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AGF Magazine - April 2019 issue

  • In a region where only a minority of the population has access to a bank account and SMEs struggle to get financial help from traditional banks, Albert Alsina, CEO and Founder of Mediterrania Capital Partners, explains how the PE industry is becoming a catalyst for the African Fintech ecosystem’s development, enabling large-scale banking and supporting entrepreneurs and SMEs in their expansion plans (pp. 10-12).
  • In this month’s issue of Africa Global Funds, we also caught up with Kenneth Kaniu, Britam Asset Managers CEO, to learn about their anchor investment in Tiserin Capital, and the needs and constraints of institutional investors in Kenya and East Africa (pp. 14-15).
  • On the infrastructure front, we hear from Moritz Breickmann, Investment Director at African Infrastructure Investment Managers (AIIM) who showcases some successful airport redevelopments in Africa. Read on to find why airport infrastructure projects on the continent can provide attractive long term returns to investors (p.17).
  • In this month’s issue we also learn that the FTIF Templeton Africa Fund was merged into the FTIF Templeton Frontier Markets Fund. We speak with Ahmed Awny and David Haglund about the Fund and its African investments (p.16).
  • Finally, Rob Childs, Head of International for Prescient Fund Services shares his views on the global distribution challenges facing African fund managers and why the firm decided to domicile their offshore fund range in Ireland (p. 22).
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News > Private Equity > Deals

DPI makes fifth investment in Morocco

Staff writer
Oct. 26, 2018, 9:13 p.m.
904

Word count: 322

Development Partners International, a Pan-African private equity firm with over $1.1bn of assets under management, has invested in UNI CONFORT MAROC - Dolidol, Morocco’s and Ivory Coast’s leading manufacturer and distributor of foam, mattress and bedding products.

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Development Partners International, a Pan-African private equity firm with over $1.1bn of assets under management, has invested in UNI CONFORT MAROC - Dolidol, Morocco’s and Ivory Coast’s leading manufacturer and distributor of foam, mattress and bedding products.

The investment was structured through African Development Partners II (ADP II).

Under the agreement, ADP II has acquired a stake of just over 20% in Dolidol from the company and its existing shareholders, for a total amount of approximately $30m.

Founded in 1972, Dolidol is one of the oldest mattress manufacturers in Morocco and a leading player in the industry. 

The company produces, manufactures and sells polyurethane foam, mattresses, sofas and non-woven textiles. 

As a household brand, the Company is synonymous with high-quality products and customer service. Dolidol recently expanded its geographical footprint to Ivory Coast and is now the market leader in manufacturing and distributing mattresses into Francophone West Africa.

The partnership with DPI will allow Dolidol to reinforce its market leading position in Morocco, further leverage the strong growth prospects of its various business segments and execute its Sub Saharan Africa expansion strategy with an emphasis on West Africa.

Sofiane Lahmar, DPI Partner, said: “We are very excited to invest in such a strong household brand as Dolidol. In addition to the strong growth prospects and profitability of the existing business segments, we believe there is a significant opportunity to help accelerate its expansion into other regions across the continent.” 

“DPI is committed to making investments in Morocco, with Dolidol marking our fifth investment in the country, totalling c.$230m across all five. We look forward to working alongside B.Group, a first-class partner, in addition to Dolidol’s excellent management team.”

Jalil Skalli, CEO of Dolidol, added: “This capital increase will allow us to further consolidate the institutionalisation of the firm.”

Naciri & Associés Allen & Overy and Deloitte advised DPI on the transaction, whereas West Capital Partners and Dentons advised Dolidol.

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