SPE Capital, Proparco and Amethis Invest in Delta Holdings, a leading specialty chemicals manufacturer
Cairo, 13th October 2025
A consortium of investors comprising SPE PEF III (SPE Capital), Proparco and Amethis MENA Fund II (Amethis) has invested in Delta Holdings B.V. (Delta Holdings), a prominent manufacturer of specialty additives with a focus on the paint and coatings industry.
Delta Holdings has emerged as a leading player with strong international presence in Egypt and India, offering deep expertise in specialty chemical solutions for the paints and coatings, graphic arts, and plastics industries. Its product range is tailored to meet industry-specific needs, supported by a diverse portfolio of over 80 offerings across five key segments: driers and catalysts, dispersion control additives, foam control additives, specialty additives, and surface control additives. With a solid reputation for quality and reliability, Delta Holdings serves customers in more than 30 countries, ranging from local businesses to global multinationals.
The consortium’s investment will support Delta Holdings in broadening its product offering and accelerating its export-oriented initiatives. In close collaboration with the company’s founders (the Sponsors), Delta Holdings will continue to strengthen its market position while maintaining its strong commitment to clients, employees, and long-term partners.
In a statement regarding the investment, the Sponsors remarked: “We are proud to announce our strategic partnership with SPE Capital, Proparco, and Amethis. This collaboration marks a significant milestone in our journey towards innovation and growth. With the support of our new partners, we are confident in our ability to enhance our global market presence, drive sustainable development, and create lasting value for our corporate team and stakeholders. This partnership will also enable us to welcome outstanding new leaders and further strengthen our governance, ensuring we achieve new heights and set a benchmark for excellence in the industry.”
Commenting on the investment, Stéphane Heuzé, Managing Partner at SPE Capital, and Ahmed El Oraby, Partner at SPE Capital, jointly expressed their enthusiasm about the partnership, stating: “We are thrilled to partner with the company’s exceptional management team, whose vision, execution, and track record compelled us to pursue this investment. The company has delivered a strong and resilient performance, backed by solid fundamentals and a clear strategic direction. We are confident in its potential for continued growth and value creation, and we look forward to supporting the team as they scale operations, deepen capabilities, and pursue their ambitious growth and impact objectives.”
Tibor Asboth, Head of Private Equity Africa & Middle East at Proparco, also commented on the investment, stating: “Proparco is very proud to partner with SPE Capital and Amethis to support Delta Holdings in delivering value-added solutions to the coatings industry, serving local, regional and multinational customers. Leveraging Delta Holdings’ strong technical expertise and customization capabilities, we aim to accelerate the company’s next phase of growth on a global scale, while pursuing its commitment to sustainability through the development of environmentally friendly solutions. Additionally, Proparco is committed to supporting Delta Holdings’ management by providing targeted expertise and guidance on environmental, social and governance (ESG) matters to help meet and maintain the highest standards in the industry.”
Toufic Khoueiri, Senior Partner at Amethis also stated: “We look forward to partnering with SPE Capital, Proparco and the Sponsors to support Delta Holdings across its next growth phase. The company, led by its fantastic management team, has proven resilient and successful over the prior period and aligns well with our investment strategy. We are excited to work closely with our partners and the management team to help unlock Delta Holdings’ significant growth and impact potential over the coming years.”
Compass Capital was the sole financial advisor to the Sponsors while Al Tamimi & Co. acted as their legal advisor with Van Campen Liam.
The investment consortium was advised by Emerton, Huub van Beijeren and Bram Drexhage (commercial and strategic advisors), Helmy, Hamza & Partners – a member firm of Baker & McKenzie International, BLC Robert & Associates (legal advisors), Saleh, Barsoum & Abdel-Aziz – a member firm of Grant Thornton (financial and tax advisor), PricewaterhouseCoopers LLC (tax and structuring advisor), IBIS Consulting (ESG and Impact), along with various other advisors and specialists in commercial, technical and ancillary matters.
About Delta Holdings:
Delta Holdings is a multinational company with a strong international presence in Egypt and India, offering deep expertise in specialty chemical solutions for the coatings, graphic arts, and plastics industries. The company provides optimized products tailored to industry needs, supported by a diverse portfolio of over 80 products across five key segments: driers and catalysts, dispersion control additives, foam control additives, specialty additives, and surface control additives. For more information, please visit: www.deltaholdingsbv.com
About SPE Capital:
Founded in 2016, SPE Capital is an independent Private Equity firm focused on Africa and the Middle East. SPE Capital is led by an experienced on-the-ground investment team, with strong local knowledge and a proven track record of investing in growth companies. With offices spanning across the region, SPE Capital has a thorough understanding of businesses in the region and strives to apply best international practices and governance standards. SPE Capital is a signatory of the Operating Principles for Impact Management, a framework for investors ensuring that impact considerations are purposefully integrated throughout the investment life cycle. For more information, please visit: www.spe-capital.com
About Proparco:
Proparco, a subsidiary of Agence Française de Développement (AFD) Group, has been a leader in socially responsible investment for over 45 years, working with the private sector to create a fairer, more sustainable world. Through its network of 25 local offices, Proparco is able to work directly with its partners in Africa, the Middle East, Asia and Latin America, developing solutions to meet environmental and social challenges. Proparco works in symbiosis with AFD and Expertise France, offering a comprehensive range of services including sector-specific expertise, financial tools for different stages of business development, and technical support through its Propulse program. Proparco draws on this synergy to maximize its impact and enhance the performance of its partners. The aim of its strategy for 2023-2027, “Acting together for greater impact”, is to amplify these efforts together with local partners and AFD Group’s other entities. For more information, please visit: www.proparco.fr
About Amethis:
Founded by Luc Rigouzzo and Laurent Demey and a member of the Edmond de Rothschild Private Equity Partnership, Amethis is a private equity manager focused on the African continent, Europe and the Middle East, with assets under management exceeding EUR 1 billion and more than 40 investments completed to date. Amethis provides growth capital to promising mid-market champions across a variety of sectors, offering growth and impact support through its international network. With seven offices in Paris, Luxembourg, Abidjan, Cairo, Cape Town, Casablanca, and Nairobi, the Amethis team comprises close to 60 experienced professionals with strong local and sector expertise. For more information, please visit: www.amethis.com