RELEASE : PROPOSED ACQUISITION OF ANSAMBLE MAROC, AMMAN & CO AND WIND HOLDING BY RETAIL HOLDING AND AMETHIS MENA

Published On - March 6, 2026

Registry ERCA Ongoing Investigations

COMMUNICATION BY THE ECOWAS REGIONAL COMPETITION AUTHORITY REGARDING THE NOTIFICATION OF THE PROPOSED ACQUISITION OF ANSAMBLE MAROC, AMMAN & CO AND WIND HOLDING BY RETAIL HOLDING AND AMETHIS MENA

 

1. Purpose of the notification

The ECOWAS Regional Competition Authority (ERCA) has received a notification concerning a proposed concentration involving Retail Holding and Amethis MENA Fund II S.C.A., SICAV-RAIF, relating to the acquisition of shareholdings in Ansamble Maroc, Amman & Co and Wind Holding.

According to the notification submitted to the Authority, the proposed transaction forms part of the acquirers’ regional development strategy aimed at strengthening their presence in growing African markets and supporting the expansion of the activities of the companies concerned. The notifying parties submit that the transaction is expected to strengthen the operational and financial capacities of the target companies and to support the improvement and development of the services offered to their customers.

The transaction has been notified to ERCA pursuant to the provisions of Regulation C/REG.23/12/21 on the procedural rules applicable to mergers and acquisitions within ECOWAS, with a view to obtaining the required prior approval.

2. Parties to the transaction

Acquiring parties

According to the information contained in the notification, Retail Holding is a company incorporated under Moroccan law and active in the large-scale retail distribution and retail trade sector. The notifying parties indicate that within the ECOWAS Community market, Retail Holding operates in particular through its subsidiary Compagnie de Distribution de Côte d’Ivoire (CDCI), which carries out wholesale, semi-wholesale and retail trade activities in Côte d’Ivoire.

Amethis MENA Fund II S.C.A., SICAV-RAIF is an investment fund incorporated under Luxembourg law and managed by the Amethis Group. According to the notifying parties, although the Amethis Group holds investments in certain ECOWAS Member States through other funds, neither Amethis MENA Fund II nor the target companies are active in sectors identical, upstream, downstream or related to those of Retail Holding or the companies concerned by the transaction within the ECOWAS Community market.

Target companies

According to the notification, the companies concerned by the proposed transaction are:

  • Ansamble Maroc, a company incorporated under Moroccan law and active in the provision of collective catering services and related services to businesses;
  • Amman & Co, a Moroccan company active in the provision of facility management and corporate support services;
  • Wind Holding, a company incorporated under Senegalese law whose principal activity, according to the information provided by the notifying parties, consists in holding the entire share capital of Alizés, a company active in Senegal in the industrial cleaning sector.

The notifying parties indicate that the proposed acquisition is intended, inter alia, to strengthen the financial position and investment capacity of the target companies in order to support their development and competitiveness in their respective markets.

3. Rationale and objectives of the transaction

According to the notifying parties, the proposed transaction pursues several strategic objectives, including:

  • Regional expansion, by enabling the companies concerned to strengthen their presence in additional African markets and to support regional economic and commercial development;
  • Operational efficiencies, through the development of synergies in management, technology, logistics and service organisation;
  • Customer base development, by improving and diversifying the services offered to businesses, including small and medium-sized enterprises and local economic actors;
  • Value creation, through the strengthening of the economic performance of the target companies and the generation of long-term value for investors and stakeholders;
  • Socio-economic contribution, notably by supporting the growth of local enterprises, fostering job creation and improving access to professional services in the region.

4. Expected effects of the transaction

According to the information provided by the notifying parties, the proposed transaction is expected to:

  • strengthen the financial and operational capacities of the target companies;
  • expand their geographic presence and improve the coverage of their services;
  • benefit from the expertise of the acquiring parties with a view to improving governance and management practices;
  • generate synergies that may support innovation, digitalisation and process optimisation; and
  • contribute to the enhancement of regional competitiveness and investment opportunities within the local economic ecosystem.

5. Rights of third parties

In accordance with Article 44(2)(a)(iv) of the Investigation and Notification Procedures Manual of the ECOWAS Regional Competition Authority, third parties are invited to submit their observations to ERCA within thirty (30) days from the publication of this notice.

Such observations should be accompanied by any relevant supporting documentation and submitted under confidential cover to the following address:

ECOWAS Regional Competition Authority

Bertil Harding Highway, Bijilo

P.O. Box 4470

The Gambia

Alternatively, submissions may be sent electronically to: registry@erca-arcc.org; info@erca-arcc.org