Africa’s top mezzanine fund manager, Vantage Capital, has made a bold move in Egypt’s industrial sector, injecting $45 million into coatings manufacturer International Group for Modern Coatings (MIDO) in one of the largest mezzanine debt deals the country has seen.

 

The funding—Vantage Capital’s third investment in Egypt—will refinance existing debt and fuel working capital, unlocking dormant production capacity at MIDO’s sprawling Alexandria facilities.

 

Founded in 1979 by Aly Ghaly, MIDO has evolved from a modest workshop into a continental heavyweight in specialty paints and coatings. Today, it produces more than 1,200 products across automotive, industrial, and construction segments, exporting to over 50 countries while maintaining Africa as its core market.

 

With two vertically integrated plants covering 47,100 square meters and output exceeding 100,000 tonnes annually, MIDO has built a manufacturing ecosystem that includes in-house resin production and packaging—giving it a competitive edge in both cost and quality.

 

The investment is expected to ripple across Egypt’s economy, boosting exports, generating foreign currency, and creating skilled jobs in manufacturing, R&D, and logistics. It also strengthens the country’s push toward industrial self-reliance by replacing imports with locally produced, high-quality coatings.

 

"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 a diverse range of markets," said Ramy Galal, CEO of MIDO. 

 

"Our key differentiators are our manufacturing infrastructure, R&D capabilities, distribution relationships, and strong brand equity. Vantage Capital's funding now 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."

 

For Vantage Capital, the bet is clear: MIDO is poised for expansion despite global volatility.

 

Omar Gharbawi, Associate Partner at Vantage Capital, noted, "MIDO is a case in point of a successful, 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 now sold in more than 50 countries. 

 

"Through some of the most challenging macroeconomic and geopolitical headwinds, the business has demonstrated remarkable resilience, underpinned by strong fundamentals and deep industry expertise."