Key Takeaways
- • Helios Investment Partners has agreed to acquire up to a 49% minority stake in Stratton Africa Holdings Limited, the Mauritius-incorporated holding company of Mozambican flour miller Merec Industries, via Helios Fund V.
- • The seller is Invictus Investment, a holding company focused on agro-food commodities across the Middle East and Africa, which will remain majority shareholder after closing.
- • The transaction is expected to close by the end of 2026, subject to customary conditions including regulatory approvals.
- • Merec, founded in 1998, is Mozambique's largest flour miller and the only miller with manufacturing facilities in Beira, Maputo and Nacala.
Summary
Helios Investment Partners, an Africa-focused private equity firm, has agreed to acquire a significant minority stake in Mozambican flour milling company Merec Industries from Invictus Investment, a holding company specialised in agro-food commodities across the Middle East and Africa, according to Africa Private Equity News. The investment will be made through Helios Fund V, which has agreed to acquire up to a 49% interest in Stratton Africa Holdings Limited, the Mauritius-incorporated holding company of Merec.
The transaction is expected to close by the end of 2026, subject to customary closing conditions including regulatory approvals. Invictus Investment will remain the majority shareholder after closing. Invictus acquired Merec in January 2025 through the purchase of Stratton Africa Holdings Limited, as part of a strategy to expand its agro-food business in high-potential African markets and strengthen its value chain capabilities.
Founded in 1998, Merec is Mozambique's largest flour milling company. It processes wheat and corn into an integrated portfolio spanning flour, pasta, biscuits and animal feed. Its mills, production facilities and silos are located in Beira, Maputo and Nacala, the three principal port regions, making it the only miller with manufacturing facilities in all three. Merec also owns a grain terminal at the port of Maputo, supporting a nationwide distribution network serving wholesalers, retailers, bakeries, feed producers and distributors.
Tope Lawani, co-founder and managing partner of Helios, said Merec "has built a distinctive position in Mozambique, with a nationwide footprint, strong brands and an important role in the country's staple foods market." He noted that the consumer non-discretionary sector is a key strategic focus for Helios and that the firm sees significant opportunity to build on Merec's strengths.
Amir Daoud Abdellatif, chief executive officer of Invictus Investment, said the partnership aims to build on Merec's contribution to food security and local employment in Mozambique and develop it into a regional food platform for Southern Africa. He said Invictus' position as Mozambique's largest flour miller has been strengthened and consolidated since its acquisition of Merec.
The transaction is expected to close by the end of 2026, subject to customary closing conditions including regulatory approvals. Invictus Investment will remain the majority shareholder after closing. Invictus acquired Merec in January 2025 through the purchase of Stratton Africa Holdings Limited, as part of a strategy to expand its agro-food business in high-potential African markets and strengthen its value chain capabilities.
Founded in 1998, Merec is Mozambique's largest flour milling company. It processes wheat and corn into an integrated portfolio spanning flour, pasta, biscuits and animal feed. Its mills, production facilities and silos are located in Beira, Maputo and Nacala, the three principal port regions, making it the only miller with manufacturing facilities in all three. Merec also owns a grain terminal at the port of Maputo, supporting a nationwide distribution network serving wholesalers, retailers, bakeries, feed producers and distributors.
Tope Lawani, co-founder and managing partner of Helios, said Merec "has built a distinctive position in Mozambique, with a nationwide footprint, strong brands and an important role in the country's staple foods market." He noted that the consumer non-discretionary sector is a key strategic focus for Helios and that the firm sees significant opportunity to build on Merec's strengths.
Amir Daoud Abdellatif, chief executive officer of Invictus Investment, said the partnership aims to build on Merec's contribution to food security and local employment in Mozambique and develop it into a regional food platform for Southern Africa. He said Invictus' position as Mozambique's largest flour miller has been strengthened and consolidated since its acquisition of Merec.
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