Invictus Investment Acquires Majority Stake in Morocco’s Graderco

Invictus Investment Company has finalised the acquisition of a 60% stake in Graderco and its subsidiaries from Zalar Holding, marking a significant move in the agro-food sector. The acquisition, after securing all necessary regulatory approvals, underscores Invictus Investment’s strategic expansion plans in key African markets, particularly Morocco. 

Graderco, a prominent grain and cereal trading firm in Morocco, commands a substantial market presence with revenues surpassing AED 1.5 billion in 2023. Its annual trading volumes, ranging between 2.5 and 3.0 million metric tonnes, signify its pivotal role in the country’s agro-commodities landscape, covering both human and animal nutrition sectors. 

With Invictus Investment boasting AED 8.1 billion 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. 

Commenting on the acquisition, Amir Daoud Abdellatif, CEO of Invictus Investment (pictured), 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. 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.” 

Graderco’s diverse product portfolio, robust sourcing network, and extensive warehousing and distribution capabilities are expected to complement Invictus Investment’s global trading operations. The partnership aims to broaden product offerings, fortify supply chains, and leverage financial resources to scale operations, thereby reinforcing Graderco’s market position and delivering strategic value to stakeholders. 

Driss Chaouni, CEO of Zalar Holding, commented: “We are pleased to welcome Invictus Investment as our partner – their wealth of experience and global relationships will accelerate Graderco’s growth and strengthen our 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.” 

Invictus Investment’s expansion into Morocco aligns with its broader strategy of exploring new markets and pursuing growth opportunities across Africa. With a focus on further acquisitions, joint ventures, and market expansion, Invictus Investment aims to consolidate its position as a leading player in the agro-food industry across the continent.