International Group for Modern Coatings, known as MIDO, in a transaction designed to refinance debt, strengthen working capital and expand output at one of Egypt’s prominent specialty paints and coatings manufacturers.
Announced in Cairo on 26 April 2026, the financing marks Vantage Capital’s third investment in Egypt and ranks among the larger mezzanine debt transactions completed in the country. The deal comes as manufacturers face higher input costs, foreign-currency pressures and uneven demand, while export-oriented producers are being pushed to raise capacity and reduce reliance on imported industrial inputs.
MIDO, founded in Alexandria in 1979 by Dr Aly Ghaly, has developed from a small family-run workshop into a diversified coatings manufacturer with a product range spanning automotive refinish paints, wood coatings, saturated and unsaturated polyester resins, adhesives and industrial materials. Its portfolio now includes more than 1,200 stock-keeping units, serving customers in Egypt and export markets across Africa, the Gulf, Europe, Asia and the United States.
The company operates two vertically integrated manufacturing facilities in Alexandria, covering 47,100 square metres, with combined annual production capacity of more than 100,000 tonnes. Its operations include dedicated production lines for paints and coatings, in-house resin production and tin-can packaging, giving it greater control over cost, quality and supply reliability at a time when imported raw materials and currency volatility remain major concerns for manufacturers.
Vantage Capital’s funding is expected to help MIDO unlock unused production capacity and support expansion in both domestic and overseas markets. The investment also aligns with Egypt’s broader industrial policy push to increase exports, generate hard-currency inflows and deepen local manufacturing in sectors where imported substitutes still account for a significant share of demand.
Ramy Galal, MIDO’s chief executive and a member of the founding family, said the company’s strength lay in its manufacturing infrastructure, research and development capacity, distribution network and brand equity. He said the new funding would give MIDO the ability to accelerate local and export growth while using spare capacity in its facilities.
Dr Aly Ghaly continues to serve as chairman, while Galal, who has spent about two decades in the business, remains chief executive. Vantage said the management team would continue to lead the company after the transaction, preserving institutional knowledge while adding long-term funding to support a wider growth plan.
MIDO has built partnerships with global coatings companies including Nippon Paint, Kansai Paint and Yatu Paint through private-label and co-manufacturing arrangements. Such relationships have strengthened the company’s credibility in technical coatings markets, where quality consistency, formulation expertise and supply dependability are critical to retaining distributors and industrial customers.
Omar Gharbawi, associate partner at Vantage Capital, described MIDO as a home-grown pan-African industrial platform that had demonstrated resilience despite macroeconomic and geopolitical pressures. He said the company was among Egypt’s top three specialty coatings players and had the potential to expand further across export markets.
Warren van der Merwe, managing partner at Vantage Capital, said Egypt remained one of the most important markets on the continent because of its population, industrial base, skilled workforce and trade links. He said the MIDO transaction reflected Vantage’s preference for founder-led businesses with technical depth, export potential and clear growth plans.
Mezzanine debt occupies a middle ground between senior bank loans and equity, offering companies growth capital without requiring owners to give up significant control. For mid-sized manufacturers, it can provide flexibility when conventional bank funding is constrained by collateral requirements, currency risks or tighter credit conditions. For investors, returns typically combine contractual yield with upside exposure linked to business performance.
Vantage Capital, based in South Africa, has built its position around this form of private credit. Its mezzanine division has backed companies across 11 African countries and has deployed capital through four fund generations. Its fourth mezzanine fund closed at $377 million in 2023, supported by private-sector investors and development finance institutions, and targets mid-sized companies in sectors such as manufacturing, healthcare, tourism, property, technology and services.
Egypt’s non-oil private sector has been under pressure, with business surveys showing contraction in March as new orders weakened and costs rose. Manufacturers have faced higher prices for imported materials, fuel and logistics, while the currency backdrop has made working-capital management more complex. Export earners, however, have become more attractive to lenders and private-credit investors because foreign-currency revenue can help offset domestic pressures.
Announced in Cairo on 26 April 2026, the financing marks Vantage Capital’s third investment in Egypt and ranks among the larger mezzanine debt transactions completed in the country. The deal comes as manufacturers face higher input costs, foreign-currency pressures and uneven demand, while export-oriented producers are being pushed to raise capacity and reduce reliance on imported industrial inputs.
MIDO, founded in Alexandria in 1979 by Dr Aly Ghaly, has developed from a small family-run workshop into a diversified coatings manufacturer with a product range spanning automotive refinish paints, wood coatings, saturated and unsaturated polyester resins, adhesives and industrial materials. Its portfolio now includes more than 1,200 stock-keeping units, serving customers in Egypt and export markets across Africa, the Gulf, Europe, Asia and the United States.
The company operates two vertically integrated manufacturing facilities in Alexandria, covering 47,100 square metres, with combined annual production capacity of more than 100,000 tonnes. Its operations include dedicated production lines for paints and coatings, in-house resin production and tin-can packaging, giving it greater control over cost, quality and supply reliability at a time when imported raw materials and currency volatility remain major concerns for manufacturers.
Vantage Capital’s funding is expected to help MIDO unlock unused production capacity and support expansion in both domestic and overseas markets. The investment also aligns with Egypt’s broader industrial policy push to increase exports, generate hard-currency inflows and deepen local manufacturing in sectors where imported substitutes still account for a significant share of demand.
Ramy Galal, MIDO’s chief executive and a member of the founding family, said the company’s strength lay in its manufacturing infrastructure, research and development capacity, distribution network and brand equity. He said the new funding would give MIDO the ability to accelerate local and export growth while using spare capacity in its facilities.
Dr Aly Ghaly continues to serve as chairman, while Galal, who has spent about two decades in the business, remains chief executive. Vantage said the management team would continue to lead the company after the transaction, preserving institutional knowledge while adding long-term funding to support a wider growth plan.
MIDO has built partnerships with global coatings companies including Nippon Paint, Kansai Paint and Yatu Paint through private-label and co-manufacturing arrangements. Such relationships have strengthened the company’s credibility in technical coatings markets, where quality consistency, formulation expertise and supply dependability are critical to retaining distributors and industrial customers.
Omar Gharbawi, associate partner at Vantage Capital, described MIDO as a home-grown pan-African industrial platform that had demonstrated resilience despite macroeconomic and geopolitical pressures. He said the company was among Egypt’s top three specialty coatings players and had the potential to expand further across export markets.
Warren van der Merwe, managing partner at Vantage Capital, said Egypt remained one of the most important markets on the continent because of its population, industrial base, skilled workforce and trade links. He said the MIDO transaction reflected Vantage’s preference for founder-led businesses with technical depth, export potential and clear growth plans.
Mezzanine debt occupies a middle ground between senior bank loans and equity, offering companies growth capital without requiring owners to give up significant control. For mid-sized manufacturers, it can provide flexibility when conventional bank funding is constrained by collateral requirements, currency risks or tighter credit conditions. For investors, returns typically combine contractual yield with upside exposure linked to business performance.
Vantage Capital, based in South Africa, has built its position around this form of private credit. Its mezzanine division has backed companies across 11 African countries and has deployed capital through four fund generations. Its fourth mezzanine fund closed at $377 million in 2023, supported by private-sector investors and development finance institutions, and targets mid-sized companies in sectors such as manufacturing, healthcare, tourism, property, technology and services.
Egypt’s non-oil private sector has been under pressure, with business surveys showing contraction in March as new orders weakened and costs rose. Manufacturers have faced higher prices for imported materials, fuel and logistics, while the currency backdrop has made working-capital management more complex. Export earners, however, have become more attractive to lenders and private-credit investors because foreign-currency revenue can help offset domestic pressures.
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