CAIRO, Egypt, April 26, 2026
Vantage Capital (www.VantageCapital.co.za), Africa’s largest mezzanine debt fund manager, has provided $45 million of mezzanine debt funding to the International Group for Modern Coatings (“MIDO”), a leading Egyptian manufacturer of specialty paints and coatings. This transaction marks Vantage Capital’s third investment in Egypt and is among the largest mezzanine debt transactions in the country’s history. The proceeds will be used for debt refinancing and working capital funding, which will enable MIDO to unlock its production capacity.
Founded in 1979 by Dr. Aly Ghaly, MIDO has grown into one of the leading specialty coatings manufacturers in Africa. The company produces a highly diversified portfolio of over 1,200 SKUs spanning automotive refinish paints & coatings, wood coatings, unsaturated & saturated polyester resins, adhesives, and other industrial products, serving customers across Egypt and the rest of Africa. MIDO operates two state-of-the-art, vertically integrated manufacturing facilities in Alexandria, encompassing a total area of 47,100 sqm and a combined production capacity of over 100,000 tonnes per annum. These facilities include dedicated production lines for paints and coatings, proprietary in-house resin production and tin can packaging capabilities.
MIDO generates revenues across more than 50 countries, with Africa as its primary export market, complemented by a presence in the GCC, Europe, Asia, and the United States. The company benefits from deep, long-standing relationships with local and export distribution partners. MIDO has further strengthened its global credentials through private label and co-manufacturing partnerships with world-leading coatings players, including Nippon Paints, Kansai Paints, and Yatu Paints. Underpinning this broad commercial reach is a dynamic in-house R&D and quality control function.
MIDO’s management team will continue to lead the business following the transaction, combining deep institutional knowledge with broad functional expertise. Dr. Aly Ghaly, the company’s founder, having guided MIDO’s development from a small local workshop into a fully integrated, export-oriented industrial platform, continues to serve as Chairman. Ramy Galal, a member of the founding family and a 20-year veteran of the business, continues to serve as Chief Executive Officer.
The transaction is expected to drive meaningful economic and social impact across Egypt and the broader African continent. By unlocking MIDO’s production capacity, Vantage Capital’s investment will directly support the generation of hard currency inflows into Egypt while creating skilled employment across manufacturing, R&D, sales, and logistics, contributing to job creation and skills development in Alexandria and beyond. By substituting imported specialty coatings with high-quality, locally manufactured alternatives, the transaction further supports Egypt’s industrial self-sufficiency and strengthens its position as a leading export-oriented manufacturer 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.”
The transaction represents Vantage Capital’s 41st investment across four generations of mezzanine funds, with its portfolio now spread across 11 countries in Africa. Warren van der Merwe, Managing Partner at Vantage Capital, added, “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. This transaction, which is among the largest mezzanine debt deals ever completed in Egypt, reflects our conviction in the country’s potential and our commitment to backing its strongest entrepreneurs and businesses. 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. We are proud to play a role in its continued success.”
Matouk Bassiouny and Werksmans acted as legal counsel to Vantage. Adsero acted as legal counsel to MIDO. PwC Middle East, Emerton, and SLR were also members of Vantage’s consortium of advisors.
