IFC Invests $15M in Retail Holding’s Africa Growth

To boost access to affordable, high-quality food products in Morocco and Côte d’Ivoire, IFC, Fipar Holding, and CDG Invest Growth today announced an investment in Retail Holding, a leading Moroccan-based food and consumer goods retailer.

IFC, Fipar Holding (an investment fund managed by CDG Invest) and CDG Invest Growth (through its fund under management Capmezzanine III) will jointly own a 21.5 percent stake in Retail Holding, alongside its historical shareholders, Best Financière and Sanam Group.

The partnership will allow Retail Holding to expand its operations in both Morocco and Côte d’Ivoire, including into underserved areas, support job creation, and help strengthen local food supply chains. In addition to financing, IFC will provide advisory services on environmental and social practices and will assist Retail Holding to improve career prospects for women, particularly regarding recruitment and retention.

With extensive experience in the retail sector, Retail Holding controls Label'Vie, a major food retailer in Morocco. In Côte d'Ivoire it owns Compagnie de Distribution de Côte d'Ivoire (CDCI), one of the country's leading food retailers. Additionally, the Retail Holding Group has recently expanded its activities in France.

IFC's investment includes both an equity stake in Retail Holding, as well as equity financing of more than 9 billion CFA francs ($15 million) in CDCI, to support its expansion plan in Côte d’Ivoire.

Thanks to their extensive experience in supporting Moroccan groups in the implementation of their development strategy, Fipar-Holding and CDG Invest Growth will help Retail Holding succeed in its ambitious growth strategy and execute its international expansion plans.

“We would first like to express our gratitude to Growthgate and Euromena funds for their valuable collaboration and commitment alongside us for over seven years. Their support has been crucial in our journey. We enthusiastically welcome the arrival of IFC, Fipar Holding, and CDG Invest Growth, major institutional players. Their solid expertise and long-term commitment will be essential to support us in this new phase of our development. Together, we are determined to achieve our goals and realize our ambition of becoming a leading force in distribution, both in Morocco and internationally.” said Riad Laissaoui, CEO of Retail Holding. “This transition in our shareholder structure aligns with our strategic vision to strengthen our market position and explore new growth opportunities. With the support of our new partners, we are eager to diversify our offerings and innovate in our services to better meet consumer needs. By joining forces, we commit to creating a positive impact on the community while contributing to the modernization of the retail sector.”

“We are delighted to invest in a company that is having a considerable impact on economic and social development, by giving people greater access to essential quality products at competitive prices, and by fostering a modern and dynamic commercial ecosystem that is a major job creator,” said Khalid Ziane, Managing Director of Fipar-Holding. “We look forward to working with all the shareholders to support Retail Holding's growth, both in Morocco and internationally, by strengthening its territorial coverage and developing new segments, including e-commerce.”

“Our partnership with Retail Holding group is testimony to our commitment to supporting a pioneering vision,” said Hassan Laaziri, Managing Director of CDG Invest Growth. “Indeed, our aim is to contribute to the execution of the group's ambitious strategy, consisting in a modern, accessible store offering tailored to each Moroccan citizen, while offering the right product, at the right price, in the right place and at the right time. Together, we have the opportunity to transform the consumer experience and contribute to a more inclusive future”.

“We believe that the private sector can play a key role in the food distribution industry to help modern retailers bridge the supply-demand gap and contribute to food security in the region,” said David Tinel, IFC’s Regional Manager for the Maghreb. “This partnership is in line with IFC’s strategy to support the expansion of Moroccan companies and their development in Africa.”

Over the past three years, IFC has invested and mobilized more than $1 billion in Morocco. In its Fiscal Year 2024, IFC committed about $600 million in Morocco to support sustainable development.