The deal is finally recorded. The Richbond Group has formalized the acquisition of 40% of cash transfer reference company Cash Plus. This acquisition has just received the approval of the national regulator, Bank Al-Maghrib.
For the time being, nothing is filtering on the amount of the transaction. This merger will enable the Richbond group (belonging to the Tazi family) to expand its scope of activities and pursue its development objectives in a logic of diversification, or even multiple synergies.
“For us, this is a diversification operation in a buoyant sector because it is at the heart of the future digital economy. That said, it would be wrong to see no synergy in the operation,” says Economist Karim Tazi, shareholder of Richbond group. Indeed, continues Tazi, “the strength of Cash Plus lies in the importance of its network of more than 2,000 agencies. There is a real complementarity between the Richbond network of nearly 1,300 resellers and that of Cash Plus. We are confident that in the near future, many Richbond dealers will also become Cash Plus franchises.”
The extension of the network is at the heart of Cash Plus’s development plan in Morocco. “Internationally, Cash Plus will develop in Africa. Here again, there are multiple synergies to be exploited with the presence of Richbond, particularly in Ivory Coast,” argues Karim Tazi.
For the leaders of Cash Plus, this transaction will capture new opportunities or even begin a new phase of development. “After a first phase of expansion on the money transfer business, the signing of this partnership with the Richbond Group marks a new stage for the development of Cash Plus in a market with new opportunities under the banking law and payment institutions,” says Nabil Amar, deputy CEO and director of Cash Plus.
As a reminder, the Moroccan industrialist Richbond has implemented a strategy of diversification which revolves around two axes of development: the geographical expansion of its historical activities (in particular the launch of industrial units in Kenya and Ivory Coast) and the launch of new activities.
In fact, the acquisition of Cash Plus is part of the industrial group’s policy of “investing sustainably in businesses geared towards Moroccan households and which have significant growth prospects”.
In the same vein, the Richbond Group intends to make other announcements of acquisitions and/or equity investments in very different areas of activity in the very near future. This transaction between Cash Plus and Richbond was accompanied by the investment bank Burj Finance. A structure specializing in corporate finance (sales, acquisitions, business combinations or fundraising, investment advice and structuring of financing …).