Sothema Acquires Soludia Maghreb in MAD 1 Billion Deal
The deal was reached with Soludia's historical shareholders: Abdelaziz Razkaoui, Cap Mezzanine III fund managed by CDG Invest Growth, and the Zine family.
Founded in 1996, Soludia Maghreb has established itself as a leading industrial player in hemodialysis in Morocco. The company manufactures essential hemodialysis products, including powdered bicarbonate cartridges and liquid acid and bicarbonate solutions.
Soludia also distributes pharmaceutical specialties for international partners and holds 40% of Hidropura Maroc, a company specializing in the installation and maintenance of acid plants and water treatment systems for hemodialysis centers.
According to 2025 projections, Soludia is expected to generate revenue of MAD 360 million ($36 million) and an adjusted EBITDA of MAD 90 million ($9 million), excluding post-acquisition synergies.
An additional price of MAD 95 million ($9.5 million) may be paid, contingent on meeting specific financial objectives.
As part of the agreement, Abdelaziz Razkaoui will continue to serve as Soludia's CEO for a minimum period of five years, ensuring management continuity.
Razkaoui and CDG Invest Growth chose to convert 80% of their shares in Soludia into Sothema shares instead of opting for a cash payment – a move that reflects their confidence in the group's long-term vision and leadership.
The remaining cash payment amounts to approximately MAD 365 million ($36.5 million). Sothema has confirmed that no capital increase will be necessary to finance this transaction.
A bold advance in Sothema's industrial strategy
With this acquisition, Sothema estimates its 2025 consolidated revenue at about MAD 3.5 billion ($350 million) and consolidated EBITDA exceeding MAD 800 million ($80 million).
This strategic acquisition represents a bold advance in Sothema's industrial strategy, reinforcing its therapeutic portfolio in a sector regarded as critical to public health, according to their press release.
The deal aims to enhance national industrial capabilities in hemodialysis, expand Sothema's therapeutic portfolio in a segment with high public health impact, and increase Soludia's competitiveness in international markets, particularly in West Africa and the Middle East.
Established in 1976, Sothema is a key player in the Moroccan pharmaceutical industry. The group has partnerships with around forty leading international R&D laboratories and develops its own ranges of generics, biosimilars, and medical devices, with an extensive presence across Africa and the Arab world.
The completion of the transaction remains subject to the fulfillment of customary closing conditions, particularly approval from the Competition Council. The closing is expected before the end of 2025. Tags: pharmaceutical industry in MoroccoSothema
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