Turkish discount retailer giant BIM signed an agreement for the sale of 35% of the minority shares of its BIM Stores SARL, which it established in Morocco, to the U.K.-based private equity fund Helios Investment Partners, the retailer said in a statement Wednesday.
The statement noted that the step came following over 12 years of operations in the Maghreb country.
BIM Stores SARL was established in 2008 as a 100% subsidiary of BIM. The sale provides strong momentum for BIM's growth and localization process in Morocco.
The sale process will be complete once the necessary prerequisites are finalized.
Helios Investment Partners, which solely invests in Africa, has made investments in more than 30 African countries since 2004.
Haluk Dortluoğlu, a BIM executive board member whose views were included in the company statement, said that the Moroccan market is one in which the company has been growing.
"We opened 37 new stores this year and increased the number of our stores to 534 as of today. We are opening a new page in Morocco with Helios Investment Partners, a specialized investment fund in the African region, being our minority shareholder,” he said.
Dortluoğlu noted that the agreement will make a significant contribution to the company’s sustainability, development and localization process in Morocco.
“This agreement, which means a vote of confidence in BIM's performance and strategy in Morocco, which is the first foreign investment, made us happy,” he said, adding they will continue efforts to provide more value to the Moroccan people.
Zineb Abbad El Andaloussi, a partner at Helios Investment Partners, said the BIM brand has been adopted by Moroccan consumers and has become a part of their daily lives.
"This relationship was further consolidated during the COVID-19 crisis,” he emphasized, as “thanks to its strong logistics competencies, BIM never disrupted its product supply and procured 85% of its products from Morocco.
“BIM, which has been investing in its business in Morocco since 2009, showed a strong commitment to this country. We are happy to cooperate to increase the company's local competence and to offer quality products at affordable prices,” he added.
