{"id":48992,"date":"2026-09-24T15:46:28","date_gmt":"2026-09-24T15:46:28","guid":{"rendered":"https:\/\/conseil-concurrence.ma\/communique-du-conseil-de-la-concurrence-relatif-au-projet-de-concentration-economique-concernant-la-prise-par-la-societe-africinvest-small-cap-fund-llc-et-le-fonds-dinvestissement-build\/"},"modified":"2026-09-28T15:49:44","modified_gmt":"2026-09-28T15:49:44","slug":"press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-africinvest-small-cap-fund-llc-and-the-investment-fu","status":"publish","type":"post","link":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-africinvest-small-cap-fund-llc-and-the-investment-fu\/","title":{"rendered":"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d of joint control of the company \u201cUrbagec SARLAU\u201d alongside its historical shareholder, the company \u201cMKM Capital SARLAU\u201d"},"content":{"rendered":"<p>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 \u201coperation summary\u201d below, containing information provided by the parties.<\/p>\n<p>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&#8217;s position on the proposed operation.<\/p>\n<p>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.<\/p>\n<p><strong>Names of the companies and groups involved:<\/strong><\/p>\n<ul>\n<li><strong>The acquirers:<\/strong>\n<ul>\n<li>The company \u201cAfricInvest Small Cap Fund LLC\u201d;<\/li>\n<li>The investment fund \u201cBuild-Up Fund\u201d.<\/li>\n<\/ul>\n<\/li>\n<li><strong>The historical shareholder:<\/strong> the company \u201cMKM Capital SARLAU\u201d;<\/li>\n<li><strong>The targets:<\/strong><\/li>\n<li>The company \u201cUrbagec SARLAU\u201d;<\/li>\n<li>The company \u201cSeparator SA\u201d.<\/li>\n<\/ul>\n<p><strong>Nature of the operation:<\/strong><\/p>\n<ul>\n<li>Joint control acquisition.<\/li>\n<\/ul>\n<p><strong>Economic sectors concerned:<\/strong><\/p>\n<ul>\n<li>Building construction and public works market.<\/li>\n<\/ul>\n<p><strong>Deadline for interested third parties to submit their observations:<\/strong><\/p>\n<ul>\n<li>10 days from the date of publication of this press release, i.e. October 5, 2026.<\/li>\n<\/ul>\n<p><strong>NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES<\/strong><\/p>\n<p>The Competition Council received notification of an economic concentration operation concerning the acquisition by the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d of joint control of the company \u201cUrbagec SARLAU\u201d alongside its historical shareholder, the company \u201cMKM Capital SARLAU\u201d.<\/p>\n<p>The notified operation consists of a single operation carried out in several interdependent stages, whereby the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d, together with the company \u201cUrbagec SARLAU\u201d, will first acquire all the capital and voting rights of the company \u201cSeparator SA\u201d, and then the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d will contribute in kind all the shares they hold in the company \u201cSeparator SA\u201d to the company \u201cUrbagec SARLAU\u201d. At the end of the entire operation, the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d will acquire, alongside the company \u201cMKM Capital SARLAU\u201d, joint control of the company \u201cUrbagec SARLAU\u201d, including the company \u201cSeparator SA\u201d.<\/p>\n<p>\u201cAfricInvest Small Cap Fund LLC\u201d 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 Eb\u00e8ne 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.<\/p>\n<p>\u201cBuild-Up Fund\u201d 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, R\u00e9sidence Les Champs d\u2019Anfa D, 2<sup>nd<\/sup> floor, Quartier Racine, Casablanca. It is a fund authorized by the Moroccan Capital Market Authority and managed by the management company \u201cPrivate Equity Initiatives SA\u201d, dedicated to supporting Moroccan SMEs and intermediate-sized companies with high growth potential.<\/p>\n<p>\u201cMKM Capital SARLAU\u201d is a single-member limited liability company under Moroccan law, with its registered office at 10, rue Libert\u00e9, 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.<\/p>\n<p>\u201cSeparator SA\u201d 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.<\/p>\n<p>\u201cUrbagec SARLAU\u201d 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.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: right;\">Done in Rabat on September 24, 2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 \u201coperation summary\u201d 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&#8217;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 \u201cAfricInvest Small Cap Fund LLC\u201d; The investment fund \u201cBuild-Up Fund\u201d. The historical shareholder: the company \u201cMKM Capital SARLAU\u201d; The targets: The company \u201cUrbagec SARLAU\u201d; The company \u201cSeparator SA\u201d. 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 \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d of joint control of the company \u201cUrbagec SARLAU\u201d alongside its historical shareholder, the company \u201cMKM Capital SARLAU\u201d. The notified operation consists of a single operation carried out in several interdependent stages, whereby the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d, together with the company \u201cUrbagec SARLAU\u201d, will first acquire all the capital and voting rights of the company \u201cSeparator SA\u201d, and then the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d will contribute in kind all the shares they hold in the company \u201cSeparator SA\u201d to the company \u201cUrbagec SARLAU\u201d. At the end of the entire operation, the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d will acquire, alongside the company \u201cMKM Capital SARLAU\u201d, joint control of the company \u201cUrbagec SARLAU\u201d, including the company \u201cSeparator SA\u201d. \u201cAfricInvest Small Cap Fund LLC\u201d 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 Eb\u00e8ne 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. \u201cBuild-Up Fund\u201d 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, R\u00e9sidence Les Champs d\u2019Anfa D, 2nd floor, Quartier Racine, Casablanca. It is a fund authorized by the Moroccan Capital Market Authority and managed by the management company \u201cPrivate Equity Initiatives SA\u201d, dedicated to supporting Moroccan SMEs and intermediate-sized companies with high growth potential. \u201cMKM Capital SARLAU\u201d is a single-member limited liability company under Moroccan law, with its registered office at 10, rue Libert\u00e9, 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. \u201cSeparator SA\u201d 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. \u201cUrbagec SARLAU\u201d 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. &nbsp; Done in Rabat on September 24, 2026<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[352],"tags":[],"class_list":["post-48992","post","type-post","status-publish","format-standard","hentry","category-press-releases"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d of joint control of the company \u201cUrbagec SARLAU\u201d alongside its historical shareholder, the company \u201cMKM Capital SARLAU\u201d - Conseil de la concurrence du Maroc<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-africinvest-small-cap-fund-llc-and-the-investment-fu\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d of joint control of the company \u201cUrbagec SARLAU\u201d alongside its historical shareholder, the company \u201cMKM Capital SARLAU\u201d - Conseil de la concurrence du Maroc\" \/>\n<meta property=\"og:description\" content=\"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 \u201coperation summary\u201d 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&#8217;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 \u201cAfricInvest Small Cap Fund LLC\u201d; The investment fund \u201cBuild-Up Fund\u201d. The historical shareholder: the company \u201cMKM Capital SARLAU\u201d; The targets: The company \u201cUrbagec SARLAU\u201d; The company \u201cSeparator SA\u201d. 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 \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d of joint control of the company \u201cUrbagec SARLAU\u201d alongside its historical shareholder, the company \u201cMKM Capital SARLAU\u201d. The notified operation consists of a single operation carried out in several interdependent stages, whereby the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d, together with the company \u201cUrbagec SARLAU\u201d, will first acquire all the capital and voting rights of the company \u201cSeparator SA\u201d, and then the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d will contribute in kind all the shares they hold in the company \u201cSeparator SA\u201d to the company \u201cUrbagec SARLAU\u201d. At the end of the entire operation, the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d will acquire, alongside the company \u201cMKM Capital SARLAU\u201d, joint control of the company \u201cUrbagec SARLAU\u201d, including the company \u201cSeparator SA\u201d. \u201cAfricInvest Small Cap Fund LLC\u201d 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 Eb\u00e8ne 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. \u201cBuild-Up Fund\u201d 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, R\u00e9sidence Les Champs d\u2019Anfa D, 2nd floor, Quartier Racine, Casablanca. It is a fund authorized by the Moroccan Capital Market Authority and managed by the management company \u201cPrivate Equity Initiatives SA\u201d, dedicated to supporting Moroccan SMEs and intermediate-sized companies with high growth potential. \u201cMKM Capital SARLAU\u201d is a single-member limited liability company under Moroccan law, with its registered office at 10, rue Libert\u00e9, 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. \u201cSeparator SA\u201d 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. \u201cUrbagec SARLAU\u201d 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. &nbsp; Done in Rabat on September 24, 2026\" \/>\n<meta property=\"og:url\" content=\"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-africinvest-small-cap-fund-llc-and-the-investment-fu\/\" \/>\n<meta property=\"og:site_name\" content=\"Conseil de la concurrence du Maroc\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-24T15:46:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-09-28T15:49:44+00:00\" \/>\n<meta name=\"author\" content=\"Youssef OTMANE\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Youssef OTMANE\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-africinvest-small-cap-fund-llc-and-the-investment-fu\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-africinvest-small-cap-fund-llc-and-the-investment-fu\\\/\"},\"author\":{\"name\":\"Youssef OTMANE\",\"@id\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/#\\\/schema\\\/person\\\/03683379dc5edfcb3044e506a05bdf1b\"},\"headline\":\"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d of joint control of the company \u201cUrbagec SARLAU\u201d alongside its historical shareholder, the company \u201cMKM Capital SARLAU\u201d\",\"datePublished\":\"2026-09-24T15:46:28+00:00\",\"dateModified\":\"2026-09-28T15:49:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-africinvest-small-cap-fund-llc-and-the-investment-fu\\\/\"},\"wordCount\":730,\"articleSection\":[\"Press Releases\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-africinvest-small-cap-fund-llc-and-the-investment-fu\\\/\",\"url\":\"https:\\\/\\\/conseil-concurrence.ma\\\/en\\\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-africinvest-small-cap-fund-llc-and-the-investment-fu\\\/\",\"name\":\"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d of joint control of the company \u201cUrbagec SARLAU\u201d alongside its historical shareholder, the company \u201cMKM Capital SARLAU\u201d - 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Conseil de la concurrence du Maroc","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-africinvest-small-cap-fund-llc-and-the-investment-fu\/","og_locale":"en_US","og_type":"article","og_title":"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d of joint control of the company \u201cUrbagec SARLAU\u201d alongside its historical shareholder, the company \u201cMKM Capital SARLAU\u201d - Conseil de la concurrence du Maroc","og_description":"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 \u201coperation summary\u201d 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&#8217;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 \u201cAfricInvest Small Cap Fund LLC\u201d; The investment fund \u201cBuild-Up Fund\u201d. The historical shareholder: the company \u201cMKM Capital SARLAU\u201d; The targets: The company \u201cUrbagec SARLAU\u201d; The company \u201cSeparator SA\u201d. 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 \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d of joint control of the company \u201cUrbagec SARLAU\u201d alongside its historical shareholder, the company \u201cMKM Capital SARLAU\u201d. The notified operation consists of a single operation carried out in several interdependent stages, whereby the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d, together with the company \u201cUrbagec SARLAU\u201d, will first acquire all the capital and voting rights of the company \u201cSeparator SA\u201d, and then the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d will contribute in kind all the shares they hold in the company \u201cSeparator SA\u201d to the company \u201cUrbagec SARLAU\u201d. At the end of the entire operation, the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d will acquire, alongside the company \u201cMKM Capital SARLAU\u201d, joint control of the company \u201cUrbagec SARLAU\u201d, including the company \u201cSeparator SA\u201d. \u201cAfricInvest Small Cap Fund LLC\u201d 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 Eb\u00e8ne 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. \u201cBuild-Up Fund\u201d 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, R\u00e9sidence Les Champs d\u2019Anfa D, 2nd floor, Quartier Racine, Casablanca. It is a fund authorized by the Moroccan Capital Market Authority and managed by the management company \u201cPrivate Equity Initiatives SA\u201d, dedicated to supporting Moroccan SMEs and intermediate-sized companies with high growth potential. \u201cMKM Capital SARLAU\u201d is a single-member limited liability company under Moroccan law, with its registered office at 10, rue Libert\u00e9, 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. \u201cSeparator SA\u201d 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. \u201cUrbagec SARLAU\u201d 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. &nbsp; Done in Rabat on September 24, 2026","og_url":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-africinvest-small-cap-fund-llc-and-the-investment-fu\/","og_site_name":"Conseil de la concurrence du Maroc","article_published_time":"2026-09-24T15:46:28+00:00","article_modified_time":"2026-09-28T15:49:44+00:00","author":"Youssef OTMANE","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Youssef OTMANE","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-africinvest-small-cap-fund-llc-and-the-investment-fu\/#article","isPartOf":{"@id":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-africinvest-small-cap-fund-llc-and-the-investment-fu\/"},"author":{"name":"Youssef OTMANE","@id":"https:\/\/conseil-concurrence.ma\/en\/#\/schema\/person\/03683379dc5edfcb3044e506a05bdf1b"},"headline":"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d of joint control of the company \u201cUrbagec SARLAU\u201d alongside its historical shareholder, the company \u201cMKM Capital SARLAU\u201d","datePublished":"2026-09-24T15:46:28+00:00","dateModified":"2026-09-28T15:49:44+00:00","mainEntityOfPage":{"@id":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-africinvest-small-cap-fund-llc-and-the-investment-fu\/"},"wordCount":730,"articleSection":["Press Releases"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-africinvest-small-cap-fund-llc-and-the-investment-fu\/","url":"https:\/\/conseil-concurrence.ma\/en\/press-release-from-the-competition-council-regarding-the-economic-concentration-project-concerning-the-acquisition-by-the-company-africinvest-small-cap-fund-llc-and-the-investment-fu\/","name":"Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company \u201cAfricInvest Small Cap Fund LLC\u201d and the investment fund \u201cBuild-Up Fund\u201d of joint control of the company \u201cUrbagec SARLAU\u201d alongside its historical shareholder, the company \u201cMKM Capital SARLAU\u201d - 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