Raya Foods may just be the beginning of Helios’ Egypt acquisition spree: Africa-focussed and London-based PE outfit Helios Investment Partners is looking into acquiring stakes in another three Egyptian companies, the company’s consumer and healthcare head Raed Barkatis told Al Arabiya . The three targeted companies work in the fintech, digital infrastructure, data center, and consumer goods sectors and could see Helios invest between USD 40-150 mn per company, Barkatis added.

Remember: Raya Holding’s board approved and initially accepted Helios’ offer to acquire 49% of subsidiary Raya Foods for USD 40 mn last week. Half of Helios’ USD 40 mn acquisition bid will go towards building a new factory partly dedicated to freeze-dried fruits and vegetables with the aim of upping exports — construction will begin in 1Q 2025 and the factory should be operational by the end of the year, according to Barkatis.

The long-term plan for Raya Foods: Barkatis did not rule out an IPO on the bourse, but emphasized the company has a five to seven-year expansion plan ahead of it and that any decision about an offering would be taken much later down the line.

Helios is gearing up to invest some USD 250 mn in Egypt in the near future, with a particular focus on potential investments in the food, consumer, healthcare, and fintech sectors, local media recently quoted Barkatis as saying earlier this week. The PE currently has USD 200 mn invested in the local market — including its USD 40 mn Raya Foods bid — in the fintech, agriculture, and food sectors, Barkatis said.

Tags: