Dolidol acquires Mouka, RMB acts as financial adviser

Dolidol, a development partners international portfolio (DPI) company has completed the 100 percent acquisition of Mouka Limited, a Nigerian manufacturer of mattresses and pillows from Actis and the Moukarim family in a deal worth $60 million.

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.

The head of IBD and banking division for Rest of Africa, Chidi Iwuchukwu, “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) acted as financial advisers to both parties, Actis and Mouka to bring this deal to fruition.”

“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,” Iwuchukwu stated.

He noted that 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.

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“We are proud to have been involved in this successful transaction, which is sure to translate into growth for years to come, 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,” Iwuchukwu added.

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.