Blue Investment Holding acquires 35% stake in Moroccan grocery retailer BIM

MOROCCO – Blue Investment Holding owned by Helios Investment Partners, a private equity fund manager focused on the Africa region, has acquired 35% stake of BIM’s subsidiary in Morocco for about US$9.6 million.

BIM is a leading discount grocery retailer in Turkey listed on the Borsa İstanbul. The stake acquisition takes the value of the Company to over US$200 million.

“We are very excited about partnering with BIM, a world class partner and the pioneer of discount retail in Turkey, to invest in their market-leading, fast-growing, and profitable Moroccan business,” Alykhan Nathoo, Partner at Helios, said.

“The Company plays an important role in supporting consumers in Morocco driven by its competitive prices, high quality products, hygienic shopping experience and proximity to consumers. BIM Morocco has been a key driver of modern grocery retail growth in Morocco over the last ten years and has significant room for further growth.”

BIM Morocco was established in 2009 and has grown into the largest grocery retailer in Morocco with over 500 stores across the country.

The Company provides consumers with essential products at competitive prices, leveraging its well-known brand, “BIM”, its high-quality private label offering as well as its strong logistics platform.

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“The BIM brand is established in the minds of Moroccan consumers and has become part of their everyday life. This has been further cemented during the Covid-19 crisis due to product availability thanks to BIM Morocco’s strong logistics capabilities and sourcing of more than 85% of products locally,” Zineb Abbad El Andaloussi, Partner at Helios, said.

“Since 2009, BIM has consistently invested in the business in Morocco, with strong commitment to the country and with the vision to use it as a platform to expand into other African countries in the future. We look forward to working with BIM to continue expanding the Company’s local production capabilities and providing quality products at competitive prices to consumers.”

“We are very excited about partnering with BIM, a world class partner and the pioneer of discount retail in Turkey, to invest in their market-leading, fast-growing, and profitable Moroccan business.”

Alykhan Nathoo, Partner at Helios

The sale is expected to be finalised following the satisfaction of certain conditions precedent including the approval of the competition authority of the Kingdom of Morocco.

“We are really excited about BIM Morocco’s new era together with Helios, a leading private investment firm focused on growth in Africa. We believe the investment represents a vote of confidence in our Moroccan establishment and our long-term strategy in Morocco,” Haluk Dortluoğlu, Member of the Executive Board at BIM, said.

“Helios will contribute to BIM Morocco on growth-strategy and enhance our capabilities to further add value to the Moroccan community and our eco-system in the country. Strengthened by Helios’ contribution, localisation will be one of our cornerstones for achieving growth and providing better service to Moroccan people at reasonable prices.”

BIM will remain the majority shareholder in BIM Stores in the North African country with a 65% stake after the sale.

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