HELIOS REALISES $460M FROM INVESTMENT EXITS AS T2S LISTS IN MOROCCO

Helios Investment Partners generated approximately $460 million in realised liquidity in 2025 following a number of exits from its portfolio, including the listing of Moroccan medical technology company T2S Group on the Casablanca Stock Exchange. The investment firm said the transactions formed part of its broader investment activity across Africa, where it has backed businesses in several sectors and markets.

The T2S listing raised MAD1.1 billion, equivalent to about $120 million, and placed the value of the medical technology company at approximately MAD4.9 billion, or $520 million. The initial public offering attracted significant investor interest, with subscriptions reaching 44 times the number of shares available. Helios retained a 42 per cent stake in T2S following the listing, allowing it to remain a major shareholder while the company gains access to public-market capital.

T2S has more than 30 years of operating experience and has developed into an integrated medical technology platform covering medical equipment distribution, manufacturing, digital systems and technical services. The company serves healthcare providers in Morocco and other African markets. Since Helios invested in the business in 2021, four complementary companies have been brought together under the platform, alongside investments in management, governance, technology, operations and commercial capabilities.

The company has also expanded its activities across different areas of the healthcare value chain, including equipment distribution, technical support, maintenance and specialised medical technologies. T2S has invested in radiopharmaceutical capacity as well as local engineering and technical capabilities. Its management said the Casablanca listing would provide additional visibility and access to capital as the company pursues further expansion in Morocco and other African markets.

The T2S transaction was one of several liquidity events recorded by Helios during 2025. The investment firm, which focuses on high-growth and underdeveloped markets across Africa, also completed the sale of its stake in Nigerian gas distribution company Axxela during the year. The firm said its investment strategy involves developing portfolio companies to a scale and level of institutionalisation that can attract additional sources of capital, with the latest exits contributing to its overall liquidity generation.