Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the fund «Fonds Génération Entrepreneurs I FPCC-RFA » of joint control of the company «Kartner Glass Industry SAS», alongside its historical shareholder «Kartner Invest SAS AU»

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 « summary of the operation » below, containing the 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 concerned:

• The direct acquirer: the fund « Fonds Génération Entrepreneurs I FPCC-RFA », managed by the company « CDG Invest Management SA »;
• The indirect acquirer: the company « CDG Invest Gestion SA »;
• The historical shareholder: the company « Kartner Invest SAS AU »;
• The target: « Kartner Glass Industry SAS».

Nature of the operation

• Joint control acquisition.

Economic sectors concerned

• The market for the manufacture, marketing, export, and import of automotive glazing;
• The market for the manufacture, marketing, export, and import of architectural glass.

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this press release, i.e., July 8, 2026.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council has received notification of an economic concentration project concerning the acquisition by the fund « Fonds Génération Entrepreneurs I FPCC-RFA » of joint control of the company « Kartner Glass Industry SAS », alongside its historical shareholder « Kartner Invest SAS ».

The fund « Fonds Génération Entrepreneurs I FPCC-RFA » is a collective investment fund with simplified operating rules (FPCC-RFA), endowed with legal personality, governed by Law No. 41-05 on collective investment funds in capital. It is approved by the AMMC under number AG/FPCC/010/2025 and registered with the Rabat Trade Register under number 195801. Its management is ensured by the company CDG Invest Management SA, itself controlled by « CDG Invest Gestion SA ».

« Kartner Invest SAS AU » is a simplified joint-stock company with a single shareholder, headquartered at Florida Centre Park 2, Lot No. 5, Office No. 66 Sidi Maarouf, Casablanca, registered with the Casablanca Trade Register under number 422551. It was founded in 2012 by Mr. Mohamed Hannaoui. The company operates across the entire value chain of automotive services, particularly in glass repair and replacement, bodywork repair, maintenance and oil changes, insurance brokerage, as well as corporate fleet leasing and management.

Mr. Mohamed Hannaoui is a Moroccan national. He is the founder of the company « Kartner Invest SAS AU », of which he owns the entire share capital.

« Kartner Glass Industry SAS » is a Moroccan simplified joint-stock company registered on February 21, 2024, with the Casablanca Trade Register under number 614985 and controlled by « Kartner Invest SAS ». It specializes in the manufacture, marketing, export, and, where applicable, import of windshields and architectural glass.

 

Done in Rabat on June 26, 2026.