Africa50 Infrastructure Acceleration Fund marks inaugural investment in port operator Mass Céréales al Maghreb
- 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”.
ENDS
Media Contact:
Nana Boakye-Yiadom, Communications Manager, Africa50
Email: n.boakyeyiadom@africa50.com
About Mass Céréales al Maghreb
Since 2008, Mass Céréales al Maghreb has been handling bulk grain imports in Morocco. The company operates two grain terminals located in the ports of Casablanca and Jorf Lasfar, dedicated to the unloading of grain vessels, temporary storage of cereals, as well as their dispatch by truck and rail. Its main mission is to optimize the efficiency of its port facilities to streamline maritime traffic and support the activities of cereal importers. Committed to a growth strategy in Africa, Mass Céréales al Maghreb commissioned a new grain handling and storage facility in Senegal in 2024. For more information: www.mass-cereales.com
About the Holmarcom Group
As a private Moroccan group with nearly 60 years of history, Holmarcom holds a privileged position among the major players in the Moroccan economy. It operates through four main business sectors: finance, agri-business, logistics, and real estate. The Group is committed to a proactive development strategy and an innovation-driven dynamic, aiming for sustained and sustainable growth. Rooted in its values, Holmarcom continues its investment policy in key strategic sectors for the sustainable development of Morocco and is opening up to new challenges across the African continent. It is currently present in Senegal, Benin, Côte d'Ivoire, and Burkina Faso. For more information: www.holmarcom.ma
About STOA
Launched in 2017 by the Caisse des Dépôts et Consignations (CDC) and the French Development Agency (AFD) with €900 million in assets under management, STOA is an impact investment fund dedicated to financing and supporting the development of sustainable and resilient infrastructures in emerging markets, with a strategic focus on the African continent. Its actions are guided by a long-term vision aimed at supporting essential projects in the energy, transportation, and telecommunications sectors, while contributing to the achievement of the United Nations Sustainable Development Goals (SDGs). For more information: www.stoainfraenergy.com
About Africa50 Infrastructure Acceleration Fund
The Africa50 Infrastructure Acceleration Fund (Africa50 IAF) is a private equity fund anchored by the Africa50 Group, and backed by several development finance institutions, pension funds, insurance companies, commercial banks, and sovereign wealth funds, amongst others.
Africa50 IAF’s investment objectives include achieving attractive risk-adjusted returns through investing equity and quasi-equity in infrastructure companies and projects across Africa, focused on four core sectors (power & energy, transportation & logistics, water & sanitation, digital & social infrastructure).
Africa50 Group is an infrastructure investment platform that has raised over US$935 million of committed equity to contribute to Africa's growth by developing and investing in bankable projects, catalyzing public sector capital, and mobilizing private sector funding, with differentiated financial returns and impact. Africa50 Group currently has 37 shareholders, comprised of 33 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), Bank Al-Maghrib (Central Bank of Morocco), and Public Investment Corporation (PIC). Africa50 Group focuses on medium to large-scale projects that have significant development impact and provide appropriate risk-adjusted returns to investors. For more information: www.africa50.com
About A.P. Moller Capital
A.P. Moller Capital is a fund manager specializing in the development of value-added infrastructure, particularly in the transportation, logistics, and energy transition sectors. The company invests in businesses and supports their development to foster sustainable economic growth and prosperity in the regions where it operates, while ensuring stable and attractive returns for its investors. A.P. Moller Capital is part of the A.P. Moller Group, headquartered in Copenhagen, Denmark. For more information: apmollercapital.com
Category: Press Release