In a $60m deal, an Investment firm, Development Partners International (DPI) has announced the acquisition of Mouka Foam, to Dolidol, a market leading operator in Francophone Africa involved in manufacturing of bedding and mattress product.
The subsidiary of Palmeraie Holding, which operates in the polyurethane foam and bedding sector, is said to be accelerating its African expansion through a successful operation in Nigeria.
Without making it’s target not known at that time, Moroccan mattress, maker of Dolidol in May, 2021 announced plans to make an acquisition in Nigeria in order to establish its presence in Africa’s largest economy and expand its base in West Africa. .
Speaking on the acquisition, Saad Berrada Sounni, the President of Palmeraie Holding, said that “the announcement represents an important step for our company and creates an indisputable Pan-African champion of the North, West and East of the continent, strategically placed to serve the better an African market in strong growth”.
The CEO of Dolidol, Mohamed Lazaar, believes the acquisition of Mouka will allow Dolidol to strengthen its presence in the country and complement the company’s growth in the region with an addressable market of around 200 million Nigerians.
He said, “Dolidol continues to strengthen its position as an African leader. The acquisition of Mouka presents a real opportunity for development in a structured market with growth potential of around 10% per year”.
In 2007 Private Equity firm, Actis acquired a majority stake in Mouka Foam from the Moukarim Family following the need for a succession plan for the company.
Also, in 2015, private equity firm Abraaj also invested in Mouka Foam having acquired it from Actis. However, a shocking liquidation of Abraaj in July 2919 forced Actis take over the ownership and management of Mouka long with 13 other companies majorly owned by Abraaj.