CASABLANCA – Allen & Overy (A&O) advised the private equity firm Development Partners International LLP (DPI) on the acquisition of a majority stake in Compagnie Marocaine de Goutte à Goutte et de Pompage (CMGP).

This transaction is considered as the biggest private equity deal in Morocco so far in 2018, according to data from the Emerging Markets Private Equity Association.

DPI is a leading pan African private equity firm, currently managing two private equity funds, African Development Partners I and African Development Partners II. Its investment strategy targets companies in various sectors throughout Africa.

CMGP, founded in 1995, is the leading irrigation systems and solutions operator in Morocco, manufacturing and distributing products primarily to support agricultural irrigation. CMGP has developed a wide distribution network with over 10 agencies and more than 600 authorized resellers that cover all the regions of Morocco.

This transaction will first support CPMG’s diversification strategy with the development of offers relating to irrigation infrastructure projects in the public sector, as well as its internationalisation process on the rest of the African continent.

The transaction was led by partner Hicham Naciri, assisted by Soumaya Essadaoui, counsel, and Laura Bedoucha, associate. Real Estate advice was provided by counsel Lamiae El Abbouti and associate Alexandre Akoum. Financing advice was provided by associate Zineb El Kouhen. Due Diligence included additional support from senior associate, Lamya Kerroumi and associate Camélia Menjra on Corporate aspects and associate Faycal Kadiri on Labour aspects. OFAC check was performed by associate Kuang Chiang (A&O Washington DC).