Mozambique: Amethis exits agribusiness company
Amethis recently exited its investment in Merec, following a 100% sale of the company to Dubai-based Invictus Plc.
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In 2018, a consortium led by Amethis and its partners Proparco and Kibo Capital Partners made a strategic investment in Merec, a dominant player in flour milling and secondary processing in Mozambique.
Amethis recently exited its investment in Merec, following a 100% sale of the company to Dubai-based Invictus Plc. The founder of Merec, along with co-investors Proparco and Kibo Capital, also sold their shareholding.
Operating in Mozambique, Merec provides half of the country’s wheat supply and plays a key role in supplying basic food products with improved nutritional values, such as bread and pasta, at affordable prices.
Jean-Sébastien Bergasse, partner at Amethis, and Marieke Geurts, investment director at Amethis, said: “We are pleased to announce the sale of our Merec shareholding to Invictus Investment. Our partnership with Merec has seen it establish a strong market position and brand portfolio by consistently delivering high-quality products. Merec’s growth in its core wheat milling business and diversification into wheat value-addition has significantly improved Mozambique’s food security and job creation — a core pillar to Amethis’ investment strategy. We are confident that Invictus’ Investment will further enhance Merec’s growth by improving efficiency, product quality, and seizing new opportunities. With Merec’s local expertise and Invictus’ global capabilities, we are certain that the business will reach new heights.”
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