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, aiming to support the company in expanding its manufacturing facilities and its diversification into a regional FMCG group specializing in wheat-based products.
Six years after its investment, the exit of Amethis from the capital of Merec was successfully completed in January 2025, 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 left the society’s capital as part of the transaction.
Operating in Mozambique, one of the most disadvantaged countries in the world, 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, thus contributing to the fight against malnutrition.
With Amethis’ support, Merec significantly expanded its operations. The company now employs more than 900 people (i.e. an increase of 160 since 2018) and has doubled its wheat and maize milling capacity thanks to various capacity building initiatives including the successful commissioning of a new mill in Nacala in 2023. The company has strengthened its leadership in pasta and animal feed production and diversified into bread production by acquiring industrial bakery Espiga D’Ouro in 2021. Additionally, Merec has progressively implemented systematic measures to enhance both employee safety and the environmental performance of its plants. Overall, Amethis’ partnership with Merec has transformed the company into a market leader with a powerful brand portfolio renowned for providing affordable and quality products to the 35 million residents of Mozambique.
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.”