Casablanca – The Société Nouvelle des Conduites d’Eau (SNCE), a historic Moroccan player in hydraulic infrastructure, is opening a new chapter in its development with the entry of CDG Invest Growth (CIG) and Mediterrania Capital Partners (MCP) into its capital.
The two investors will jointly acquire, alongside other co-investors, a stake in the group founded in 1961 by the Laraqui family. The family will remain a reference shareholder and continue to support the company’s management. However, the operation is subject to the usual regulatory approvals, including approval from the Competition Council.
This alliance marks the arrival of institutional investors in a group considered strategic at a time when water security is becoming a major issue in Morocco, Africa, and globally.
An integrated specialist in the water value chain
In over six decades of activity, SNCE has established itself as a major player in hydraulic equipment and projects in Morocco. The group covers the entire value chain: manufacturing and installation of pipelines, water supply, urban sanitation, wastewater treatment, agricultural irrigation, desalination, and large water transfer projects, commonly known as “water highways.”
The company also has experience in managing concessioned agricultural areas and relies on experienced management and a significant industrial park.
In recent years, SNCE has pursued an international expansion strategy, with experiences in Libya and Saudi Arabia, and a growing presence in West Africa, particularly in Burkina Faso, Benin, Niger, and Cameroon.
The bet on regional champions
For CDG Invest Growth, this operation is part of a strategy to support Moroccan companies with high growth potential. The subsidiary of CDG Invest, specializing in private equity, has raised nearly 4 billion dirhams since 2001, including nearly 2 billion in 2025, and has made over 30 investments in Moroccan companies.
“The SNCE is at the heart of an essential strategic priority: securing and preserving water as a resource,” says Hassan Laaziri, CEO of CDG Invest Growth, who aims to support the company in accelerating its growth and strengthening its governance.
On the other hand, Mediterrania Capital Partners, a specialist in growth investments in Africa with 1.2 billion euros in assets under management, sees in SNCE a platform capable of becoming a regional champion in hydraulic infrastructure.
“This investment reflects our conviction regarding the strategic importance of the water sector and our approach to building regional champions,” says Hatim Ben Ahmed, Managing Partner of MCP.
The Laraqui family stays the course
For Kamal Laraqui, president of SNCE, the arrival of these new partners represents a transformational step without breaking with the group’s history.
“Welcoming CDG Invest Growth and Mediterrania Capital Partners into our capital marks the beginning of an ambitious new chapter,” he explains, with the goal of continuing the group’s development in Morocco, Africa, and the Middle East.
This operation illustrates a growing trend in Morocco: opening the capital of historic family businesses to institutional funds to accelerate their scaling up, strengthen their governance, and prepare for regional expansion.
In a continent facing increasing pressure on water resources, SNCE intends to transform its national expertise into an African platform for water-related professions.
