An international investment group has invested in a Moroccan irrigation business with the aim of expandin…
An international investment group has invested in a Moroccan irrigation business with the aim of expanding into Sub-Saharan Africa.
Paris-headquartered investment fund manager Amethis has purchased a majority stake in Moroccan irrigation business Magriser Group.
Mohammedia-headquartered Magriser was founded in 1987 and has made its name as a provider of micro-irrigation and solar pumping systems.
Africa-focused Amethis was formed out of a 2012 partnership between the founders and Edmond de Rothschild Private Equity.
With the expansion, both parties hope to develop and expand Magriser’s manufacturing capabilities and its business into Sub-Saharan Africa.
In a statement, Magriser chief executive Simohamed Azzouz explained the company’s success to date: “One of the major challenges facing Morocco [is] water scarcity coupled with strong demographic growth. For over 30 years, Magriser has been providing micro-irrigation solutions that enhance agricultural productivity while reducing water consumption. With the assistance of our resellers, we have participated in making this technological solution more democratic in Morocco. Our partnership with Amethis will help us to accelerate the deployment of irrigation systems in Morocco and in Africa.”
Amethis founding partner Laurent Demey said: “With Magriser, we realise the first operation of Amethis Mena Fund 2, dedicated to SMEs in the region.”
Magriser was represented by Dentons Sayarh & Menjra managing partner Omar Sayarh and partner Mehdi Megzari, and received financial and strategic advice from Salma Mekouar, founder of Cross Partners.
Amethis was advised by the Casablanca office of DLA Piper, led by managing partner Christophe Bachelet, with financial and tax advice from PwC.
In February, Amethis acquired a minority stake in Nouvelle Minoterie Africaine, a Senegalese fast-moving consumer goods company, for which it received advice again from PwC, as well as KPMG.
Dentons Sayarh & Menjra was formed by the 2019 combination between Dentons’ existing Moroccan operation and a local firm.
A majority stake in another Moroccan irrigation company, CMGP, was acquired by a London-headquartered private equity firm in 2018.
Morocco entered the top 10 best-governed countries in Africa between 2018 and 2019, according to the 2020 Ibrahim Index of African Governance.