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Moroccan businessman Abdelali Berrada Sounni’s flagship company Dolidol has acquired Mouka, a Nigeria-based polyurethane foam product and mattress manufacturer.
Development Partners International (DPI), a UK-based investment fund manager led by Runa Alam, confirmed that the acquisition was concluded after the Morocco-based mattress maker Dolidol signed a definitive agreement to acquire the Nigerian firm in a $60-million deal.
Dolidol is Morocco’s pioneer branded polyurethane foam and bedding product manufacturer.
It operates as a market-leading operator in Francophone Africa through the most famous mattress brands in Morocco, including Kinedorsal, Windsor, Princiere and Maria, with subsidiary operations in Cote d’Ivoire.
The company operates as a subsidiary of Palmeraie Holding, a Casablanca-based conglomerate founded by Moroccan businessman Abdelali Berrada Sounni. His son, Saad Berrada Sounni, who is the chairman of Dolidol, played a crucial role in the completion of the deal.
The integration of Mouka’s portfolio and businesses into Dolidol’s operation will create a regional champion and leader in the African bedding and mattress industry that will compete with Vitafoam Nigeria Plc for market share in Nigeria Africa’s largest economy.
The transaction, which brings together two businesses with highly complementary capabilities, will unlock value for existing investors who hold stakes in Mouka.
The deal will also open up growth opportunities for Dolidol, as it moves to leverage the Nigerian market of approximately 200 million people to create value for investors through expansion strategies that align with its commitment to building long-term sustainable growth in Africa.
Saad Berrada, the chairman of Dolidol, said the acquisition aligns with Dolidol’s expansion strategy on the continent.
“Today’s announcement represents an important milestone for our company and creates a regional champion in North and West Africa well-placed to serve the fast-growing African market,” he said.
DPI Partner Sofiane Lahmar said Dolidol’s acquisition of Mouka presents an exciting opportunity for growth.
He explained that the deal creates a greatly expanded addressable market, accelerating the development of the business in West Africa while increasing its footprint on the continent.
“We remain confident in the future of the business and look forward to working with both management teams to execute the company’s ambitious strategy and vision,” he said.
The acquisition comes after DPI, an important Dolidol investor, closed one of the largest Africa-focused funds, amounting to $900 million.
