In 2005, Moncef Belkhayat, founder and chairman of H&S Invest Holding, started with DH1.5 million as a distributor. In 20 years, he has transformed his company into an industrial group specializing in FMCG and health products, now generating DH4 billion in sales and employing over 3,600 people. Over the past 17 years, he has opened up his capital to investment funds to finance his development, carrying out a dozen private equity operations, a record in Morocco. This year, it raised DH1 billion in equity. A former director at Procter & Gamble, he is now following in the footsteps of the American consumer goods giant.
The year 2024 marked a turning point for Moncef Belkhayat, the Moroccan entrepreneur at the helm of the H&S Invest Holding group, which he founded almost two decades ago. His group reached an important milestone by closing the year with a DH 1 billion private equity fundraising.
November 2024 was a particularly significant month for Belkhayat and his team. SPE Capital, a major player in private equity, which had exited Dislog Group's capital in favor of Méditerrania Capital Partners (MCP) in June 2021, re-entered the capital of the family holding's flagship, through its AIF I fund. The immediate investment amounted to DH 350 million (at a valuation of DH 3 billion), a sum that will shortly be topped up by a further DH 100 million from an international financial institution, bringing the total investment to DH 450 million. A strong sign of the confidence placed in Dislog's potential and in Moncef Belkhayat's vision for its future development.
This was not the only strategic move for H&S Invest Holding in 2024. A month earlier, the International Finance Corporation (IFC), a member of the World Bank Group, decided to acquire a local currency stake worth DH363 million in Building Logistics Services S.A (BLS), a subsidiary of H&S Invest. This investment, alongside STOA, an impact fund, enabled IFC to take a minority stake in the company, strengthening BLS's ambitions in the Moroccan market and beyond.
On December 5, Sanam Holding joined Dislog Group's capital, albeit in a non-controlling minority position. This move also accompanied the departure of Mediterrania Capital Partners, which had previously injected DH300 million into Dislog. A strategic and financial balancing act that reflects Moncef's approach to maximizing the value of his assets.
