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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 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the “operation summary” 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 adopted 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:
- “CDG Invest Growth SA”, through the managed fund “Capmezzanine V FPCC-RFA”;
- “Mediterrania Capital Partners” through the managed funds “LuX SPV”, “Mediterrania Capital IV Morocco FPCC-RFA, Compartment 1” and “Mediterrania Capital IV Morocco FPCC-RFA, Compartment 2”.
- The target: “Société Nouvelle des Conduites d’Eau SA”
Nature of the operation
- Joint takeover
Economic sectors concerned:
- Hydraulic infrastructure market.
Deadline for interested third parties to submit their observations:
- 10 days from the date of publication of this press release, i.e. September 14, 2026.
NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES
The Competition Council has received notification of an economic concentration project concerning the joint takeover of the company “Société Nouvelle des Conduites d’Eau SA” by the companies “CDG Invest Growth SA” through the managed fund “Capmezzanine V FPCC-RFA” and “Mediterrania Capital Partners” through the managed funds “LuX SPV”, “Mediterrania Capital IV Morocco FPCC-RFA, Compartment 1” and “Mediterrania Capital IV Morocco FPCC-RFA, Compartment 2”.
“Capmezzanine V FPCC-RFA” is a Moroccan collective investment scheme in equity (OPCC), established in the form of an equity collective investment fund (FPCC), with its registered office in Casablanca. It is duly represented by its management company “CDG Invest Growth SA”, a Moroccan joint stock company, with its registered office in Casablanca.
“Mediterrania Capital Partners” (MCP) is a leading pan-African investment fund management company, with a presence in Morocco and the MENA region for over a decade. MCP invests as a majority or significant minority shareholder in medium-sized companies with high growth potential, providing managerial, operational, and financial resources to accelerate their development. The funds “Mediterrania Capital IV Morocco FPCC-RFA, Compartment 1” and “Mediterrania Capital IV Morocco FPCC-RFA, Compartment 2” are Moroccan collective investment funds in equity and are both controlled by the management company Mediterrania Capital Partners Gestion, a subsidiary of the MCP group, a joint stock company with its registered office at lot 58, Tour CFC, 6th floor, Core 1, Quartier Casa, Casablanca, registered with the Casablanca Trade Register under number 449053, duly authorized as a collective investment scheme management company by order of the Minister of Economy, Finance, and Administrative Reform No. 2899-20 of November 19, 2020. LuX SPV is the Luxembourg acquisition vehicle established for the needs of the Operation and is controlled by management companies of the MCP group.
“Société Nouvelle des Conduites d’Eau SA” is a Moroccan joint stock company, with its registered office in Rabat. The company operates in the manufacture of pipes and conduits for water networks, the construction of water supply and sanitation works, as well as in the field of hydraulic civil engineering. It also engages in the manufacture of hydromechanical equipment and pumping material. As a secondary activity, it carries out civil engineering works and construction of industrial buildings related to these activities.
Done in Rabat, on August 28, 2026.
