Mutandis is set to buy a majority stake in Enosis Group, bringing two major local home and personal care businesses together. The two companies have signed a letter of intent for the deal. Enosis has been valued at 1.7bn dirhams ($170m) for 100% of its capital. The deal is expected to add about 150m dirhams a year to Mutandis’s EBITDA, before any synergies. The combined business would have about 2bn dirhams in annual sales in home and personal care products. It would also run two factories in Berrechid and Jorf Lasfar.
Enosis was founded by Anwar Radi. Its main brands include Mio, which sells laundry and household cleaning products, and Zen, which focuses on personal care and hygiene.
The deal is aimed at helping the two businesses compete with imported products from multinational companies, as well as companies from Turkey and Spain.
The two groups also want to increase exports to Africa and southern Europe.
The deal still needs approval from the Competition Council and depends on the outcome of due diligence. No completion date has been announced.
Mutandis chief executive Adil Douiri had previously said the group was looking at acquisitions in its main businesses: hygiene, food and drinks.
“The group is working on acquisition projects strictly limited to its historical core businesses of hygiene, food, and beverages, relying on operational cash flow on the order of 200 to 220 million MAD generated in 2025,” he said.
Mutandis recorded revenue of 902m dirhams in the first half of 2025, down 7%. The company linked the fall to the temporary closure of its Aïn Ifrane plant and currency movements.
Mutandis owns brands including Magix and Maxis in home care, Aïn Ifrane mineral water, and several food and drinks businesses.
