Helios Investment Partners, a prominent private equity firm focused on the African continent, has successfully generated approximately $460 million from its portfolio during 2025. This remarkable achievement includes a significant partial exit from T2S Group, a Moroccan medical technology company. Notably, Helios previously maintained a controlling interest in Axxela, a Nigerian gas distribution firm, which it divested in the same year. The firm has also expanded its investment footprint by engaging in various business ventures across other African markets.
T2S Group made headlines when it raised MAD1.1 billion, roughly equivalent to $120 million, following its listing on the Casablanca Stock Exchange in July. This public offering valued the company at an impressive MAD4.9 billion, or about $520 million. The demand for shares was exceptionally high, with investors placing orders for 44 times the available shares, underscoring the market's confidence in T2S. Following the listing, Helios retained a 42.1% stake in T2S, ensuring its continued involvement in the company’s growth trajectory.
T2S specializes in supplying medical equipment and technology to healthcare providers not only in Morocco but also in various other African markets. Its diverse operations encompass equipment distribution, manufacturing, digital systems, and technical services, positioning it as a key player in the medical technology sector. Since Helios' investment in T2S back in 2021, the company has grown significantly, integrating four complementary businesses into its portfolio and enhancing its management and operational frameworks.
Abderraouf Sordo, the CEO of T2S, expressed optimism about the future, stating that the listing provides the necessary resources for expansion both within Morocco and across Africa. He highlighted the culmination of over thirty years of dedicated work by the T2S teams in serving healthcare providers and patients. Sordo emphasized that the partnership with Helios over the past five years has been instrumental in building a unique integrated platform within their markets. He proudly remarked that joining the Casablanca Stock Exchange empowers T2S to accelerate its development efforts and enhances visibility with new shareholders and partners.
The transaction with T2S marks one of several liquidity events for Helios in 2025. In Nigeria, for instance, Helios completed the sale of its stake in Axxela, a company that caters to industrial and commercial clients in gas distribution. This stake was acquired by BlueCore Gas InfraCo, while Sojitz also exited its investment in Axxela, indicating a dynamic investment landscape.
According to the African Private Capital Association, private capital investors across Africa recorded 81 exits in 2025, reflecting a robust 27% increase from the previous year. The association also reported a total of 530 private capital deals worth $5.1 billion throughout the continent during the same period, highlighting vibrant investment activity.
T2S operates within a Moroccan medical devices market valued at over MAD7 billion as of 2024, with the government indicating that more than 90% of the demand is met through imports. Local manufacturers are targeting MAD1.8 billion in domestic medical device production by 2030, signaling a significant shift towards local capabilities.
The successful listing of T2S not only opens doors to public-market investors but also allows Helios to maintain its position as a major shareholder. This initiative is part of Helios' broader strategy to execute exit activities across Africa, including the recent divestment from Axxela in Nigeria.
As reported by techeconomy.ng.
