Dolidol, a Development Partners International (DPI) portfolio company, has acquired Mouka Foam to create a regional leader in the African bedding and mattress industry.
Dolidol is a market-leading operator in Francophone Africa involved in the manufacturing and distribution of bedding and mattress products, with operations in five countries including Morocco and the Ivory Coast.
Established in 1972, the company is one of the oldest mattress manufacturers in Morocco and has evolved to become a household name, well known for high-quality products and excellent customer service.
Founded in 1974, Mouka is an established manufacturer of polyurethane foam products and mattresses in Nigeria, with strong brand recognition and best-in-class manufacturing capabilities with three factories strategically located in the country. The business is led by a highly experienced management team, headed by current CEO Ray Murphy, who has helped drive the growth of the company in Nigeria since joining in 2015.
The transaction brings together two businesses with highly complementary capabilities. With an addressable Nigerian market of approximately 200 million people, the opportunity for growth is significant.
Combining Dolidol’s track record in new product development with Mouka’s route to market, the deal creates the leading player in mattress and bedding space, well-positioned to deliver long-term sustainable growth across Africa.
Since its investment in Dolidol in 2018, DPI has helped the business consolidate its market-leading position in Morocco while working closely with management to support the company’s regional expansion strategy, including its development into Ivory Coast, where it has become the number one player in the market.
DPI remains committed to the business, playing an instrumental role in this latest acquisition, helping to source and execute the transaction, in addition to providing additional financing for the deal, reinforcing its belief in the business.
DPI, which has just closed one of the largest Africa-focused funds at US$900m, invests in established, growing companies across the continent, helping local champions like Dolidol become regional and pan-African ones. This acquisition demonstrates
DPI’s broader strategy and the firm will continue to work closely with Dolidol’s management team to drive the company’s ambitious expansion strategy and help develop the business into a leading manufacturer and distributor across the continent.
Sofiane Lahmar, DPI Partner, said, “As the most populous country in Africa, Nigeria shares many of the same trends as the continent, including positive demographics, a fast-growing middle class, and rising consumer spending. Dolidol’s acquisition of Mouka presents an exciting opportunity for growth, creating a greatly expanded addressable market, and enables the business to accelerate its growth in West Africa, while continuing to expand its footprint across the continent. We remain confident in the future of the business and look forward to working with both management teams to execute the company’s ambitious strategy and vision .”
Saad Berrada, Chairman of Dolidol, stated, “Today’s announcement represents an important milestone for our company and creates a regional champion in North and West Africa well placed to serve the fast-growing African market. We are looking forward to partnering with Ray Murphy and his management team as we focus on achieving our expansion strategy across the continent.”
