Morocco’s Al Mada plans expansion in the African food market

Morocco’s private investment fund Al Mada said it has set up an international food industry subsidiary focusing on Africa, dubbed Teralys.

As part of its goal to promote food industry in Africa in a way that is conducive to regional integration, Teralys signed an agreement to acquire a majority stake in Senegal’s Patisen, Al Mada said in a statement.

Patisen is one of the largest food industry firms that has been operating in different food segments in 30 African countries.

“In a growing market with evolving consumption habits, the entrance of Teralys into Patisen’s capital will help it consolidate its position as a leader in Senegal and across Africa as well as accelerate its development as a regional platform,” Al Mada said.

Almada has rolled out investment in Africa in recent years in sectors including banking, construction, telecoms, mining, renewable energies, real estate, and retail.