October 3, 2022

DEAL: Nigeria's Mouka Foam acquired by Moroccan company, Dolidol, in $60 million deal – Nairametrics

  • December 3, 2021
  • 3 min read
DEAL: Nigeria's Mouka Foam acquired by Moroccan company, Dolidol, in $60 million deal – Nairametrics

Investment firm, Development Partners International (DPI), has announced the signing of Dolidol’s acquisition of Mouka, owners of Mouka Foam making Dolidol a regional champion and leader in the African bedding and mattress industry.
Dolidol, a market-leading operator in Francophone Africa involved in the manufacturing and distribution of bedding and mattress products, acquired the Nigerian giant, Mouka with an investment of $60 million.
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.
Read: Vitafoam Board appoints Abdul Akhor Bello as Independent Non-Executive Director
In May 2021, the Moroccan mattress maker, Dolidol 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. However, its potential target at the time was not made known.
Commenting 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”.
Read: Vitafoam declares N1.11 billion as profit in the first quarter of its financial year 2020/21
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.
Dolidol is a market-leading operator in Francophone Africa involved in the manufacturing and distribution of bedding and mattress products.
The subsidiary of Palmeraie Holding has seven production units in 5 countries including Morocco and Ivory Coast, where it has been present since 2016, and from where it serves border countries in the region of West Africa such as Ghana, Burkina Faso, Mali, Guinea and Liberia.
Founded in 1959, Mouka is a polyurethane foam mattress manufacturer with three factories strategically located in Nigeria. Mouka was founded by the Moukarim Family a legendary Lebanese family with investments cross West Africa spanning a hundred years.

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