Helios takes T2S Group public in $120 million Casablanca IPO at $520 million valuation

Helios Investment Partners, a UK-based private equity firm led by Nigerian businessman Temitope Lawani, has taken a major step in scaling healthcare infrastructure across Africa, listing its portfolio company, T2S Group, on the Casablanca Stock Exchange (CSE) in a deal valued at MAD 1.1 billion ($118 million). The listing ranks among the largest in recent years on the Moroccan bourse and values the integrated med-tech group at roughly MAD 4.9 billion ($523.53 million) post-money.

Oversubscribed offering signals strong investor confidence
The IPO drew overwhelming interest from both Moroccan and international investors, with demand exceeding supply by 44 times, an indication of strong confidence in T2S’s growth trajectory and the broader healthcare opportunity across Africa. The capital raise delivers liquidity for existing investors while positioning the company for its next phase of expansion. Helios retains a significant 42% stake, maintaining its position as the group’s largest shareholder.

Building a regional med-tech powerhouse
T2S Group operates as an integrated medical technology platform serving public and private healthcare providers across Morocco and the wider African market. The company specializes in distributing, installing, and maintaining advanced medical equipment, supporting healthcare systems from diagnosis through treatment and across the lifecycle of medical technologies.

Its operations span seven complementary business segments, combining distribution, manufacturing, digital solutions, and technical services in partnership with leading global manufacturers. This integrated model has positioned T2S as a key enabler of healthcare delivery in emerging markets.

Helios’ 2021 investment played a pivotal role in shaping the business, enabling the integration of four complementary companies into a unified med-tech platform designed to scale across the region.

Leadership highlights growth ambitions
Raed Barkatis, head of the consumer non-discretionary sector at Helios Investment Partners, described the listing as a defining moment for the group, noting its role in advancing access to cutting-edge healthcare technologies across Africa.

Zineb Abbad El Andaloussi, advisor at Helios, emphasized the strength of T2S’s management team, crediting their execution capabilities and ability to build trust with partners as central to the company’s success.

Founder and CEO Abderraouf Sordo said the IPO marks the culmination of more than three decades of building the business, adding that the listing will provide both the capital and visibility needed to accelerate expansion across Morocco and into broader African markets.

Next phase: expansion and healthcare innovation
Founded in 2004 by Temitope Lawani and Babatunde Soyoye, Helios Investment Partners has become one of Africa’s most influential private equity firms. The firm has built a strong track record of backing high-potential businesses and forging partnerships with major global brands, including NBA Africa, Afro Nation, PFL Africa, and Zaria Group, to create a dynamic ecosystem of live events, media rights, and entertainment infrastructure across the continent.

With fresh capital and a public market platform, T2S is now positioned to deepen its footprint in Africa’s healthcare sector, where demand for advanced medical technologies continues to rise. The company’s integrated approach, spanning equipment, services, and digital systems, places it at the center of efforts to modernize healthcare delivery across the continent.

As Helios continues to back the company, the focus will remain on scaling operations, strengthening partnerships, and improving access to quality healthcare solutions in underserved markets.