CDG Invest Growth (CIG) and Mediterrania Capital Partners (MCP) have agreed to jointly acquire a stake in Société Nouvelle des Conduites d’Eau (SNCE), a Moroccan water infrastructure and equipment company.

The transaction will also include other co-investors, while SNCE’s founding Laraqui family will remain the reference shareholder and continue to support the company’s management.

Financial terms and the size of the stake being acquired were not disclosed. Completion remains subject to customary conditions, including approval from Morocco’s Competition Council.

Founded in 1961, SNCE operates across the water infrastructure value chain, including pipe manufacturing and installation, drinking water supply, urban sanitation, wastewater treatment, agricultural irrigation and desalination.

The group is also involved in so-called “water highway” infrastructure used to transport water between regions, as well as the management of agricultural areas under multi-year concessions.

The new investors plan to work with SNCE’s management and founding shareholders to expand the business, strengthen governance and operational capabilities and support its international growth.

“For sixty-five years, our family and our teams have built SNCE into a national champion in water related equipment and projects across all areas of the water sector,” said Kamal Laraqui, Chairman of SNCE.

“Together, we will accelerate the Group’s transformation and pursue our development in Morocco and across Africa and the Middle East,” he added.

SNCE has previously operated in Libya and Saudi Arabia and has been developing its presence in West Africa, with projects in Burkina Faso, Benin, Niger and Cameroon.

The investment comes as water security and infrastructure investment become increasingly important across Morocco and other African markets, with demand for infrastructure spanning water supply, treatment, irrigation and desalination.

“By investing in the company alongside the founding family, we are supporting a business with unique expertise across the entire value chain and considerable growth potential,” said Hassan Laaziri, Managing Director of CDG Invest Growth.

Laaziri said CIG would support management in accelerating growth, strengthening governance and expanding SNCE’s position in Morocco and the wider region.

MCP will focus in particular on strengthening SNCE’s industrial capabilities, broadening its range of services and supporting further international expansion.

“This investment reflects MCP’s conviction in the strategic importance of the water sector and our hands-on approach to building regional champions,” said Hatim Ben Ahmed, Managing Partner at Mediterrania Capital Partners.

“Alongside CDG Invest Growth and the Laraqui family, we will support SNCE in strengthening its industrial capabilities, expanding its offering in water supply and treatment, irrigation, desalination and ‘water highways’, as well as accelerating its international expansion,” he added.