Transaction Summary
Amethis Investment Fund Manager S.A. (Amethis) successfully exited its minority stake in Merec Industries, Mozambique's leading wheat miller and packaged food manufacturer. The exit was part of a full sale of Merec to Dubai-based Invictus PLC, an agro-food commodity trader, six years after Amethis led a 2018 investment alongside Proparco and Kibo Capital Partners. Proparco, Kibo Capital Partners, and Merec’s founder also divested their shares in the transaction. This sale marks a portfolio exit for Amethis Fund II, a €375 million ($385 million) close-ended private equity fund launched in 2017 to invest €10 million to €40 million ($10-41 million) to acquire minority stakes in African mid-cap companies and build regional champions.
Terms
- Buyer: Invictus Investment Co. Plc
- Sellers: Amethis Investment Fund Manager S.A., Proparco, Kibo Capital Partners, Mhamud Charania (Founder of Merec Industries)
- Funds: Amethis Fund II (Amethis), Kibo Fund II (Kibo Capital Partners)
- Target: Merec Industries S.A.
- Financing Type: Equity
