H&S Invest Holding

What H&S Invest Holding does

H&S Invest Holding (rebranded to H&S Group in 2025) is a privately held Moroccan diversified holding company founded in 2005 by Moncef Belkhayat. The Group operates an integrated Build & Run model across six strategic business poles: (1) Dislog Group — distribution and manufacturing across health, hygiene, and food, managing 100+ brands and acting as exclusive distributor for Procter & Gamble in Morocco; (2) Buildings & Logistic Services (BLS) and La Voie Express — integrated logistics, freight forwarding, transport, and last-mile delivery (650 trucks, 325,000 pallet positions, 22 sites in 18 cities); (3) WB Group — media buying, digital communication, and publishing across Morocco, Algeria, Tunisia, Libya, and 25+ African countries; (4) GIDNA (33% stake) and Kaya Immobilier — construction and high-end residential real estate; (5) H&S Retail Holding (One Retail) — proximity commerce via Franprix, Monoprix, Venezia-Ice, BeautyForYou, and Mr.Bricolage Maroc under a Groupe Casino master franchise; and (6) Chari — a B2B mobile super app for FMCG ordering and payments, licensed as a payment institution by Bank Al-Maghrib.

The Group makes money through diversified revenue streams: product sales and distribution margins (Dislog), logistics service fees and 3PL contracts (BLS/La Voie Express), advertising commissions and publishing revenues (WB Group), property sales and construction contracts (Kaya Immobilier/GIDNA), retail store sales (One Retail), and fintech transaction fees and product margins (Chari). Customers span enterprise FMCG multinationals (P&G, BIM), B2B logistics clients, urban Moroccan retail consumers, small retailers via Chari, corporate advertisers, and real estate buyers. The Group has executed 12 private equity transactions over 17 years, with 2024 consolidated revenue of 5 billion MAD (~35% YoY growth) and a 2025 target of 7 billion MAD.

Technology is operational rather than proprietary: the Group leverages WMS/TMS systems for logistics, an omnichannel retail stack for One Retail, and the Chari mobile B2B platform. The 2024–2025 build-up has added ABM Cosmetics UP (Spain/Portugal), Transload, La Voie Express, GIDNA, and the Monoprix/Franprix franchise, with an EBRD €34.5M debt facility, 1B MAD equity raise, and a 1B MAD retail investment plan supporting continued expansion through the 2026–2035 Moroccan decade strategy.

Name

H&S Invest Holding

Legal name

H&S Invest Holding

Website

https://hns.ma

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

H&S Invest Holding (H&S Group) is a privately held Moroccan diversified holding company operating six strategic poles: FMCG distribution (Dislog), integrated logistics (BLS-La Voie Express), media (WB Group), real estate and construction (GIDNA, Kaya), proximity retail (Monoprix, Franprix, Mr.Bricolage), and B2B fintech (Chari).

Ownership category

akta.pro rank

Product category

Diversified Consumer Goods Distribution and Logistics

NAICS

Management of Companies and Enterprises (5511), Corporate, Subsidiary, and Regional Managing Offices (551114), Offices of Other Holding Companies (551112)

SIC

Wholesale-Groceries, General Line (5141), Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122), Public Warehousing & Storage (4220)

akta.pro primary industry

Retailer & Small-Store Supply (C-Store, Mini-Mart, Independent Retail) (CRAEAEAD)

akta.pro secondary industries

Online B2B Grocery Supply for Small Businesses (Wholesale-to-Consumer/Prosumer) (CRAHAIAL), Office, Janitorial & Facility Supplies (B2B) (CRAEAEAE)

Keywords

• FMCG distribution services
• Integrated logistics solutions
• Retail franchise operations
• Media buying services
• Construction real estate

Headquarters

HQ city

Bouskoura

HQ country

Morocco

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Dislog Group — Distribution & Manufacturing: Dislog Group distributes and manufactures products across three verticals: health (pharmaceuticals, medical devices, dermo-cosmetics), hygiene (cleaning products, personal care), and food (FMCG). It combines own-brand products (ACE, Sani Croix, Aqua Plus, etc.) with distribution of multinational brand products (Procter & Gamble, BIM). Revenue is generated through product sales across multichannel distribution (modern trade, traditional trade, pharmacy).
2. Buildings & Logistic Services / La Voie Express — Logistics: BLS and La Voie Express provide integrated end-to-end logistics services including freight forwarding, transit, transport, 3PL warehousing, last-mile delivery, product customization, and industrial real estate. Revenue is generated through service fees for logistics contracts with multinational and national clients.
3. WB Group — Media & Communication: WB Group operates in media buying, digital communication, and publishing (Horizon Press). Revenue is generated through media buying commissions, advertising services, and publishing revenues.
4. Kaya Immobilier & GIDNA — Real Estate & Construction: Kaya Immobilier develops high-end residential properties (villas in secured residencies). GIDNA, in which H&S holds 33%, designs and constructs industrial, healthcare, education, and infrastructure projects. Revenue from real estate is generated through property sales; revenue from construction through project-based contracts.
5. H&S Retail Holding — Retail: One Retail operates retail stores under licensed banners (Monoprix, Franprix via Groupe Casino master franchise), Venezia-Ice restaurants, BeautyForYou beauty retail, and Mr.Bricolage Morocco (home improvement). Revenue generated through retail store sales. A billion-dirham investment plan (2025–2027) supports the retail expansion.
6. Chari — Fintech: Chari is a B2B mobile super app enabling retailers to order FMCG products and receive free same-day delivery. With a payment institution license from Morocco's central bank, Chari also provides financial services (payments, remittances) to merchants. Revenue derived from product sales margins and financial services fees.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

H&S Invest Holding (H&S Group) is a Moroccan diversified holding company that operates through six strategic business poles covering distribution, logistics, retail, real estate, media, and fintech. The group manufactures, distributes, and retails consumer goods in health, hygiene, and food categories through Dislog Group; provides integrated end-to-end logistics and freight services through BLS and La Voie Express; operates retail stores and licensed banners (Monoprix, Franprix, Venezia-Ice, BeautyForYou, Mr.Bricolage Maroc) through One Retail; runs media buying and communication through WB Group; develops real estate and infrastructure through Kaya Immobilier and GIDNA; and operates a B2B fintech mobile application for retailers through Chari.

Product overview

H&S Invest Holding (now H&S Group) is a diversified Moroccan holding company operating a multi-pole integrated business model through six strategic divisions. The core offering comprises Dislog Group (health, hygiene, and food distribution with proprietary brands), Buildings & Logistic Services and La Voie Express (integrated logistics and freight forwarding), WB Group (media and communication), GIDNA and Kaya Immobilier (construction and real estate), One Retail (proximity retail with Franprix, Monoprix, Venezia-Ice, BeautyForYou, and Mr.Bricolage Maroc), and Chari (B2B fintech mobile app for ordering and payments). The company operates a Build & Run strategy, aggregating complementary businesses around shared infrastructure and distribution channels to create national champions.

Differentiator

Problem solved

Functional benefit

Brands

• Dislog Group: Industrial group operating in health, hygiene, and food distribution with over 100 brands
• Buildings & Logistic Services (BLS)
• WB Group
• GIDNA
• Kaya Immobilier
• One Retail (H&S Retail Holding)
• Chari
• La Voie Express Group
• Dislog Healthcare
• Dislog Hygiene

Products and services

• Dislog Group - Health, Hygiene, and Food Distribution
• La Voie Express Group - Integrated Logistics Solutions
• WB Group - Media and Communication Services
• GIDNA - Construction and Public Works
• Kaya Immobilier - Premium Residential Real Estate
• One Retail - Proximity Commerce Platform
• Chari - B2B Fintech Mobile Application
• Buildings & Logistic Services (BLS) - Integrated Logistics Operator
• Transload - B2B Transport Services
• ABM Cosmetics UP - Cosmetics Distribution

Quantifiable outcome

• 35% revenue growth in 2024, reaching 5 billion MAD consolidated revenue
• +3 more outcomes

Named customers4 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered minor, major and core.

• Neo Motors (E-NEO division)minorStrategic or Co-development Partner · 7 November 2025Three H&S subsidiaries — Dislog Group, Buildings & Logistic Services (BLS), and La Voie Express — became the first customers of Neo Motors' E-NEO electric vehicle division, ordering 50 locally manufactured electric vehicles. This initiative supports Morocco's energy transition and promotes Made-in-Morocco industrial sovereignty. Supported by the Ministry of Industry and Commerce.
• ID Logistics MarocmajorStrategic or Co-development Partner · 1 October 2025BLS acquired a 40% stake in ID Logistics Maroc as part of the broader logistics integration strategy, creating the first end-to-end integrated national logistics player in Morocco.
• ABM Cosmetics UPmajorStrategic or Co-development Partner · 24 September 2025H&S Invest Holding acquired a 60% majority stake in ABM Cosmetics UP, a recognized cosmetic distribution player in Spain and Portugal and partner of major international beauty brands. This expands H&S's beauty vertical into Southern Europe, adding to prior acquisitions of Avon Morocco, KALINE COSMETICS, and Argapure.
• Groupe CasinocoreChannel Partner/ Reseller/ Distributor · 26 May 2025H&S Invest Holding signed a master franchise agreement with Groupe Casino to develop Monoprix and Franprix retail banners in Morocco. This is a landmark partnership bringing two major French retail brands to the Moroccan market. H&S will invest 1 billion MAD over 2025-2027 to roll out stores, with a dedicated purchasing center for independent retailers.
• GIDNAcoreStrategic or Co-development Partner · 1 February 2025H&S Invest Holding became a reference shareholder of GIDNA (construction and public works), initially acquiring 25% then increasing to 33%. The partnership aims to double GIDNA's size within five years, reach 1 billion MAD in revenue, and prepare for a stock market listing between 2027-2028. H&S contributes financial organization expertise while GIDNA's founder Zaid Lahbabi continues operational leadership.
• Procter & GamblecoreStrategic or Co-development Partner · 1 January 2005Dislog Group has a long-standing strategic partnership with Procter & Gamble as its exclusive distributor in Morocco, having acquired P&G's local subsidiary Comunivers in 2007. Dislog also holds a 20% stake in Link Edge, a P&G distributor based in Singapore.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Holmarcom Group: Moroccan diversified family-controlled holding with major activities in FMCG distribution (via Lesieur Cristal), agri-food, real estate and services — the closest comparable to H&S in terms of Moroccan footprint, multi-vertical model, and PE-backed growth.
• Akwa Group: Moroccan conglomerate operating in fuel distribution, gas, logistics, and consumer goods, with a national distribution footprint that competes head-to-head with Dislog in several FMCG categories.
• ID Logistics: French-headquartered contract logistics specialist with a Morocco subsidiary (40%-owned by BLS/La Voie Express); comparable as a co-investor and operational benchmark for H&S's logistics consolidation strategy.
• Colis Express Maroc: Moroccan last-mile delivery and logistics operator; competes directly with La Voie Express Messagerie and BLS in transport and last-mile services across Moroccan cities.
• Capiter: Egypt-based B2B platform and embedded fintech serving small retailers with inventory supply, payments, and credit — the most direct functional analog to H&S's Chari pole in a neighboring North African market.

Broad incumbents

• Al Mada (formerly ONA/SNI): Morocco's largest private conglomerate with holdings in distribution (Marjane, Acima), agri-food, real estate, mining, and telecoms — a broader incumbent that overlaps with H&S across retail, logistics, and FMCG supply chains.
• Saham Group: Pan-African conglomerate with insurance, healthcare, real estate, and distribution operations, historically active across Morocco and sub-Saharan Africa, making it a structural comparable for a diversified Moroccan holding with cross-border ambitions.
• STEF: European temperature-controlled and integrated logistics operator; relevant as a public-market benchmark for the kind of integrated end-to-end logistics platform BLS–La Voie Express is building in Morocco.
• Marjane (Al Mada retail): Morocco's dominant hypermarket/supermarket chain; not a direct distributor but the largest customer channel for Dislog's FMCG products and a benchmark for the modern retail formats (Monoprix, Franprix) One Retail is now rolling out.

Others

• Taste & Culture de France / Chef Sam: Acquired by H&S in 2024 for 40M EUR; relevant as a European cross-border consumer goods platform showing how H&S's distribution playbook is being exported beyond Morocco.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/h-s-invest-holding
• Xx.com/DislogGroup
• Facebookfacebook.com/DislogGroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries12 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about H&S Invest Holding