MOROCCO – Invictus Investment Company, a leading agro-food enterprise in the Middle East, Africa and Asia, has acquired a 60% stake in Graderco and its subsidiaries, a prominent grain and cereal trading firm in Morocco from Zalar Holding.
The acquisition, after securing all necessary regulatory approvals, underscores Invictus Investment’s strategic expansion plans in key African markets, particularly Morocco.
Located in Morocco, Graderco commands a substantial market presence with revenues surpassing AED 1.5 billion (US$410 million) in 2023.
The company imports, stores and trades volumes ranging between 2.5 and 3.0 million metric tonnes of grain and grain derivatives for both human and animal nutrition annually, representing over 25% of the country’s imports.
With Invictus Investment boasting AED 8.1 billion (US$2.2B) in revenues and 5.37 million metric tonnes in commodity transaction volumes for 2023, the acquisition is poised to generate significant synergies between the two entities.
The strategic partnership is anticipated to foster around 20% growth in consolidated revenues for Invictus Investment over the nine-month post-acquisition period in 2024.
The acquisition is part of Invictus Investment’s long-term strategy to expand its geographic presence in key African markets, develop new strategic partnerships, and acquire specialised know-how and operational capabilities in downstream segments.
“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,” said Amir Daoud Abdellatif, CEO of Invictus Investment.
He noted that Graderco’s diverse product portfolio, robust sourcing network, and extensive in-country warehousing and distribution capabilities will generate significant synergies with Invictus’s global trading operations.
Looking ahead, he added, “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 his part, Driss Chaouni, CEO of Zalar Holding welcomed Invictus Investment as their partner, noting that their wealth of experience and global relationships will accelerate Graderco’s growth and strengthen its position as Morocco’s top agro-commodities trading company.
“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.”
In 2023, Invictus Investment expanded into other new markets, including Tanzania, Mozambique, Turkey, Malawi, Burundi and Rwanda, and increased its commodity transaction volumes in two existing markets: Algeria and Egypt.
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