One Retail buys Dahab coffee chain in Morocco deal

Moncef Belkhayat’s retail platform One Retail has acquired full ownership of Dahab, one of Morocco’s most recognisable coffee shop chains, in a deal that adds over 100 outlets to a portfolio the group is rapidly assembling ahead of an ambitious revenue target.

One Retail announced it had acquired 100% of the capital of Be Cafetal and Dahab Industrie, the two companies operating under the Dahab brand. The transaction remains subject to approval from Morocco’s Conseil de la Concurrence.

Founded in 2011 in Tetouan, Dahab has grown into a widely recognised Moroccan coffee brand with a national network of more than 100 points of sale. The chain operates an integrated setup that covers the full coffee supply chain, allowing the brand to manage everything from coffee imports and roasting to distribution, while also supporting a professional distribution channel alongside its retail coffee shop operations.

In the announcement, One Retail described Dahab as a brand “firmly rooted in the consumption habits of Moroccans.”

Dahab CEO Saad Builler said the deal would allow the brand to move faster without losing what made it what it is. “This partnership marks a new stage in Dahab’s development. Joining forces with One Retail and, more broadly, with H&S Group, will allow us to accelerate the expansion of our network and strengthen our organisation, while preserving the brand’s DNA and core values,” Builler said.

The existing Dahab management team remains in place, with Brahim Asuik continuing to oversee commercial development and coffee shop operations, and Lahoucine Agnaou remaining as head of quality.

Alongside the Dahab acquisition, One Retail announced that Badr Kanouni, a graduate of ISCAE and former chairman of the Al Omrane Group board for more than 12 years, has joined the company as vice president of the One Retail division. He will work alongside Majid Benjelloun, Ali and Omar Benabdallah, under CEO Hicham Kitane.

The Dahab deal is the latest in a series of acquisitions by One Retail in quick succession. In mid-February, the group completed the full acquisition of B5 Cosmetics, the exclusive franchise holder of Flormar in Morocco, with over 50 retail outlets across 19 cities. Dahab now slots into One Retail’s Restaurant and Coffee Shops division, sitting alongside Venezia Ice.

Belkhayat was direct about the rationale. “The acquisition of Dahab is part of our strategy to build a strong and cohesive Restaurant and Coffee Shop division,” he said.

One Retail said it already counts 250 operational stores and 1,000 employees, and is projecting MAD 1 billion ($107 million) in revenue in 2026. The group is targeting 300 points of sale by year-end.

The acquisitions are part of a wider transformation at H&S Group. Formerly known as H&S Invest Holding, the group rebranded under a unified identity in January 2026 and is now targeting MAD 10 billion in consolidated revenue, with plans to launch six initial public offerings on the Casablanca Stock Exchange between 2026 and 2030. The group currently encompasses more than 60 companies across six business divisions, with over 5,500 employees and a presence in 11 countries spanning Morocco, Africa, Europe and Asia.

On the advisory side, Deloitte Financial Advisory handled accounting due diligence for One Retail, with Filali Kadiri and Associates on legal matters and Hdid and Associates on tax. The sellers were advised by Amine Omary of Fidunion Maroc as financial adviser and Hatim al Khatib on legal affairs.