Vicenne has been featured in a special Forbes Africa edition looking at the development of businesses in Morocco. The August/September 2026 issue, titled Morocco: Where Heritage Meets the Horizon, includes an article about Vicenne’s growth from a medical equipment distributor into a healthcare technology company working across North and West Africa.
The company said it was proud to be included in the special edition through an article focused on its development and transformation.
Vicenne’s Chairman and CEO, Adil Bennani, who is an electronics and automation engineer, said the company changed its business model because selling medical equipment alone was not enough.
“We are a Moroccan health technology company that integrates solutions, not one that simply distributes equipment.”
“We didn’t want to operate as simple distributors of medical equipment. We chose to invest in sectors that create real added value.”
“We do not sell products, we sell integrated solutions for the client.”
Vicenne started with the acquisition of Scrim in 1992, one of the oldest medical suppliers in Morocco. The group was formalised under Best Health in 2007 before becoming Vicenne.
The company now works with hospitals from the early planning stages of projects. Its teams can help design specialist areas, build radiotherapy bunkers, install medical equipment, train healthcare workers and maintain equipment over the long term.
Vicenne has expanded as the healthcare system has gone through major changes.
“At the time, less than 5% of the active population had social coverage, and the health sector was still in its early stages.”
Today, about 32 million people have social health coverage. “The healthcare sector is expected to see significant growth over the next five to ten years.” The wider health insurance programme has increased demand for medical services and equipment. Hospitals and other healthcare providers are also investing in new facilities and diagnostic services.
Vicenne operates in four main areas.
The first covers heavy and semi-heavy medical equipment, including radiotherapy linear accelerators, MRI systems and CT scanners.
The second covers implantable medical devices such as pacemakers, heart valves, cochlear implants and surgical technologies used in cancer treatment.
The third is in-vitro diagnostics, which includes laboratory equipment used for different medical specialities.
The fourth is hospital waste management. Its subsidiary, Saïs Environnement, collects, sorts and decontaminates infectious-risk waste from hospitals.
The group sells more than 12,200 products and has completed more than 1,000 installations.
Vicenne also uses artificial intelligence in some of its radiology and cardiology equipment. The technology helps doctors during diagnostic work in MRI units and catheterisation laboratories.
Vicenne has used acquisitions to expand its business.
The company bought Mabiotech in 2020 during the Covid-19 pandemic. Mabiotech is a Moroccan in-vitro diagnostics company that was ranked among the top three companies in its sector.
“At the height of the COVID-19 period in 2020, we acquired Mabiotech, a Moroccan in-vitro diagnostics company ranked among the top three in its field.”
Vicenne then went public on the Casablanca Stock Exchange in July 2025.
The IPO took place on 14-15 July 2025 under the ticker VCN.
The company raised MAD500m ($50m) in new capital. The money came into the company, with no cash-out for existing shareholders.
“We raised MAD500 million (US$50 million) in cash-in with no cash-out from historical shareholders.”
Demand for the shares reached more than MAD30bn ($3bn). The IPO was subscribed 64 times.
“The share offering was subscribed 64 times, representing demand exceeding MAD30 billion (US$3 billion).”
The company plans to use the new capital to support its future growth.
Vicenne recorded MAD696m ($75.2m) in revenue during the first nine months of 2025. That was a 25% increase from the same period a year earlier.
Its EBITDA margin was 24.4%, while its net profit margin stood at 13.3%.
Vicenne now has operations in Morocco, Tunisia, Senegal and Côte d’Ivoire.
Its Tunisian business operates as TMS, its Senegal operation as MTS, and its Côte d’Ivoire business as Ivocare.
The company is also looking at acquisitions in Hospital Information Systems (HIS) and interoperability platforms.
These systems could allow medical equipment to connect more easily with electronic health records and insurance networks.
