- Demonstrates the ability of the Africa50 Infrastructure Acceleration Fund (Africa50 IAF) to identify high-impact investments which will secure entire value chains, boost food security, and create jobs.
- The contemplated investment in Mass Céréales al Maghreb (MCM) exemplifies Africa50 IAF’s strategy of backing infrastructure platforms of strategic socioeconomic importance.
- Africa50 IAF expects to support MCM’s plans to strengthen operational capacity and develop new, efficient cereal terminals at key ports in West Africa.
Casablanca – May 19, 2025 – The Africa50 Infrastructure Acceleration Fund (Africa50 IAF) has signed a share purchase agreement to acquire a significant stake in Mass Céréales al Maghreb (MCM), a key player in Morocco’s grain handling and port logistics sector, which is expected to mark the first investment by the Fund.
The signing marks Africa50 IAF’s transition from achieving successful fundraising milestones to transaction execution and capital deployment. Africa50 IAF expects to support plans to reinforce MCM’s operational capacity and develop new, efficient cereal terminals in key African ports – critical to improving climate-resilience and safeguarding African food security, in countries that are net importers of grain cereals, a staple commodity in African diets.
The contemplated investment in MCM was executed through a consortium partnership between the Africa50 IAF and STOA. The consortium jointly acquired the 49% shareholding previously held by A.P. Moller Capital. Holmarcom Group, MCM’s historical shareholder and a leading Moroccan conglomerate, retains its 51% majority stake.
This inaugural transaction reaffirms the Africa50 IAF’s role as a catalyst for infrastructure investment, offering investors diversified exposure to attractive investment opportunities in high-growth markets. It follows recent commitments from prominent African investors such as the Development Bank of Southern Africa (DBSA), Axian Group, Public Service Superannuation Fund (Kenya), and CNPS Cameroon, adding to the funds raised from local and global financiers during the Fund’s first close. Participating through the Africa50 IAF’s private equity structure enables investors to de-risk large-scale infrastructure projects while reaching a deeper pool of companies and capital across the continent.
Opuiyo Oforiokuma, Senior Partner, Africa50 Infrastructure Acceleration Fund, said: “Africa50 Infrastructure Acceleration Fund is pleased to support Mass Céréales al Maghreb’s next phase of growth alongside Holmarcom and STOA. This investment reflects our conviction that strategic logistics infrastructure, particularly in the agri-food value chain, is essential to unlocking Africa’s potential. By expanding cereal terminal capacity across the continent, we are not only strengthening food security but also fostering regional trade integration and sustainable job creation. This partnership exemplifies how catalytic capital can accelerate commercially viable infrastructure that delivers real development impact.”
Mass Céréales al Maghreb is central to Morocco’s food security, operating critical grain import terminals in Casablanca and Jorf Lasfar which have been responsible for nearly half of the country’s grain imports since 2008. MCM’s recent expansion into Bargny-Sendou, Senegal, highlights its pan-African growth potential. Through the investment, the Africa50 IAF is fulfilling its mission to rapidly deploy capital into key sectors such as transportation and logistics that elevate Africa’s global competitiveness. By investing in leading operators such as MCM, the Africa50 IAF will transform entire sectors and increase economic opportunities.
Hafid Debbarh, CEO of Mass Céréales Al Maghreb, said “I would like to express our appreciation to AP Moller Capital for their support and trust over the past four and a half years, which has significantly contributed to the development of our company. We warmly welcome STOA and Africa50 IAF as new shareholders. Their recognized expertise and strong commitment to sustainable development in Africa will enhance our ability to strengthen our position and support our growth across the continent. We look forward to a fruitful collaboration that will enable us to expand our operations and further contribute to food security and economic development in the region. Together, we are well-positioned to meet the evolving needs of the African market with resilience and innovation.”
The investment reflects the increasing recognition among local and global investors of African infrastructure as a growing asset class and underscores the Fund’s strategy of partnering with established operators of essential infrastructure assets that offer both strong commercial potential and meaningful development impact. By enhancing the efficiency and reliability of Morocco’s cereal supply chains, MCM has actively fostered more stable consumer prices and improved food security, resulting in an estimated $100 million reduction in wheat subsidy costs between 2019 and 2022.
Marie-Laure Mazaud, CEO of STOA, states: “We are very pleased to join the capital of Mass Céréales al Maghreb. This transaction reflects our commitment to co-building sustainable infrastructure solutions that address the development challenges in Africa and the growing needs of the continent. In collaboration with Holmarcom and Africa50 IAF, we are confident that we can accelerate the transformation of the grain logistics chain and streamline port traffic, while directly contributing to food security and the economic development of the region”.
Joe Nielsen, Partner at A.P. Moller Capital, states: “This transaction exemplifies A.P. Moller Capital’s strategy of investing in critical port infrastructure to support economic development. Since our acquisition in 2020, Mass Céréales has invested considerably to expand its operational capacity in the ports of Casablanca and Jorf Lasfar and has further operationalized its international operation. We are grateful for the support of our partner, HOLMARCOM, on this successful transaction and we are pleased to welcome STOA and Africa50 IAF to the next phase of Mass Cereales’ development”.
