Founded in 1961 by the Laraqui family, SNCE operates across the full water value chain, from the manufacture and installation of pipelines to the delivery of complex hydraulic infrastructure projects. The group is active in drinking water supply and management, urban sanitation and wastewater treatment, agricultural irrigation, desalination and water transport in Morocco and in West Africa.

On completion, CIG and MCP shareholders will jointly hold, through a common holding company, a majority stake in SNCE, alongside the founding Laraqui family, which will retain a significant minority interest in the group. The investment will support SNCE’s industrial development, strengthen its governance and accelerate its expansion in water supply and treatment, irrigation, desalination and large-scale water transfer infrastructure, across Morocco and the wider Africa and Middle East region. Completion remains subject to the satisfaction of customary conditions precedent, including clearance by the Moroccan competition authority.

This transaction illustrates CIG and MCP’s continued commitment to backing ambitious, family-led businesses in strategic sectors, and highlights the growing role of private equity in supporting water security and infrastructure development in Morocco.

The deal also demonstrates Asafo & Co.’s know-how and experience in navigating complex multi-investor transactions and delivering strategic infrastructure investments across Africa.

The Asafo & Co. team was led by partner Patrick Larrivé, with support from senior associates Thami El Idrissi, Kamil Zizi (corporate) and Othmane Mestari (finance), together with associates Adji Marieme Dieng, Lilia-Oriana Dif, Assia Khalidi, Baptiste Persouyre and Souhail Sassi.