On September 12, a decree signed by Morocco’s Prime Minister, Aziz Akhannouch, and the Minister of Economy and Finance, Nadia Fettah, authorized Fipar Holding to acquire 12.3% of the capital and voting rights in Retail Holding SA. The official decree, published in the Bulletin on September 23, stipulates that this transaction must be completed by December 2025.
In May, Morocco’s Competition Council had already been notified of this move, with Fipar Holding planning to share joint control of Retail Holding SA alongside the International Finance Corporation (IFC), a branch of the World Bank. This acquisition will also involve Best Financière and Sanam Holding, two entities already holding stakes in Retail Holding SA, a company led by Zouhair Bennani.
The IFC, known for its focus on supporting private sector development in emerging markets, aims to purchase 7.05% of the shares and voting rights of Retail Holding SA as part of the deal.
Retail Holding SA operates in Morocco, France, and Côte d’Ivoire, primarily through its involvement in various companies. Its business is predominantly focused on the retail sector, with brands such as Carrefour, Carrefour Market, and Atacadão, as well as other names like Kiabi, Burger King, and Virgin. It also holds a 51% stake in Label’Vie, a company listed on the Casablanca Stock Exchange.
Since 2017, Retail Holding’s shareholders have included the Bahraini fund Growthgate Capital Corporation B.S.C, based in Dubai, and the Lebanese fund Euromena III, managed by Capital Trust in Beirut. These investors, holding 16.9% and 7.2% of shares respectively, are now exiting their positions. Their shares are being sold to Fipar Holding, CDG Invest (which may acquire the remaining 5.02%), and the IFC.
This strategic transaction is aimed at reinforcing Retail Holding’s position in the Moroccan, African, and European markets, fueling its growth across different business segments. The company has also expanded its footprint in France, taking over the management of several Carrefour hypermarkets and introducing the Brazilian brand Atacadão to the market.
