In May 2019, the Tunisian American Enterprise Fund (TAEF) and Slah Kooli announced the acquisition of Propann as part of the pilot project of the Search Fund a first in Tunisia: Tunisian American Search Fund ( TASF).
TASF finally acquired 100% of Propann, a company specializing in the finishing of wooden panels, after a 24-month research period during which TASF analyzed nearly twenty companies and met with around a hundred intermediaries, managers and business owners. Mr. Slah Kooli becomes the General Manager, in a first step, to ensure the established growth prospects and, in a second step, ensure the exit of TAEF.
The financing of the acquisition was through equity (67%) and bank debt (33% of the acquisition price). Financial commitment from M. Slah KOOLI is also part of the acquisition investment.
M. Slah KOOLI will acquire progressively an additional part of the equity of Propann for achieving upon operating results agreed with TAEF.
Propann is a company in the manufacture of melamine panels TFL “thermally fused laminate”of high quality responding to all furniture projects, of decoration and interior layouts. The production of panels is completed by a wide range of edge banding in perfect harmony with the decorations and textures of proposed panels.
Entered in production in 2014, the production site is implemented in the industrial zone of Djebel Ouest (Zaghouan), northern part of Tunisia expanding over an area of 5 acres.
Propann uses an advanced technology , first press of its generation installed in Africa, “Nedra”, developed by the German leader WemhOener in collaboration with Propann technical teams and specially conceived for the company.
Propann is dedicated to create value for its clients by being the reference in terms of innovation of its products and in offering a superior quality of service
Facing weak governance and internal shareholders conflicts impacting the future growth, Propann was an excellent candidate to entrepreneurship through acquisition.