Helios lists T2S Group on Casablanca Stock Exchange  

Helios Investment Partners, the leading Africa-focused private investment firm, co-founded by Nigerian investor Tope Lawani, has listed its portfolio company, T2S Group Holding, on the Casablanca Stock Exchange (Casablanca Bourse) in one of Morocco’s biggest public offerings in recent years, marking a milestone for the healthcare technology company and its expansion across Africa. 

The initial public offering raised MAD1.1 billion (about $120 million), valuing T2S at MAD 4.9 billion (about $523 million) after the listing. The share sale was 44 times oversubscribed, reflecting strong demand from both Moroccan and international investors. 

The proceeds will provide liquidity for existing shareholders while supporting the company’s next phase of expansion. Following the IPO, Helios remains T2S’s largest shareholder with a 42% stake.

Building a regional healthcare technology leader 

Founded more than 30 years ago, T2S Group has grown into one of francophone Africa’s leading medical technology companies, supplying, installing and maintaining advanced medical equipment for public and private healthcare providers. 

The business operates across seven complementary segments, combining medical equipment distribution, manufacturing, digital healthcare systems and technical services through partnerships with leading global manufacturers. Its services support healthcare providers from diagnosis and treatment to the long-term maintenance of medical equipment. 

Helios invested in T2S in 2021, helping merge four complementary businesses into a single integrated MedTech platform. Working with founder and Chief Executive Officer Abderraouf Sordo and the management team, the private equity firm strengthened corporate governance, expanded leadership ownership and invested in technology, operations and commercial capabilities. 

The company also built a service-led business supported by recurring maintenance revenue while expanding into new African markets. 

Beyond its commercial growth, T2S has benefited from Morocco’s expansion of universal health coverage and continued investment in healthcare infrastructure. The company has also invested in radiopharmaceutical production and the training of local engineers and technicians to help strengthen healthcare systems across the region.

Executives see new phase of growth 

Raed Barkatis, head of the consumer non-discretionary sector at Helios Investment Partners, said the listing reflects years of collaboration between Helios and the T2S management team. 

“It has been a privilege to work alongside Sordo and the entire T2S team to build the leading integrated MedTech platform in Morocco,” Barkatis said. “Today’s listing marks an important milestone for the Group and opens an exciting new chapter. We look forward to continuing to support T2S as it expands across Morocco and the wider African market.” 

Zineb Abbad El Andaloussi, adviser at Helios Investment Partners, highlighted the role of T2S’s leadership team in building relationships with healthcare providers and partners across the region.

“The quality of the T2S management team has been the driving force behind the Group’s success,” she said. “We are excited to continue supporting T2S Group in its mission to improve healthcare services across the region.”

Abderraouf Sordo, founder and chief executive officer of T2S, said the listing represents the result of more than 30 years of work by the company’s employees and partners.

“With Helios’ support over the past five years, we have built an integrated platform that is unique in our markets,” Sordo said. “Joining the Casablanca Stock Exchange gives us the resources and visibility to accelerate our development in Morocco and across Africa.”

Helios expands its African investment footprint 

Founded in 2004 by Nigerian private equity executives Tope Lawani and Babatunde Soyoye, Helios Investment Partners has grown into one of Africa’s largest private investment firms, raising more than $3 billion and investing across more than 35 African countries. 

The firm invests in businesses across key sectors, helping companies scale through operational improvements, governance and long-term capital. Helios also became the second mainstream private equity firm globally, and the largest emerging markets-focused private equity firm, to earn B Corp certification, recognizing its commitment to responsible business practices.