Transaction Summary
The International Finance Corporation (IFC) has invested $37m in Building Logistics Services S.A. (BLS), a logistics service provider and third-party logistics operator in Morocco, for a 20% minority stake. IFC’s investment is expected to finance bolt-on acquisitions of other logistics service providers, expand BLS’s existing warehouse facilities, and construct greenfield warehouse facilities and logistics platforms in various large cities in Morocco. BLS is majority-owned (estimated ownership of 59.7%) by H&S Invest Holding, a diversified family-owned holding company founded in 2005 by Moncef Belkhayat (a Moroccan entrepreneur) operating in FMCG, logistics, pharmaceuticals, media & communication, and real estate.
IFC will partner with minority shareholder STOA (acquired 20% for €30m in 2023), an impact fund created in 2017 by the Caisse des Dépôts and the Agence Française de Développement (AFD) to finance infrastructure in emerging and developing countries. Noticeably, this investment was allocated in Moroccan dirhams—indicating the strength of Morocco’s national currency.
