Sothema Group has finalized an agreement to acquire 99.99% of Soludia Maghreb ('Soludia') from its shareholders: Mr. Abdelaziz Razkaoui, Cap Mezzanine III (a fund managed by CDG Invest Growth), and the Zine family.
As part of the agreement, Mr. Abdelaziz Razkaoui will continue to serve as General Manager of Soludia for a minimum of five years.
Soludia's enterprise value is estimated at 1 billion dirhams. Its 2025 revenue is projected at 360 million dirhams with an adjusted EBITDA of 90 million dirhams (before synergies).
A 95 million dirham earn-out payment is also planned, contingent on the achievement of certain financial targets.
This acquisition aligns with Sothema's commitment to strengthening local production and improving access to essential treatments. It aims to:
(i) boost Morocco’s industrial capabilities in the hemodialysis sector;
(ii) expand Sothema’s therapeutic portfolio in a high-impact public health area;
(iii) enhance Soludia’s competitiveness in international markets, particularly in West Africa and the Middle East.
The transaction is subject to the usual conditions precedent, including approval by the Competition Council, and is expected to close before the end of 2025.
Founded in 1996, Soludia has become a key player in the Moroccan hemodialysis market. The company offers a full range of dialysis products, including:
- Powder bicarbonate cartridges;
- Liquid acid and bicarbonate solutions;
- Other pharmaceutical products distributed on behalf of international partners.
Soludia also holds 40% of Hidropura Maroc, a company specializing in the installation and maintenance of acid plants and water treatment rooms for dialysis centers.
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