Oladipo Fasesin founded PaulMac Publishers in 1998, and has successfully run the business over 17 years, ably supported by his wife who is also the sitting General Manager of the business.
PaulMac Publishers sells educational materials and textbooks to over 2000 private schools across the country. Initiatives like PaulMac Publishers play an important role in a developing economy like Nigeria which has over 80,000 primary schools, translating into an ever-growing market for books and instructional materials. Besides, the market continues to mature as schools parents and guardians have become increasingly aware of the importance of education.
However, Oladipo was facing capacity constraints in the way of fully meeting the demand of this growing market. It is then that he decided to invest in further machinery and equipment to insource operations and print more educational material and textbooks in house. GroFin stepped in with a loan of USD 250k over a 5-year horizon to provide the strongest possible growth thrust to the business.
With finance and support from GroFin, the company is implementing its short term plan to introduce 18 new books to its current list of 110 books while saving the associated cost of outsourcing production.
Over the long term, the company plans to set-up operations in the South Eastern states of Nigeria, encompassing as many as 5,424 schools with over 1.9 million enrolments.
“Working with GroFin has given us the growth leap we always desired,” says Oladipo Fasesin, MD, PaulMac Publishers.
Realising that the impact of the new equipment on the business will be felt only in 2016, GroFin structured the annual repayment to fall in the period when the client gets paid by its customers.
Additionally, as part of its value-added business support services, GroFin advised Oladipo on the need for more centralised credit monitoring; deploying a tailor-made accounting software; documenting business process flow in a detailed manner; identified the need for documentation and adherence to the reward policy; as well as helped him develop a health and safety policy.
“For GroFin, providing finance and support to the business allows us to indirectly assist in the development of Nigeria’s educational sector, making it an attractive investment in our eyes,” says Obashola Dele-Oni, Investment Manager, GroFin Lagos.
By publishing education books for primary schools, the company is providing a vital need for over 20 million primary school children. The investment will also create 15 jobs, in addition to sustaining 41 jobs.