Africa’s largest mezzanine debt fund manager backs one of Egypt’s top specialty paints manufacturers in a landmark deal set to boost exports, create jobs, and strengthen the continent’s industrial base.
Vantage Capital, Africa’s largest mezzanine debt fund manager, has injected $45 million in mezzanine debt funding into the International Group for Modern Coatings — widely known as MIDO — a leading Egyptian manufacturer of specialty paints and coatings. The deal, announced in Cairo on April 26, 2026, ranks among the largest mezzanine debt transactions ever completed in Egypt and marks Vantage Capital’s third investment in the country.
The proceeds will be directed toward debt refinancing and working capital, enabling MIDO to unlock significant latent production capacity at its Alexandria-based facilities.
A Homegrown African Industrial Powerhouse
Founded in 1979 by Dr. Aly Ghaly from a modest local workshop in Alexandria, MIDO has grown over nearly five decades into one of Africa’s foremost specialty coatings manufacturers. Today, the company operates two vertically integrated, state-of-the-art manufacturing facilities in Alexandria spanning 47,100 square metres, with a combined production capacity exceeding 100,000 tonnes per year.
MIDO’s product portfolio covers more than 1,200 stock-keeping units (SKUs), including automotive refinish paints and coatings, wood coatings, unsaturated and saturated polyester resins, adhesives, and a broad range of other industrial products. Its facilities feature dedicated paint and coatings production lines, proprietary in-house resin manufacturing, and tin can packaging capabilities — a level of vertical integration that sets it apart in the African market.
Global Reach, African Roots
MIDO sells its products across more than 50 countries, with Africa as its primary export market, alongside a growing commercial presence in the GCC, Europe, Asia, and the United States. The company has cemented its global credentials through private-label and co-manufacturing partnerships with internationally recognised coatings players, including Nippon Paints, Kansai Paints, and Yatu Paints. A robust in-house research and development function underpins MIDO’s ability to compete on technical complexity and product quality across all these markets.
Dr. Aly Ghaly continues to serve as Chairman, while his family member Ramy Galal — a 20-year veteran of the business — remains at the helm as Chief Executive Officer. The full management team will continue leading the company following the transaction.
A Deal Built for Impact
Ramy Galal welcomed the investment, pointing to the transformative role it will play in MIDO’s next growth chapter. “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,” he said. “Vantage Capital’s funding gives us the firepower to unlock substantial latent capacity in our facilities and accelerate both our local and export growth ambitions. We are proud to partner with a firm that understood our business, shared our long-term vision, and delivered on very tight execution timelines.”
Beyond MIDO’s commercial expansion, the transaction is expected to generate significant economic and social impact. The investment will support the creation of skilled jobs across manufacturing, R&D, sales, and logistics in Alexandria and beyond. It will also drive hard currency inflows into Egypt and reduce the country’s dependence on imported specialty coatings by scaling up locally manufactured, high-quality alternatives — strengthening Egypt’s push toward industrial self-sufficiency.
Vantage Capital’s Conviction in Egypt and Africa
Omar Gharbawi, Associate Partner at Vantage Capital, described MIDO as a textbook example of a resilient, homegrown pan-African industrial platform. “Management has built the company from the ground up into one of Egypt’s top three specialty coatings players, with products sold in more than 50 countries. Through some of the most challenging macroeconomic and geopolitical headwinds, the business has demonstrated remarkable resilience. We believe MIDO is only beginning to realise its full potential,” he said.
Warren van der Merwe, Managing Partner at Vantage Capital, underscored Egypt’s strategic importance to the firm’s broader African investment thesis. “Egypt is one of the most important markets on the African continent — a nation of over 120 million people with a deep industrial base, a highly educated workforce, and a growing role in African trade,” he said. “MIDO exemplifies precisely the type of company we seek to support: founder-led, technically sophisticated, internationally oriented, and with a clear and executable growth agenda.”
The transaction is Vantage Capital’s 41st investment across four generations of mezzanine funds, with its portfolio now spanning 11 African countries.
Advisors to the Transaction
Matouk Bassiouny and Werksmans served as legal counsel to Vantage Capital. Adsero acted as legal counsel to MIDO. PwC Middle East, Emerton, and SLR formed part of Vantage Capital’s consortium of advisors.
About MIDO: The International Group for Modern Coatings (MIDO) is an Alexandria-based Egyptian manufacturer of specialty paints, coatings, resins, and adhesives, founded in 1979. MIDO exports to more than 50 countries and is among Egypt’s top three specialty coatings producers.
About Vantage Capital: Vantage Capital is Africa’s largest mezzanine debt fund manager, headquartered in South Africa, with a portfolio of 41 investments across 11 African countries.