Vantage Capital Commits Strategic Investment in MIDO to Strengthen Egypt’s Specialty Coatings Market

Vantage Capital, Africa’s largest mezzanine debt fund manager, has extended mezzanine debt financing to International Group for Modern Coatings (MIDO), a leading Egyptian producer of speciality paints and coatings. This marks Vantage Capital’s third investment in Egypt and ranks among the country’s largest mezzanine financing transactions. The funding will support debt refinancing and provide working capital, enabling MIDO to optimise and expand its production capacity.

Founded in 1979 by Dr Aly Ghaly, International Group for Modern Coatings (MIDO) has evolved into a leading speciality coatings manufacturer in Africa. The company offers a diversified portfolio of more than 1,200 SKUs, including automotive refinish paints and coatings, wood coatings, unsaturated and saturated polyester resins, adhesives, and other industrial products, catering to customers across Egypt and the wider African market. MIDO operates two advanced, vertically integrated manufacturing facilities in Alexandria, covering a total area of 47,100 sqm and a combined production capacity exceeding 100,000 tonnes per annum. These facilities feature dedicated production lines for paints and coatings, in-house resin manufacturing capabilities, and integrated tin can packaging operations.

International Group for Modern Coatings (MIDO) generates revenue from a presence in over 50 countries, with Africa serving as its core export market, supported by additional reach across the GCC, Europe, Asia, and the United States. The company benefits from strong, long-standing relationships with both domestic and international distribution partners. MIDO has further enhanced its global positioning through private label and co-manufacturing collaborations with leading coatings companies such as Nippon Paint, Kansai Paint, and Yatu Paints. Robust in-house research & development and quality control capabilities support this extensive commercial footprint.

International Group for Modern Coatings (MIDO)’s management team will continue to lead the company following the transaction, bringing together deep institutional knowledge and extensive functional expertise. Dr Aly Ghaly, who transformed the business from a small local workshop into a fully integrated, export-orientated industrial platform, remains Chairman. Meanwhile, Ramy Galal, a member of the founding family with over two decades of experience in the business, continues to serve as chief executive officer.

The transaction is expected to deliver significant economic and social benefits across Egypt and the wider African region. By enabling International Group for Modern Coatings (MIDO) to expand its production capacity, Vantage Capital’s investment will help generate foreign currency inflows while supporting job creation across manufacturing, R&D, sales, and logistics, particularly in Alexandria.

Additionally, by replacing imported speciality coatings with high-quality, locally produced alternatives, the investment strengthens Egypt’s industrial self-sufficiency and reinforces its role as a competitive export-oriented manufacturing hub in the region.

“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.”

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. We believe MIDO is only beginning to realise its full potential, and we are delighted to back Ramy Galal, Dr. Aly Ghaly, and the wider leadership team as they embark on this next phase of growth.”

Sources: Vantage Capital