Autochek acquires majority stake in Egypt’s AutoTager

Autochek, an automotive technology development company, has acquired a majority stake in its Egyptian counterpart, AutoTager.

This is the sixth acquisition by Autochek co-founded by Etop Ikpe and Olajide Adamolekun across Africa in two years as the company expands its frontiers on the continent.

The firm has a presence in nine countries across East, West, and North Africa.

Although the value of the deal was not made public, Autochek took a controlling stake in AutoTager, giving the Nigerian firm access to the Egyptian market, which is Africa’s second-largest automotive market and one of the largest recipients of Foreign Direct Investment (FDI) in the continent over the past decade.

In a statement sent to Ripples Nigeria on Tuesday, Autochek said the acquisition would deepen its presence in North Africa and support the company’s ongoing growth.

Founded by Amr Rezk in 2021, AutoTager offers similar services as Autochek and allows easier access to vetted vehicles and financing for consumers in Nigeria and Egypt.

Autochek described Rezk as a serial entrepreneur and founder of Fundseer, a leading private equity GP/LP coordination platform.

“Amr has deep experience operating in and investing in various geographies across Africa and the Middle East, with a track record of building and sustaining high-growth enterprises.

“Prior to becoming an entrepreneur, Amr worked with several large institutions including Goldman Sachs, EFG-Hermes and the Qatar Investment Authority where he led the Private Equity and Venture Capital Funds Investments Team. He has an academic background as an economist and holds an MBA from Harvard Business School,” the statement read.

READ ALSO: Autochek raises $13.1mn seed funding to scale venture

Adamolekun, who is the Group Chief Executive Officer of Autochek, also spoke on the acquisition of the Egyptian firm.

He said: “Amr Rezk’s background and track record is as impressive as it gets and I am delighted to have him on board.

“His experience will be invaluable as we enter the Egyptian market and continue on our mission to improve the automotive finance value proposition on the continent and catalyse more growth across the automotive ecosystem.

“There are many parallels between Autochek and AutoTager, and we are looking forward to building on these parallels to deliver more growth and success in the months and years to come.”

On his part, Rezk, added: “We are thrilled to partner with Autochek to pursue several sizable and unique opportunities in the automotive space. Autochek has deep automotive expertise and brings a proven playbook and several all-weather strategies that have been tested and validated in multiple complex high-growth markets.

“The company’s track record of concurrently operating various business models in the automotive space is stellar and provides us with a wide menu of options and cutting-edge tools to offer AutoTager’s customers a truly unique proposition.

“We have very exciting plans and are confident that the global OEM and financing partnerships that Autochek has secured will also provide us with differentiated access allowing us to lead in our space while targeting high-quality top returns.”

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