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T2S Group, the Moroccan integrated MedTech group, has listed on the Casablanca Stock Exchange in a $120 million (MAD 1.1 billion) initial public offering that values the company at approximately $520 million (MAD 4.9 billion) post-money.
The offering was 44 times oversubscribed, attracting demand from both Moroccan and international investors. The listing is one of the largest on the Casablanca Stock Exchange in recent years.
Based out of London, Africa-focused private investment firm Helios Investment Partners, which first invested in T2S in 2021, remains the company’s largest shareholder with a 42% stake post-IPO. Helios is also the second mainstream private equity firm globally to receive B Corp certification.
Zineb Abbad El Andaloussi, Advisor at Helios Investment Partners, commented: “The quality of the T2S management team has been the driving force behind the Group’s success. Their ability to execute and earn the trust of partners and healthcare providers across the region has been remarkable to witness. We are excited to continue supporting T2S Group in its mission in improving healthcare services across the region.”
Founded by Abderraouf Sordo in 1992, T2S distributes, installs, and maintains medical equipment and solutions for public and private healthcare providers across Morocco and Africa.
The group operates across seven business segments combining distribution, manufacturing, digital systems, and technical services on behalf of global manufacturers.
Helios’s 2021 investment enabled the integration of four complementary businesses into what has become the largest medical equipment distribution and maintenance platform in francophone Africa.
“This listing is the culmination of more than thirty years of work by the T2S teams in the service of healthcare providers and patients. With Helios’ backing over the past five years, we have built an integrated platform that is unique in our markets. Joining the Casablanca Stock Exchange gives us the means and the visibility to accelerate our development in Morocco and across Africa,” said Abderraouf Sordo, founder and CEO of T2S Group.
Under Helios’s ownership, T2S improved its governance and leadership, increased management ownership, and invested in operations and technology.
The company developed a service-focused model with steady maintenance revenues and expanded its presence across Europe. The IPO raised funds for existing investors and helped support ongoing growth.
In addition to its business activities, T2S has assisted Morocco in implementing universal health coverage and improving healthcare infrastructure. The company has invested in producing radiopharmaceuticals and training local engineers and technicians in its markets.
“It has been a privilege to work alongside Mr Sordo and the entire T2S team to build the leading integrated MedTech platform in Morocco. Today’s listing marks a significant milestone for the group and opens an exciting new chapter in its development,” said Raed Barkatis, head of the consumer non-discretionary sector at Helios Investment Partners.
