Adnane Zerhouni: “Today, There Is No Health Without Technology”

Appointed Director General of Vicenne in March of this year, Adnane Zerhouni had already served on the board of directors as a representative of the pan-African fund Amethis, which holds 31.29% of the group’s capital.

Now at the helm, his key mandate will be to lead the strategic external growth operations planned by 2030.

This aligns well with his expertise: an HEC graduate and mergers & acquisitions specialist, Zerhouni previously served as M&A Director for the Saham Group, where he executed numerous investments across the African continent, and worked as an investment banker in London within the M&A divisions of Deutsche Bank and Barclays Capital. Interview.

Who is Vicenne, and why is the company entering the stock market?

Vicenne is an integrator of medical solutions with strong technological components. We support clients in defining their needs, designing their projects, and deploy technologies from our portfolio to enable them to treat patients in the most effective way.

We ensure the implementation of the project by installing the equipment and organizing training for teams and users. Finally, we provide maintenance and after-sales service for several years throughout the use of our equipment.

For three decades, we have supported the evolution of the healthcare sector in Morocco. With all our partners—whether suppliers or clients—our relationships are built to last.
Regarding clients, we primarily serve hospitals, clinics, biology laboratories, and all healthcare centers.

Today, we have reached a stage of development that allows us to accelerate our growth. The stock market listing aligns with this momentum. It will enable us to secure funding to drive further expansion, notably through organic growth as well as external growth.

What will be the drivers of this growth to achieve the ambitious objectives of the business plan by 2030?

The business plan is supported by a strong underlying trend in the sector, which is highly positive considering current infrastructure deficits and the still-low consumption ratios of the Moroccan population.  

Given our country’s development, there is an organic market growth, and we are well-positioned to benefit from an accelerating effect, as there is no longer healthcare without technology today. We operate in highly technology-driven segments, meaning we not only align with growth but also outpace it, as the technological component itself is proportionally increasing.  

Our business plan anticipates a near-doubling of all our indicators over the next five years. We achieved the same over the past four years, so this is not unexpected. However, the IPO and the funds we will raise will allow us to exceed this “pre-money” business plan.  

The funds raised through this IPO will be used to deploy our clear growth strategy:  Strengthening our positions in existing modalities and markets, including heavy and semi-heavy equipment, consumables, services, waste treatment, and international expansion—primarily in Francophone West Africa, as previously outlined; Expanding our product range, with the goal of bringing the latest and most advanced technologies to our markets to serve the largest number of patients; External growth initiatives, with planned acquisitions in the coming years. Over the past five years, we have already completed two successful external growth operations.

Are acquisition targets already identified?

We have an acquisition pipeline in Morocco and beyond, across various modalities. We cannot disclose details at this stage, but this is a clear objective. The 500 million dirhams raised from the market, combined with leverage, will allow us to finance up to 1 billion dirhams in growth projects. Of this potential billion, we already have a project pipeline worth approximately 700 million dirhams. 

The medical equipment market is booming, with other players emerging. What distinguishes Vicenne from competitors?

Our differentiation lies in our focus on technology—a commitment spanning 33 years. Our teams have developed deep technological expertise, and our engineers hold certifications in specific technologies, unlike many competitors. Few players can install and train others on these technologies. We focus on high-complexity segments, where typically only one or two players operate.  

These markets are not open to all. They are regulated, requiring product registration with authorities and ensuring teams are certified and trained—investments we have made. Today, we reap the rewards of past investments and our market reputation with suppliers. This is our true differentiator.  

In summary, why should one subscribe to the IPO?  

Growth potential: Vicenne is a robust, high-performing company in a thriving sector, backed by strong governance. Investing in Vicenne means investing in growth; Social impact: Investing in healthcare allows participation in a collective effort to improve the sector in Morocco and expand access to quality care for all citizens—a meaningful contribution to society.