Abu Dhabi - Mubasher: Invictus Investment Company has completed the acquisition of a 60% stake in Graderco and its subsidiaries from Zalar Holding, according to a press release.
The transaction was implemented after obtaining all necessary regulatory and corporate approvals.
Graderco is one of the leading grain and cereal trading firms in Morocco, with more than AED 1.50 billion in revenues generated in 2023.
Invictus registered AED 8.10 billion in revenue as of 31 December 2023 and reported 5.37 million metric tonnes in commodity transaction volumes.
In this regard, the acquisition will add significant scale and synergies between the two companies. It will also result in nearly 20% growth in consolidated revenues for Invictus over the nine-month post-acquisition period in 2024.
Amir Daoud Abdellatif, CEO of Invictus, said: “Morocco is a strategic market for Invictus Investment, and this acquisition gives us a strong local presence and a partnership with a recognised market leader and is a key step in our long-term strategy to become a fully integrated agro-food enterprise.”
“Graderco’s diverse product portfolio, robust sourcing network, and extensive in-country warehousing and distribution capabilities will generate significant synergies with our global trading operations,” Abdellatif continued.
He added: “Looking ahead, we will continue to invest in downstream assets in the value chain – in Morocco and beyond – to enhance our supply chain capabilities and better serve our customers in the region.”
On its part, Invictus will provide Graderco with access to its global network, trading expertise and risk management capabilities, all of which will support the company’s growth and development.
The partnership will enable Graderco to scale up its product offerings, boost its supply chain, and leverage Invictus Investment’s financial resources to scale its operations.
Furthermore, the two companies will join forces to anchor Graderco’s market position and deliver strategic value to stakeholders in Morocco and beyond.
Driss Chaouni, CEO of Zalar Holding, commented: “ Together, we look forward to capitalising on Graderco’s long history as a grain importer operating out of four Moroccan ports and six terminals distributed across the country.”
“This transaction will build on the strong growth prospects in the region and deliver greater value to our stakeholders,” Chaouni highlighted.
In July 2023, the ADX-listed firm unveiled plans to invest AED 1 billion in North and East Africa to expand its footprint in the region.
