Dislog Group

CASABLANCA, JUNE 26TH, 2019

H&S Invest Holding (“H&S”) and SPE Capital Partners (“SPE Capital”) are pleased to announce the signature of contractual agreements relating to an equity investment of MAD 240 million (USD 26 million) in H&S by SPE AIF I, a private equity fund managed by SPE Capital, sealing their partnership and materializing discussions that took place over the past months.

H&S, founded in 2005 and led by its founder and Chairman, Moncef Belkhayat, has grown into the leading integrated FMCG distributor in Morocco, with over MAD 2 billion in revenues, 800 vehicles and nearly 30 warehouses across the country. The group is a “Full-Service Provider” covering the entire sales and distribution value chain, from factory to consumer, and is the trusted partner of global brands such as P&G, Mars and Kellog’s. The company is structured around six subsidiaries, each focused on a specific part of the value chain: distribution, warehousing, industry, media & communication, digital and international projects.

The partnership between H&S and SPE Capital aims to consolidate the company’s operations and support its ambitious development plan. The investment will be used in part to increase warehousing capacity and expand the industrial business unit into the production of biscuits, olive oil, and soap, in collaboration with major industrial partners.

Commenting on the partnership, M. Belkhayat said: “I am extremely delighted to partner with SPE Capital. Beyond the quality of their management, I believe SPE Capital and their high standard of governance will create huge value for H&S, Dislog Group, its shareholders, and its management. The funds raised will be injected in our agro-industrial and e-commerce/digital businesses helping our group to succeed in its transformation along with the 2025 vision that was announced a few weeks ago. It will bring us the required energy to continue our growth and enter into a new cycle of development”.

Nabil Triki, Managing Partner at SPE Capital said: “H&S will be our third investment through our recently closed fund, SPE AIF I, and second investment in Morocco after a successful investment in 2015 in Venezia Ice, one of the leading quick service restauration chains. We are excited to partner with Moncef to support the next phase of development of H&S and its companies. Over the coming period, we believe H&S has the potential to continue to grow its existing activities in Morocco, integrate further in the FMCG value chain and begin to develop internationally.”

H&S was advised by Burj Finance as financial advisor for this transaction and Hilmi Law Firm as legal advisor. SPE Capital was advised by Orema Capital, Deloitte (financial due diligence), Dentons (legal), Odeon (tax due diligence).

Closing of the transaction is subject to the satisfaction of customary closing conditions and is expected to take place before end of September.

About SPE Capital
SPE Capital is a private equity firm formed in 2016 from a spinout from Swicorp, a leading regional investment banking firm. The SPE Capital team has invested over USD 500m since 2005, across Africa and the Middle East. SPE Capital is led by an experienced investment team, with a extensive experience investing in growth companies.

About H&S Invest Holding
Established in 2005 in Morocco, H&S (Dislog Group) is the integrated leader of the Moroccan distribution market of FMCG products.