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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.
The investment is being 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.
Founded in 1998, Merec is Mozambique’s largest flour milling company. It processes wheat and corn into an integrated product portfolio spanning flour, pasta, biscuits and animal feed. Its mills, production facilities and silos are located in each of Mozambique’s three principal port regions – Beira, Maputo and Nacala – making it the only miller with manufacturing facilities in all three. Merec also owns a grain terminal at the port of Maputo. This footprint supports a nationwide distribution network serving wholesalers, retailers, bakeries, feed producers and distributors.
Invictus Investment acquired Merec in January 2025 through the purchase of Stratton Africa Holdings Limited. The deal formed part of its strategy to expand its agro-food business in high-potential African markets and strengthen its capabilities across the value chain.
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. The consumer non-discretionary sector is a key strategic focus for Helios, and we bring a proven track record of investing in and scaling resilient businesses that serve essential consumer needs across Africa. We see significant opportunity to build on Merec’s strengths and are pleased to partner with Invictus Investment and the management team to support the company’s next phase of growth.”
Amir Daoud Abdellatif, chief executive officer of Invictus Investment, said: “We welcome Helios, one of Africa’s leading private equity investors, as our partner in the expansion of Merec. With its strong focus on high-growth sectors across the continent, Helios’ regional expertise will be instrumental in accelerating Merec’s next phase of growth. Since Invictus Investment’s acquisition of Merec, its position as Mozambique’s largest flour milling company has been strengthened and consolidated, and now, our shared ambition with Helios is to build on the business’s contribution to food security and local employment in Mozambique and develop it into a regional food platform for Southern Africa. This partnership aligns perfectly with our strategic approach to acquisitions, which has always been to build strong businesses alongside high-calibre partners that support our long-term vision of building a fully integrated agro-food enterprise.”
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