Egyptian home appliances retailer B.Tech signed Thursday a strategic partnership with British private equity fund Development Partners International (DPI) worth 300 million Egyptian pounds (US$33.7 million). The partnership targets funding B.Tech's strategy to grow its business in Egypt. With over US$1 billion assets under management, DPI is a leading private equity firm that invests across the African continent in companies benefiting from the fast-growing emerging middle class. B.TECH -established in 1997- is the largest retailer for home appliances and consumer electronics in Egypt. Chairman and CEO of B.Tech, Mahmoud Khattab stated that "B.TECH has grown over the last ten years to be the leading household appliances and consumer electronics retailer in Egypt with a distribution platform that is second to none." He added "B.Tech's unique integrated business model offers a strong value proposition to its customers in terms of range of products, affordability and accessibility across the country both offline and online. " About the partnership, chairman Khattab clarified that it highlights the growth potential of B.TECH in Egypt and Africa. Matouk Bassiouny and Norton Rose Fulbright LLP acted as legal counsel to DPI on the transaction while B.Tech was advised by EFG Hermes, Zulficar & Partners and White & Case on the transaction. On other side, CEO and co-founder of DPI, Runa Alam said that B.Tech is DPI's first investment in Egypt that has a proven track record in serving the needs of the emerging and established middle classes. "We believe the shift from traditional towards organised retail and the increasing formation of new households will support increasing consumption of durables and open new markets and channels for the business.", the official noted.
