Who owns Aïn Ifrane?
Aïn Ifrane is owned by Mutandis (Morocco, CSE: MUT), which has owned the brand since 10 July 2023.[1][2][3]
This ownership is reported in official statements but has not yet been matched to a regulatory filing.
Evidence: Mutandis SCA — Rapport financier annuel 2025, 7 May 2026. Last checked .
Key facts
- Current owner
- Mutandis S.C.A. reported
- Owned since
- Owner HQ
- 🇲🇦 Morocco, Casablanca
- Origin
- 🇲🇦 Morocco
- Category
- Beverages › Soft drinks › Bottled water
- Parent ticker
- CSE: MUT
- Last verified
- · 3 sources
About Aïn Ifrane
Aïn Ifrane is a Moroccan natural mineral water drawn from the Bensmim spring. The trademark belongs to Euro Africaine des Eaux (EAE), which Mutandis's subsidiary Distra bought outright from Société des Boissons du Maroc for MAD 380 million, completing the deal on 10 July 2023. A breakdown at the bottling plant cut output in 2025, when it restarted at 70% of capacity, and production was almost back to normal in the first half of 2026.
Ownership timeline of Aïn Ifrane
Where Aïn Ifrane sits in Mutandis
Controlling ownership as of . Brands grouped under the entity that owns them; large groups are collapsed.
Open the full Mutandis ownership tree →
See the full Mutandis brand portfolio (11) →
Other brands owned by Mutandis
Mutandis controls 11 brands on Brandtree, 3 of them in beverages.
Also in beverages
Other brands in bottled water, and who owns them
The 123 brands in bottled water on Brandtree belong to 74 owners. The largest is Spadel, with 5.
About the owner: Mutandis
Mutandis is a publicly listed company headquartered in Casablanca, Morocco, founded in 2008. Brandtree records 11 brands under its control, and it is listed as CSE: MUT.
Mutandis S.C.A. is a Moroccan consumer goods group, incorporated in Casablanca on 14 March 2008 as a partnership limited by shares and managed by MUGEST, which Adil Douiri represents. It listed on the Casablanca Stock Exchange on 14 December 2018 under the ticker MUT. It works in four categories: detergents and personal care, canned fish, juices and Aïn Ifrane mineral water, and the Season sardine business in the United States. Revenue for 2025 was MAD 2,022 million, from 12 plants. It sold its PET-bottle maker CMB Plastique to Dislog Group in April 2024.
🇲🇦 Aïn Ifrane and other Moroccan brands
Brandtree records a controlling owner for 34 brands that began in Morocco. All of them are controlled from Morocco.
Frequently asked questions
Who is the parent company of Aïn Ifrane?
The parent company of Aïn Ifrane is Mutandis, a publicly listed company headquartered in Morocco.
Is Aïn Ifrane Moroccan?
Yes. Aïn Ifrane originated in Morocco and its owner, Mutandis, is also headquartered in Morocco.
Since when has Mutandis owned Aïn Ifrane?
Mutandis has owned Aïn Ifrane since 10 July 2023.
Is Aïn Ifrane still owned by Mutandis?
Yes. As of 23 October 2026, Aïn Ifrane is still owned by Mutandis. The ownership record was last checked against primary sources on that date.
Sources (3) & corrections
Last verified . Every ownership fact above is backed by one of these primary documents. Numbers in brackets in the text refer to this list.
- [1] Mutandis SCA — Rapport financier annuel 2025 — Mutandis SCA, Annual report, published 7 May 2026; retrieved 23 October 2026.
- [2] Mutandis — Réalisation définitive de l'acquisition d'Euro Africaine des Eaux (Aïn Ifrane) — Mutandis SCA, Official press release, published 10 July 2023; retrieved 23 October 2026.
- [3] Mutandis SCA — Rapport financier semestriel S1 2026 — Mutandis SCA, Stock exchange filing; retrieved 23 October 2026.
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