Moncef Belkhayat, a prominent Moroccan businessman and former sports minister, is gearing up for an ambitious initiative to bring multiple companies from his H&S Invest Holding to the Casablanca Stock Exchange. This strategy kicks off with Dislog, his flagship consumer goods group, marking one of the most significant listing programs the market has encountered. Belkhayat has articulated a vision that extends far beyond a singular initial public offering (IPO). His intention is to sequentially list four or five entities within the group, commencing with Dislog Group, followed by its logistics division, its medical devices sector, the parent company H&S Invest Holding, and possibly its retail operations. He sees an IPO as an essential step in the group's evolution, aiming for a listing of Dislog in the fourth quarter of 2026.
The planned listings are not solely about expanding the business; they also provide an exit strategy for backers. Over the past decade, various private equity funds, including Mediterrania Capital Partners, SPF Capital, and CDG Invest Growth, have been part of Dislog's shareholder structure. Recently, the group has attracted investment from notable institutions such as the International Finance Corporation, part of the World Bank, and the European Bank for Reconstruction and Development. Belkhayat acknowledges the need for these partners to divest their stakes, and he believes that a public offering presents the most effective route for them.
Additionally, reports suggest that Dislog is looking to list other assets alongside its main operations. This may include companies like Dolidol, a bedding manufacturer, and Jet Energy, an energy enterprise, as part of a broader effort to secure capital and provide investors with a means to exit. However, the specifics surrounding the timing and terms of these additional listings remain unverified.
Belkhayat has made it clear that going public will not diminish his control over the group. He emphasizes his commitment to maintaining oversight even post-listing, characterizing the IPOs as a catalyst for growth while adhering to his vision of an integrated operator within the daily economic landscape. Founded in 2005, Dislog Group has established itself as one of Morocco's foremost distributors and manufacturers of fast-moving consumer goods, boasting hundreds of brands across more than 20 categories and a vast network of approximately 72,000 retail outlets. The company collaborates with multinational giants such as Procter & Gamble, Nestlé, Mars, Kellogg's, and British American Tobacco.
Much of Dislog's expansion can be attributed to strategic acquisitions. The group has purchased manufacturing brands, including the cleaning product Sanicroix from Procter & Gamble, and has ventured into hygiene and healthcare products. In 2025, it consolidated five Moroccan companies to establish a medical devices division and has developed a pharmaceutical cluster comprising around 20 laboratories. Furthermore, the group has made inroads into Europe, acquiring French food distributors like Cultures de France, Carré Suisse, and Chef Sam, creating a European food business with tens of millions of euros in sales.
To support this growth trajectory, Dislog has consistently raised capital. In late 2024, private equity firm SPE Capital invested 450 million dirhams (approximately $45 million), rejoining as a shareholder to pave the way for a Casablanca flotation within the next two to three years. CFG Bank has been appointed to oversee the Dislog IPO.
Beyond his business endeavors, Belkhayat is a well-known figure in Morocco, having served as the minister of youth and sports. His family's entrepreneurial legacy is significant, with his brother Ismael Belkhayat co-founding Chari, a business-to-business grocery purchasing platform operating in Morocco, Tunisia, Ivory Coast, and Senegal. The proposed listing program is poised to provide one of Morocco's most dynamic consumer groups with a public valuation and a means to facilitate further acquisitions, while also contributing to the development of a stock market keen to attract larger issuers. The first major test will be Dislog, with Belkhayat aiming for a debut on the Casablanca exchange before the close of 2026.
As reported by billionaires.africa.
