Latest News
In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the “operation summary” below, containing information provided by the parties.
This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.
The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.
Names of the companies and groups involved:
- The acquirers:
- The company “AfricInvest Small Cap Fund LLC”;
- The investment fund “Build-Up Fund”.
- The historical shareholder: the company “MKM Capital SARLAU”;
- The targets:
- The company “Urbagec SARLAU”;
- The company “Separator SA”.
Nature of the operation:
- Joint control acquisition.
Economic sectors concerned:
- Building construction and public works market.
Deadline for interested third parties to submit their observations:
- 10 days from the date of publication of this press release, i.e. October 5, 2026.
NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES
The Competition Council received notification of an economic concentration operation concerning the acquisition by the company “AfricInvest Small Cap Fund LLC” and the investment fund “Build-Up Fund” of joint control of the company “Urbagec SARLAU” alongside its historical shareholder, the company “MKM Capital SARLAU”.
The notified operation consists of a single operation carried out in several interdependent stages, whereby the company “AfricInvest Small Cap Fund LLC” and the investment fund “Build-Up Fund”, together with the company “Urbagec SARLAU”, will first acquire all the capital and voting rights of the company “Separator SA”, and then the company “AfricInvest Small Cap Fund LLC” and the investment fund “Build-Up Fund” will contribute in kind all the shares they hold in the company “Separator SA” to the company “Urbagec SARLAU”. At the end of the entire operation, the company “AfricInvest Small Cap Fund LLC” and the investment fund “Build-Up Fund” will acquire, alongside the company “MKM Capital SARLAU”, joint control of the company “Urbagec SARLAU”, including the company “Separator SA”.
“AfricInvest Small Cap Fund LLC” is a limited liability company under Mauritian law, registered with the Companies Registry of Mauritius under number 209207 GBC, with its registered office located at 5th Floor, Nexsky Building Ebène Cybercity, 72201, Mauritius. It is a private equity fund managed by the pan-African group AfricInvest, dedicated to supporting small and medium-sized enterprises (SMEs) in Africa, including in Morocco, with strong growth potential.
“Build-Up Fund” is a collective investment fund in Moroccan capital, registered with the Casablanca Trade Register under number 715013, with its registered office located at the corner of rue Ahmed Charci and rue Ali Abderrazak, Résidence Les Champs d’Anfa D, 2nd floor, Quartier Racine, Casablanca. It is a fund authorized by the Moroccan Capital Market Authority and managed by the management company “Private Equity Initiatives SA”, dedicated to supporting Moroccan SMEs and intermediate-sized companies with high growth potential.
“MKM Capital SARLAU” is a single-member limited liability company under Moroccan law, with its registered office at 10, rue Liberté, 3rd floor, apartment No. 5, Casablanca and registered with the Casablanca Trade Register under number 548003. It is a financial holding company intended to bring together the interests held by Mr. Mahmoud Boukour.
“Separator SA” is a Moroccan joint stock company with its registered office at 99, Lotissement Mauritania, Quartier Industriel Sidi Ali Sidi Bernoussi, Casablanca, and registered with the Casablanca Trade Register under number 94393. It operates in the non-residential building construction sector (institutional buildings, industrial buildings, and tertiary buildings), specifically in the finishing trades.
“Urbagec SARLAU” is a single-member limited liability company under Moroccan law, with its registered office at Zone Industrielle Sud-Ouest No. 77-28810, Mohammedia, registered with the Mohammedia Trade Register under number 11281. It operates in the construction sector, mainly non-residential buildings (industrial, tertiary, hospital, as well as civil engineering structures and roads), in both the structural and finishing trades.
Done in Rabat on September 24, 2026
