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Casablanca's Shifting Sands: Are Acquisitions a Sign of Strength or a Desperate Gamble?
Okay, let's dissect this Casablanca situation. Groupe Holged is on a buying spree. École La Prairie is just the latest domino to fall (announced November 5th, 2025). Before that, Al Massalik in June '23, and KENZI in May '24. All Casablanca schools. The stated aim? Expanding their footprint in the central districts. Fine. But why? That's the question that keeps me digging. Groupe Holged acquires another Casablanca educational facility
The Consolidation Play
On the surface, it looks like a straightforward consolidation play. Holged is advised by Asafo & Co., same team for all these acquisitions, plus the Africa 50 deal back in 2022 (Africa 50 becoming a shareholder and strategic advisor – that’s a significant vote of confidence, or at least, a well-placed bet). Asafo & Co. also just launched a TMT practice. (Tech, Media, Telecoms... what does that have to do with schools? We'll get to that.)
The legal team at Asafo & Co., led by Patrick Larrivé and Mouna Boubia, seems to be cleaning up in Casablanca. This is where I start to wonder if something else is happening. Are these schools distressed assets? Are they being strategically positioned for something bigger than just local dominance? Or, are they just a solid investment? I've looked at hundreds of these filings, and this level of activity often precedes a major strategic shift. A shift towards ed-tech, perhaps?
The Market Reality Check
Now, let's pivot to the Casablanca Stock Exchange. November 26th, 2025: MASI down 0.71%, MASI 20 down 0.81%, MASI ESG down 0.97%. Not a crash, but a definite dip. Market cap still above one trillion dirhams (MAD 1,017.83 billion, to be precise), but volume is interesting. Alliances Développement Immobilier leads trading at MAD 47.59 million. Real estate is still moving. Risma climbed 7.65%, but Minière Touissit plunged 9.99%. Casablanca Stock Exchange Ends Week in the Red as MASI Declines
Here's the connection I see: While the overall market shows “steady investor confidence” (according to someone's press release, anyway), there's sector-specific turbulence. Risma's climb suggests some sectors are still hot, while Touissit's plunge indicates others are tanking. Could Holged be diversifying away from sectors vulnerable to market fluctuations and into something perceived as "recession-proof," like education? People will always need schools, right? Maybe not.
The Ed-Tech Wildcard
And this is the part of the report that I find genuinely puzzling. The link to Asafo & Co.'s new TMT practice. Is Holged planning a major ed-tech push? Are they building a platform, a curriculum, a something that goes beyond just brick-and-mortar schools? The Los Angeles "Casablanca" store opening (Beverly Hills, no less) is all about "hybrid fabric of local culture" and "quirky juxtaposition of styles." It's a brand play. Are they building a global brand of education?
The store's interior design, a "quirky juxtaposition of styles and elements," is described as paying "full-on homage to Los Angeles." Fine. But what does that have to do with a Moroccan education group? Unless… they're not just selling education. They're selling an experience. A lifestyle. A brand.
I've seen this movie before. Companies consolidate, build a brand, then either IPO or get acquired by a larger player. The question is, who's the likely buyer? A global education conglomerate? A private equity firm looking to flip the asset? Or is Holged playing a longer game, aiming to become the dominant education provider in North Africa, and beyond?
Is This Empire Building or Just Good Timing?
The data points are scattered, but the trend is clear: Holged is expanding aggressively. Whether this expansion is a sign of strength – a calculated move to dominate a growing market – or a desperate gamble to diversify away from risk remains to be seen. But one thing's for sure: Casablanca's education landscape is changing, and Holged is at the center of it.
I'll be watching.
