EAEF Invests in Orchidia Pharmaceutics
The Egyptian American Enterprise Fund (EAEF) announced acquiring a 46.5% stake in Orchidia Pharmaceutical Industries, the company announced a week earlier.
Lorax Capital Partners (LCP), EAEF’s investment manager will organize fund transactions of staked owned by SPE Capital (formerly Swicorp Private Equity) and other minority shareholders.
EAEF purchased 38% from SPE and 3% from the chairman and founder of Orchida Ossama Abbass.
Nevertheless capital increase procedures will be used to strengthen Orchidia capital and finance its expansion plans.
According to James A. Harmon, Chairman of EAEF, they intends to provide all necessary resources to fully support Orchidia’s future growth plans to cater to the growing Egyptian market as well as develop Egypt’s export potential.
“The Fund is also committed to supporting the Egyptian private sector with the goal of providing
more employment opportunities,” said Harmon.
EAEF which is based in New York, is a private equity and venture capital firm specializing in start-ups.
It seeks to invest in small and medium-sized enterprises (SMEs) and micro finance institutions in the food and beverage sector in Egypt.