Recently, African private equity firm Development Partners International (hereinafter referred to as “DPI”) announced that it will make equity investments in Moroccan mattress manufacturer Dolidol through its private equity fund African Development Partners II (“ADP II”).
Under the agreement, ADP II will acquire more than 20% of Dolidol's equity from the company and its existing shareholders for a total amount of approximately $30 million.
Founded in 1972, Dolidol is one of the oldest mattress manufacturers in Morocco and a leading player in the industry. Dolidol is one of the most widely recognized and used mattress brands in Morocco and is synonymous with high-end quality products. In addition to mattresses, Dolidol also produces and sells polyurethane foam, sofas and non-woven fabrics.
Dolidol has developed an extensive distribution network in Morocco with 46 owned stores, 10 distribution agencies and more than 1,100 distributors. The company recently extended its geographic footprint to Côte d'Ivoire and is now the leader in the manufacture and distribution of mattresses in the French-speaking region of West Africa.
The partnership with DPI will enable Dolidol to consolidate its market leadership in Morocco, further leverage the strong growth prospects of its various business units and implement its sub-Saharan Africa expansion strategy with a focus on West Africa.