Nigerian co-founded investment giant Helios targets 49% of Mozambique’s largest flour miller as its $3 billion funds expand deeper into African food

Nigerian co-founded private investment firm Helios Investment Partners has agreed to acquire up to 49% of the holding company behind Merec Industries, Mozambique’s largest flour milling business. The transaction would give the Africa-focused investment firm a significant minority interest in Stratton Africa Holdings Limited, the Mauritius-incorporated parent company of Merec.

• Helios Investment Partners has agreed to acquire up to 49% of Merec Industries’ holding company.
• Merec is Mozambique’s largest flour miller, producing flour, pasta, biscuits and animal feed.
• The transaction value was not disclosed and the deal still requires regulatory approval.
• Helios manages more than $3 billion across its Africa-focused investment funds.

Helios is purchasing the interest from Abu Dhabi-listed Invictus Investment, which will remain Merec’s majority shareholder after the transaction.

The value of the proposed acquisition was not disclosed. Completion is expected before the end of 2026, subject to regulatory approvals and other customary closing conditions.

The investment gives Helios exposure to Mozambique’s essential food market through a company that processes wheat and maize into flour, pasta, biscuits and animal feed.

Helios announced the agreement on 21 October⁠, saying the two investors intend to expand Merec beyond its existing operations and develop the company into a regional food platform for Southern Africa.

Helios targets Mozambique’s staple-food market

Founded in 1998, Merec operates mills, silos and production facilities in Mozambique’s three principal port regions: Maputo, Beira and Nacala.

Helios said Merec is the only milling company with manufacturing operations in all three locations. It also owns a grain terminal at the Port of Maputo.

The infrastructure supports a nationwide distribution network serving bakeries, wholesalers, retailers, animal-feed producers and other distributors.

Merec’s geographical footprint also provides a potential base for expansion into neighbouring markets within the Southern African Development Community.

Invictus acquired Merec in January 2025 through its purchase of Stratton Africa Holdings. The Emirati company said Merec’s operating performance had improved significantly since the acquisition, creating the foundation for a more ambitious expansion strategy.

Helios and Invictus now plan to move the business into additional food categories while strengthening its corporate governance, leadership and environmental, social and governance practices.

“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,” Helios co-founder and managing partner Tope Lawani said.

Lawani added that consumer non-discretionary businesses were a strategic priority for Helios because they serve essential needs and are generally more resilient during periods of economic weakness.

Tope Lawani’s $3 billion African investment platform

Helios was established in 2004 by Lawani and fellow Nigerian investment banker Babatunde Soyoye. The firm is headquartered in London, with offices in Lagos, Nairobi and Paris.

It manages Africa-focused funds totalling more than $3 billion and invests in sectors including financial services, telecommunications, consumer goods, energy and infrastructure.

The Merec deal extends Helios’ involvement in companies supplying essential consumer products in Africa. It also deepens the firm’s exposure to the continent’s food value chain at a time when currency volatility, import costs and disruptions to global grain markets have increased pressure on food prices.

Invictus operates across 66 countries and trades more than 31 agricultural and food-product categories, including wheat, maize, sugar, soya bean, sesame and barley.

Its chief executive, Amir Daoud Abdellatif, said the partnership was intended to transform Merec from Mozambique’s leading flour miller into a larger Southern African food platform.

The transaction gives Helios access to an established producer with manufacturing facilities, port infrastructure and national distribution. Invictus retains control while gaining an experienced African investment partner to support its next phase of growth.