Amethis acquires stake in Moroccan irrigation company
Private equity firm Amethis has acquired a majority stake in Magriser Group, one of the pioneers in the distribution and installation of turnkey micro-irrigation and solar pumping systems.
Established in 1987 by Azzedine Azzouz, Magriser was one of the forerunners of the micro irrigation technique in Morocco. The group offers a full line of micro-irrigation equipment ranging from basins coverings, PVC and micro-irrigation pipes to filtration and fertigation systems. In addition to its core business of distributing micro-irrigation equipment, Magriser diversified its product portfolio by offering solar pumping systems and completed its solutions offering by proposing consulting and installation of turnkey micro-irrigation systems.
Simohamed Azzouz, chief executive of Magriser, stated, ”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.”
Wilfried Poyet, Amethis investment director who led the transaction, commented, ”We are very proud to partner with a young entrepreneur who has proven his ability to achieve strong performances for several years in a strategic area for the kingdom.”
Laurent Demey, Amethis founding partner, concluded, ”With Magriser, we realise the first operation of Amethis Mena Fund 2, dedicated to SMEs in the region. In total alignment with our convictions and strategy, we are very happy to invest alongside Simohamed Azzouz and to support an innovative approach for sustainable management of the country’s natural resources.”
Salma Mekouar (Cross Partners’ founder) acted as financial advisor and global coordinator of the transaction on behalf of Magriser. Dentons was the legal advisor of the Azzouz family while DLA Piper advised Amethis. PwC assisted Amethis on the financial, taxes and commercial due diligences.
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