Moroccan mattress maker, Dolidol, has acquired Mouka Foam, a leading Nigerian mattress brand, as part of its ambition to become a pan-African beddings and mattress company.
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.
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.”
Meanwhile, 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 about 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 a growth potential of around 10% per year.”
Dolidol was established in 1972 and is already present in five Francophone African countries, including Ivory Coast. Mouka Foam, on the other hand, was established in 1974 and has three factories located across Nigeria. It won the Most Innovative Clientcentric Brand of the Year at the just concluded TheFLEA Awards organised by Freelanews.
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