10 MAY 2022
MEDIA RELEASE
RMB advises on DPI-backed Dolidol acquisition of Mouka
Dolidol, a Development Partners International (DPI) portfolio company involved in the manufacturing and distribution of bedding and mattress products in Francophone Africa, has completed the 100% acquisition of Mouka Limited, a Nigerian manufacturer of mattresses and pillows from Actis and the Moukarim family in a deal worth $60 million.
Chidi Iwuchukwu, RMB's Head of IBD and Banking Division for Broader Africa says: “The transaction brings together two highly complementary businesses, creating a leading player in the mattress and bedding space that is well positioned to deliver long-term sustainable growth across Africa. RMB in Nigeria (RMBN) is proud to have acted as financial advisers to both parties, Actis and Mouka, to bring this deal to fruition.”
Mouka Limited was established in Lagos in 1974 and specialises in the manufacturing and distribution of household and industrial foam products such as mattresses, pillows, bedding, industrial sheets, and other related products. The business boasts strong brand recognition and best-in-class manufacturing capabilities, with three factories strategically located in Nigeria. Mouka Limited was initially acquired by Abraaj in 2015. Actis took over the investment when it assumed management of the Abraaj Africa Fund in 2019.
Dolidol is a manufacturer and distributor of bedding and mattress products in Francophone Africa, with operations in five countries including Morocco and Ivory Coast. The company was established in 1972 and evolved into a household name, well known for high quality products and excellent customer service. Since its investment in Dolidol in 2018, DPI has helped Dolidol consolidate its market leading position in Morocco while supporting the company’s expansion plans into other regions.
Iwuchukwu shares how RMBN provided support on the transaction, “Our corporate finance advisory team provided overall transaction management support to Actis and Mouka. They were able to prepare the relevant marketing materials for the transaction and manage a competitive bidding process, despite the complexities brought on by COVID-19 pandemic. RMBN positioned the business as a right-sized operation with a market leading position, underpinned by strong route-to-market capabilities.
“Nigeria presents a compelling opportunity for significant growth in the mattress industry, with an addressable market of approximately 200 million people, positive demographics, a fast-growing middle class and rising consumer spending. We are proud to have been involved in this successful transaction, which is sure to translate into growth for years to come,” he concludes.
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Contact:
Oluwayemisi Ogunbodedel RMB in Nigeria l Oluwayemisi.Ogunbodede@rmb.com.ng
