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AfricInvest Europe has completed the first investment by its French-African Fund 3 in Hi-Tech Detection Systems Group (HTDS), a French specialist in the distribution, servicing and maintenance of high-tech detection and safety systems. The transaction was carried out alongside Trocadero Capital Partners, Bpifrance and Société Générale Capital Partenaires, with historical shareholder Abenex also reinvesting in the new round.
The investment round allows the Moudarres family, who founded and lead HTDS, along with the company’s management team, to increase their stake in the business as part of what is described as the group’s second leveraged buyout.
HTDS was founded in 2002 by Louaye Moudarres, and in 2021, it was passed to his sons – Farice as President and Etienne as Chief Executive Officer – in a management transition carried out alongside Abenex. The company supplies X-ray scanners, walkthrough detectors, metal and explosive detectors, laboratory instruments and radiation protection solutions to public authorities such as airports and ports, as well as to industrial groups in food processing, pharmaceuticals, nuclear energy, defence and energy. Its manufacturing partners include Rapiscan Systems, PerkinElmer, Waters Corporation, Malvern Panalytical and Thermo Fisher Scientific.
HTDS organises its business around several specialised verticals. Its security division covers X-ray scanners, walkthrough metal detectors, explosive and narcotics detection, and CBRNe (chemical, biological, radiological, nuclear and explosive) threat detection equipment for public authorities and critical infrastructure. A product inspection unit supplies quality-control equipment, including X-ray inspection systems and metal detectors, for the food, pharmaceutical and cosmetics industries.
Its analytical sciences arm distributes and maintains life-science and laboratory instrumentation spanning molecular biology, genomics and physico-chemical analysis. A separate nuclear and radiation safety business handles gamma spectrometry, dosimetry and radiation-monitoring equipment, while additional units cover electrochemistry and electrical testing, as well as optoelectronic components for industrial, defence and aerospace applications.
The company has posted strong recent growth, with revenue rising more than 50% between 2022 and 2025. HTDS maintains a direct presence in 14 countries and a network of agents that extends its commercial reach to roughly 50 countries. In Africa specifically, the company operates eight subsidiaries in Algeria, the Democratic Republic of Congo, Egypt, Côte d’Ivoire, Kenya, Madagascar, Morocco and Tunisia and five additional offices in Cameroon, Libya, Nigeria, Senegal and Tanzania, employing more than 230 people on the continent, which generates over half of the company’s revenue.
“We are delighted to welcome Trocadero Capital Partners, AfricInvest Europe, Bpifrance and Société Générale Capital Partenaires alongside us. The combination of our respective areas of expertise will help ensure the success of this new phase of development, focused on geographic expansion and broadening our offering,” said Farice Moudarres, President of HTDS.
Stéphane Colin and Khaled Ben Jennet, Managing Partners of AfricInvest Europe, said, “With the support of our eight offices across Africa (Algeria, Cote d’Ivoire, Egypt, Mauritius, Kenya, Morocco, Nigeria and Tunisia), we are pleased to support the HTDS team in their international expansion strategy, particularly across the African continent.”
With the backing of its new investors, HTDS plans to pursue both organic and external growth, aiming to enter new markets and broaden its product, services and customer base, while strengthening its international footprint, particularly in Africa.
Nicolas Gagnez, Managing Partner of Trocadero Capital Partners, added, “We are convinced that HTDS’s proven business model and the strategic vision of its leadership team will drive the success of this next phase of growth, and we will dedicate our expertise and capabilities to achieving this shared ambition.”
Menele Chesnot, Regional Director at Bpifrance, said the firm was “confident in the team’s ability to continue driving growth across its various segments, including security, detection, analysis, testing and inspection solutions.”
Lucas Donné, Investment Director at Société Générale Capital Partenaires, said HTDS “is now ideally positioned to continue executing its growth strategy through the expansion of both its offering and geographic footprint.”
Founded in 1994, AfricInvest manages $2.85 billion (€2.5 billion) in assets and has completed more than 240 investments across 38 African countries and France, operating through a team of over 110 professionals across 11 offices worldwide, including eight in Africa. Since 2017, its French-African Funds have backed 20 portfolio companies expanding into Africa, leveraging the broader AfricInvest network across the continent.
