Helios Rings the Bell in Casablanca as African PE Exits Pick Up

Helios Investment Partners has listed T2S Group, an integrated med-tech company, on the Casablanca Stock Exchange in an offering that raised MAD 1.1 billion (about $120 million) at a post-money valuation of roughly MAD 4.9 billion ($520 million). The deal stands as the largest exit in a batch of five notable African private equity transactions tracked by Africa Private Equity News through its Dealmaker's Log database. Helios retained a 42% stake after the listing, keeping meaningful skin in the game.

The Casablanca flotation shows that public markets remain a viable exit route for Africa-focused sponsors, not just trade sales or secondary buyouts. It also signals depth in Moroccan equities: a med-tech group commanding a half-billion-dollar valuation marks an uncommon outcome for the region's listed companies.

South Africa: EXEO Capital exits pharma ingredients maker

EXEO Capital's Agri-Vie Fund II has exited Chemical Process Technologies, a Pretoria-based manufacturer of active pharmaceutical ingredients for animal health, after a four-year hold. EXEO initially took a minority stake in 2022. It then moved to majority control through additional growth capital injections before selling. The staged approach — minority entry, follow-on funding, control, exit — reflects a playbook agri- and health-focused funds across the continent increasingly use to manage risk in smaller companies.

Morocco: Amethis sells Globex stake

Amethis has exited Globex, a Moroccan logistics and transport group. Founded in 1998 as a FedEx-licensed express delivery operator, Globex has grown into an integrated logistics provider spanning freight forwarding, customs clearance, warehousing and road transport. The sale caps Amethis's involvement in a company that transformed from a single licensed courier into a multi-service logistics platform over nearly three decades.

The exit underlines investor appetite for consolidated logistics assets in North Africa, where infrastructure investment and trade growth have pushed operators to broaden their service ranges.

Capitalworks divests Minet to Adenia

Adenia Partners has acquired a majority stake in Minet Group from Capitalworks. Minet ranks among Africa's largest independent insurance brokerage and risk advisory firms, providing insurance broking, risk advisory and employee benefits services across nine African countries. The deal is a classic sponsor-to-sponsor passing of the baton — Capitalworks realized its investment, while Adenia takes control of a pan-African financial services platform with an established multi-country footprint.

Namibia: Eos Capital books 40% IRR

Eos Capital's Allegrow Fund has exited The Mushara Collection, a group of private lodges near Etosha National Park, subject to regulatory approvals. The numbers stand out: a 40% internal rate of return and 4.4x return on invested capital. That performance came from hospitality, a sector many Africa-focused funds treat cautiously after pandemic-era disruptions. Etosha remains one of Namibia's flagship tourist draws, and the return suggests well-priced lodge assets can still deliver outsized multiples when run tightly.

What the deals show

The five exits span South Africa, Morocco and Namibia, and cut across pharmaceuticals, logistics, med-tech, insurance brokerage and tourism. The mix points to a broadening set of exit channels: a public listing in Casablanca, a sponsor-to-sponsor sale in Minet, and trade or strategic sales elsewhere. Returns visibility is improving too — Eos's disclosed 40% IRR and 4.4x multiple give limited partners hard data on what disciplined mid-market African buyouts can produce.

Africa Private Equity News, founded in 2014, has tracked reported African private equity, private credit and venture capital transactions since May 2023 through its Dealmaker's Log. With sponsors now monetizing assets acquired in the 2021-2022 window, and buyers such as Adenia actively deploying, the 2026 pipeline of secondary buyouts and listings looks set to stay busy.