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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 issued 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 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 acquirer: ‘Capmezzanine V FPCC-RFA’;
- The target: ‘Sodalmu SA’;
- The historical shareholder: the company ‘Sanam Agro SA’.
Nature of the operation:
- Joint takeover.
Economic sectors concerned:
- Production and distribution of soft drinks and bottled water.
Deadline for interested third parties to submit their observations:
- 10 days from the date of publication of this press release, i.e. December 01.
NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES
The Competition Council received notification of a project for an economic concentration operation concerning the joint takeover by the investment fund ‘Capmezzanine V FPCC-RFA’, represented by the company ‘CDG INVEST GROWTH’, of the company ‘Sodalmu SA’, alongside the historical shareholder ‘Sanam Agro SA’, through the acquisition of a minority stake in the share capital and related voting rights.
‘Capmezzanine V FPCC-RFA’ is a Moroccan collective investment scheme in capital (CISC), established in the form of a collective investment scheme in capital with simplified operating rules (FPCC-RFA), registered with the Casablanca Trade Register under number 681451 and headquartered at Casa Anfa, lot 60-1, Boulevard Main Street, Building B, No. 52B, 5th floor in Casablanca. ‘Capmezzanine V FPCC-RFA’ obtained its approval from the Moroccan Capital Market Authority on April 23, 2025. It is managed by ‘CDG Invest Growth’, a public limited company, a 99.99% subsidiary of CDG Invest, itself 100% owned by the ‘Caisse de Dépôt et de Gestion’ (CDG) group. ‘CDG Invest Growth’ is an asset management company making development capital investments in Moroccan and African companies.
‘Sodalmu SA’ is a Moroccan joint stock company established in 2024, with a share capital of 795,194,000 dirhams, registered with the Berrechid Trade Register under number 20895 and headquartered at Zone Industrielle – Route Nationale n°7 – Berrechid. Its main activity is the production and distribution of soft drinks and bottled water.
‘Sanam Agro SA’ is a Moroccan joint stock company, with a share capital of 6,194,600.00 Dirhams, headquartered at Km 11, Rue L Route Des Zanatas, Ain Sebaa, Casablanca, Morocco, and registered with the Casablanca Trade Register under number 28515. The company operates in the agri-food industry.
Done in Rabat, November 20, 2025
