Fonds de Co-Localisation Franco-Tunisien (FCFT), the €20m cross-border midcap fund established in July 2016 to invest in growth transactions in France and Tunisia, has announced its first investments.

The fund, which is co-managed by private equity fund managers AfricInvest and Siparex, is backing Meunuiserie Aluminium du Sud or MAS, an aluminum products manufacturer in Tunisia, and French travel operator, Groupe Marietton.

Each company is benefiting from a €1.7m investment from the fund which held its first close in February with backing from French public investment bank Bpifrance and Tunisia’s Caisse des Dépôts et Consignations.

Founded in 1986 by Mr Mohamed Ammous, MAS provides architectural solutions in aluminum joinery, and is a leading manufacturer of aluminum shutters.

FCFT’s investment was made in support of the company’s commercial development and restructuring plans. 

The MAS Group plans to use the capital to support its expansion plans within the region as well consolidate the company’s operations in Menzel Chaker near Sfax.

As part of its growth plan, the company hopes to leverage a number of Siparex’s portfolio of companies for partnerships in sub-Saharan Africa.

Groupe Marietton, which is majority family-owned and already counts Siparex among its private equity backers, will use the capital to help fund the operations of Havas Voyages, the travel brand it acquired from Carlson Wagonlit.

Groupe Marietton historically has strong ties with Tunisia, and this new investment will allow the company to use FCFT’s strong network to reinforce its partnerships in Tunisia, and to diversity its services.