Helios Investment Partners has entered into an agreement to acquire up to a 49 percent interest in Stratton Africa Holdings Limited, the Mauritius-incorporated holding company of Merec Industries, from Invictus Investment.

Helios Fund V will acquire the stake in Merec, described as Mozambique’s largest flour milling company. According to the companies, the transaction is expected to close by the end of 2026, subject to customary closing conditions including regulatory approvals, after which Invictus Investment will remain the majority shareholder.

Founded in 1998, Merec processes wheat and corn into an integrated 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, and its 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. According to the companies, Merec’s operating performance has improved significantly since then, prompting a more ambitious growth strategy to expand beyond its core operations into new food categories in the country and across the wider Southern African Development Community region.

“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,” said Tope Lawani, Co-Founder and Managing Partner of Helios.

Amir Daoud Abdellatif, CEO of Invictus Investment, said: “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.”

According to the companies, the partnership will also work on furthering Merec’s governance framework, leadership capabilities, ESG practices and broader development impact.

Helios Investment Partners is an Africa-focused private investment firm managing funds totalling over US$3 billion, with offices in London, Paris, Lagos and Nairobi. Invictus Investment is an Abu Dhabi-listed holding company specialised in agro-food commodities, operating across 66 countries.