TO improve access to affordable, high-quality food products in Morocco and Cote d’Ivoire, the International Finance Corporation (IFC), Fipar Holding, and CDG Invest Growth have announced a major investment in Retail Holding, a prominent food and consumer goods retailer based in Morocco. The investment will help the company expand operations and strengthen local food supply chains in these countries.
The partnership will see IFC, Fipar Holding (managed by CDG Invest), and CDG Invest Growth (via its Capmezzanine III fund) take a 21.5 percent ownership stake in Retail Holding, alongside existing shareholders Best Financière and Sanam Group, according to an IFC statement.
The investment aims to support Retail Holding’s growth, particularly into underserved areas in Morocco and Cote d’Ivoire. It is expected to promote job creation and improve local supply chains, offering better access to essential goods. In addition to financial support, IFC will provide advisory services on environmental and social practices, helping to improve career opportunities for women, especially regarding recruitment and retention.
Retail Holding is a major player in the retail sector, controlling Label’Vie, one of Morocco’s largest food retailers. In Cote d’Ivoire, it owns Compagnie de Distribution de Cote d’Ivoire (CDCI), a leading food retail company. The group has also expanded its activities into France.
IFC’s investment includes both an equity stake in Retail Holding and an equity financing of over CFA9bn ($15 million) to support CDCI’s expansion in Cote d’Ivoire.
The partners Fipar Holding and CDG Invest Growth will leverage their extensive experience in supporting Moroccan companies in their growth strategies to help Retail Holding achieve its ambitious plans, which include international expansion.
Riad Laissaoui, CEO of Retail Holding, expressed his appreciation for previous partners Growthgate and Euromena funds for their seven years of support and welcomed the new partners. ‘We are thrilled to welcome IFC, Fipar Holding, and CDG Invest Growth, whose expertise and long-term commitment will be essential in this new phase of development. Together, we aim to be a leading force in distribution in Morocco and internationally,’ said Laissaoui. He emphasised that the change in the company’s shareholder structure aligns with their strategic vision of strengthening their market position and exploring new growth opportunities.
Khalid Ziane, Managing Director of Fipar-Holding, praised the investment, saying, ‘We are delighted to invest in a company that significantly impacts economic and social development by providing access to essential quality products at competitive prices.’ He noted that Retail Holding’s expansion plans in Morocco and internationally would foster a dynamic retail ecosystem that generates jobs.
Hassan Laaziri, Managing Director of CDG Invest Growth, affirmed the group’s commitment to supporting Retail Holding’s vision, aiming to create accessible retail stores that meet the diverse needs of Moroccan consumers, delivering the right product at the right price, time, and place.
David Tinel, IFC’s Regional Manager for the Maghreb, highlighted the role of the private sector in bridging the supply-demand gap in food distribution. ‘This partnership is in line with IFC’s strategy to support the expansion of Moroccan companies and their growth across Africa,’ Tinel said.
IFC’s recent activities in Morocco include more than $1 billion invested and mobilised over the past three years. In Fiscal Year 2024 alone, IFC committed approximately $600 million to support sustainable development projects in Morocco. This new investment reflects IFC’s ongoing commitment to the region, focusing on sustainable growth and economic development.
