Helios partners with Abderraouf Sordo to create the largest MedTech distribution group in Francophone Africa

29 Jul 2021

Helios Investment Partners (“Helios”, acting on behalf of funds it advises), the leading Africa-focused private investment firm, has entered into an agreement to acquire a majority stake in the largest and most diversified group of MedTech companies in Morocco. The consolidated group operates in medical devices, in vitro diagnostic and pharmaceuticals, and comprises four companies: Techniques Science Santé (“T2S”), IM Alliance, Cyclopharma and Binarios (together, the “Company” or the “Group”).  

Under the leadership of Abderraouf Sordo, the Group has grown to become the prominent medical equipment distributor and maintenance provider in Francophone Africa, three times larger than its nearest competitor in the region with revenues of over $100 million. Through long-standing distribution agreements with leading Original Equipment Manufacturers (“OEMs”), including GE Healthcare, Varian, B. Braun, Zeiss, bioMérieux and other global blue-chip manufacturers, the Group provides a large base of public and private healthcare facilities with access to high-end medical solutions. Importantly, the Company has cemented its reputation as the partner of choice to its customers by providing reliable and unique aftersales and maintenance support services. Looking forward, the Group is focused on continuing to support the rapidly growing healthcare market in Francophone Africa driven by a combination of favourable medical insurance coverage trends and increased public and private investments in healthcare infrastructure.  

Zineb Abbad El Andaloussi, Partner at Helios, commented: “We are very excited to partner with Mr. Sordo and his leadership team, pioneers in the healthcare market in Morocco and rest of Francophone Africa. For the past decades, the Group has been an anchor and reliable supplier to both public and private healthcare centres, providing state-of-the-art medical solutions for critical segments such as radiology, oncology, cardiology, and in vitro diagnostic. The consolidation of the four companies forms the largest MedTech group in the region, well-positioned to support the strong growth potential of the underpenetrated healthcare market in Francophone Africa. We look forward to working with the Group to continue expanding its local presence and carry out our shared vision to expand the platform in other African countries in the future.”  

Abderraouf Sordo, Founder and CEO of the Group, added: ‘’We are extremely excited about the next phase of our journey together with Helios, the leading private investment firm in Africa. Helios will play a pivotal role in the achievement of both our growth strategy and continued mandate to enhance the Moroccan healthcare offering and overall well-being of the country. We fundamentally believe that this investment will help us realise our true potential as a combined company, cementing our leadership position in Morocco, as well as continuing to expand our network and capabilities across new markets in Africa. Today’s milestone is also a testament to the amazing work done by the employees of the Group for the last 30 years, whose dedication and hard work enabled us to gain the trust of both our clients and suppliers. Last but not least, I would like to extend our sincere thanks to our previous private equity partner, whose support and active involvement helped us immensely in transforming our Company into a regional leader and achieving the ambitious goals we set for ourselves.” 

The closing of the transaction is subject to regulatory approvals and other customary conditions. 

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