Group Bel has signed an agreement with Fipar-Holding and Sopar to acquire 69.82% of share capital and voting rights in Safilait, a Moroccan dairy firm.
Safilait is Morocco’s third-largest dairy company specialized in the processing, packaging and sale of fresh milk, UHT milk and fresh dairy products through its Jibal brand.
Antoine Fievet, Bel Group’s Chairman and Chief Executive Officer, said: “Bel is proud of its success in Morocco, built with the help of long-time local partners. The Group applauds this new partnership with recognized Moroccan producers, one that fully meets its strategic growth objectives”.
“This partnership will enable Safilait to consolidate its position and to reach a new milestone in its growth”, commented Omar Kettani, Yasfi’s Chairman and CEO.
The agreement, which is expected to be concluded by the end of Q3 2015, is subject to several conditions, including the approval of anti-trust authorities and the ruling of the Kingdom of Morocco’s Economy and Finance Ministry for the stake held by Fipar-Holding.