Helios Investment Partners, one of Africa’s largest private investment firms with more than US$3 billion in capital raised, has agreed to acquire up to a 49% stake in Merec Industries, Mozambique’s largest flour milling company, from Abu Dhabi-listed Invictus Investment Company PLC. The transaction reflects Helios’ strategy of backing established businesses serving essential consumer needs, with a focus on scaling companies that can capitalise on Africa’s demographic growth and expanding demand for goods and services.
The investment will be made through Helios Fund V, with the acquisition structured around Stratton Africa Holdings Limited, the Mauritius-incorporated holding company of Merec. Financial terms were not disclosed. Invictus will retain majority ownership, with completion expected by the end of 2026, subject to customary closing conditions, including regulatory approvals.
The deal adds to Helios’ longstanding investment activity across Africa’s consumer and industrial sectors. Its portfolio includes GBfoods Africa, a food manufacturing business with brands such as Gino and Jumbo, and BIM Morocco, a discount grocery retailer that has expanded to become one of Morocco’s largest operators in its segment. In Nigeria, Helios completed an investment in Beta Glass in February 2026, acquiring controlling interests in the glass packaging manufacturer and Packaging Industries Nigeria Limited. These investments illustrate the firm’s interest in businesses supplying essential products and supporting the infrastructure behind consumer markets.
For Merec, the proposed investment comes at a point when its existing market position is being used as a foundation for regional expansion. Invictus acquired the business in January 2025 through the purchase of Stratton Africa Holdings in a transaction valued at approximately US$190 million. Since the acquisition, Merec’s operating performance has improved, according to the companies, prompting plans to expand into additional food categories and markets across the Southern African Development Community (SADC).
Founded in 1998, Merec processes wheat and corn into flour, pasta, biscuits and animal feed. Its industrial footprint spans Mozambique’s three principal port regions: Beira, Maputo and Nacala. The company operates mills, production facilities and silos in all three regions, making it the only miller in the country with manufacturing facilities across each. It also owns a grain terminal at the Port of Maputo.
This network gives Merec an established base from which to serve wholesalers, retailers, bakeries, feed producers and distributors throughout Mozambique. Its proposed expansion would build on that domestic position, moving beyond flour milling into a broader food production platform serving neighbouring markets.
For Invictus, bringing Helios into the ownership structure introduces an investor with experience in scaling African businesses while allowing it to retain majority control. Invictus has been expanding across grain trading, commodity exports, logistics and value-added processing as it pursues its ambition of becoming a fully integrated agro-food enterprise across the Middle East and Africa.
The shareholders also plan to strengthen Merec’s governance framework, leadership capabilities and environmental, social and governance practices. Both parties have identified food security and local employment as important elements of the company’s next phase of development.
Tope Lawani, Co-Founder and Managing Partner of Helios Investment Partners, said Merec’s established brands, nationwide footprint and position in Mozambique’s staple foods market offered a strong foundation for further growth. Invictus Chief Executive Officer Amir Daoud Abdellatif said the shared ambition was to develop Merec into a regional food platform while strengthening its contribution to Mozambique’s food security and employment.
Advisers
Akin Gump Strauss Hauer & Feld is acting as legal counsel to Helios, with GDA Advogados serving as Mozambican counsel. Freshfields is acting as legal counsel to Invictus Investment.
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