Mergers & Acquisitions: The Convergence of Strategic Factors

Merger and acquisition transactions have proliferated in recent years in Morocco. A significant number of operators, particularly large groups and family-owned SMEs, have demystified M&A and are increasingly resorting to fundraising and company acquisitions to accelerate their external growth.

Furthermore, a glance at the website of the Competition Council (notifications of economic concentration operations) easily reveals the dynamism of the M&A market in 2025. Hence the relevance of examining the main reasons behind the enthusiasm of economic operators for mergers and acquisitions in the Moroccan market.

The operational urgency linked to 2030

Consulted by ‘La Vie éco’, Amine El Azher, founder of the investment bank Arden Capital, an expert in strategy, finance, and private equity, provided an enlightening perspective on the major trends in the M&A market in 2025.

“The fervor of the mergers and acquisitions market observed last year is explained by a confluence of strategic factors: the full-scale rollout of the new Investment Charter, which boosts the attractiveness of national assets, and the operational urgency linked to the 2030 horizon, pushing players in construction, logistics, and tourism to scale up,” emphasizes our expert.

Another explanatory factor according to El Azher: the emergence of a massive consolidation movement in certain sectors like healthcare and industry, driven by “Buy-and-Build” strategies from private players and private equity funds, as well as a rationalization of the portfolios of certain large Moroccan groups.

It should be noted that by refocusing on their core business and opening up their capital, large groups are helping to transform Morocco into a true regional consolidation hub, thereby attracting international capital in search of stable and sovereign growth.

The drivers of the African market

Our private equity specialist is clear: foreign investors and development financiers have understood that Moroccan family groups are the best vehicles for penetrating the African market.

“In 2025, acquiring a stake in a Moroccan group means gaining privileged access to 15 countries in West Africa,” he observes.

It is important to note that according to several experts, in 2025, the Moroccan market entered the era of “transformation capital,” leaving behind, to some extent, that of “rescue capital” aimed solely at strengthening the financial structure.

Furthermore, valuations would increasingly be based on groups’ ability to become regional platforms and present relevant growth stories.

Moreover, it should be specified that national champions, family groups, international development financiers, and private equity funds particularly stood out in the M&A market in 2025.

“National champions and family groups (notably the ‘consolidators’ like Dislog Group, TGCC, Akdital, Sothema…) have been active buyers with a ‘Buy-and-Build’ strategy based on a simple principle: rather than creating new divisions, they acquire SMEs.

This is to vertically integrate their businesses (logistics, distribution, healthcare) and lock down markets or gain immediate operational capabilities,” analyzes our interlocutor in essence.

Regarding international development financiers (IFC, EBRD…), they acted in 2025 mainly as a “quality label” and “capital stabilizers.”

In the opinion of many experts, their presence reassures other investors about governance and ESG standards, thus transforming private Moroccan groups into true regional multinationals.

International development financiers would also reassure with their ability to remain invested over relatively long periods, thus constituting a stabilizing core of capital, as highlighted earlier.

Finally, regarding private equity funds (exit accelerators), apart from their traditional role as investors in high-potential companies, funds like Mediterrania Capital Partners, SPE Capital, CDG Invest Growth, and AfricInvest played a pivotal role that facilitated the “exits” of some historical founders of SMEs.

This, towards the Stock Exchange or towards strategic acquirers or larger funds (examples: La Voie Express, Soludia Maghreb, Cash Plus…).

Transformation of “isolated” assets

Questioned about the hyper-activity of certain players like Dislog Group (led by businessman Moncef Belkhayat) in the M&A market in 2025, El Azher highlights a successful strategy.

“Dislog Group belongs, in my opinion, to the category of consolidators mentioned above. Moncef Belkhayat understood that there was an insufficiently exploited and explored space in the market.

That of Buy-and-Build investment strategies deployed on relevant verticals corresponding to the momentum and needs of the Moroccan market and economy,” assures the finance expert. And to explain in essence: “The main logic is to transform ‘isolated’ assets into an integrated platform. It’s a shift from ‘distributor’ to ‘value aggregator.'”

It is nevertheless important to emphasize that this strategy is not an intellectual revolution in terms of investment approach, but in terms of execution, Dislog Group deploys it brilliantly.

This, particularly in the healthcare and logistics sectors, combining relevant financial and operational engineering, with a perfect knowledge and consideration of Moroccan realities, according to specialists.

Given the dynamism of the M&A market driven by a confluence of strategic factors, as indicated, one can reasonably expect strong growth in operations during 2026 and beyond.

Especially since the gradual arrival of capital from funds supported by the Mohammed VI Investment Fund (FM6I) is an acceleration vector for the market.