Adenia Partners

Adenia Partners, established in 2002, is a private capital management firm based in Mauritius. It specializes in mid-market investments across Sub-Saharan Africa, focusing on sectors such as agribusiness, manufacturing, financial services, healthcare, consumer goods, and technology. The firm aims to support promising African businesses through strategic partnerships and capital investment.

Dan Apungu

Principal

Stephane Bacquaert

Managing Partner and Board Member

Charles Boatin

Partner

Florent de Boissieu

Principal

Antoine Delaporte

Founder and Managing Director

Nnennia Ejebe

Principal

Martha Osier

Partner

Pamela Ramigadu

CFO

Christophe Scalbert

Principal

30 past transactions

The Courier Guy

Acquisition in 2024
The Courier Guy is a global courier company that has evolved from a simple favor in 2000 into a prominent player in the logistics industry. Founded by Stephen Gleisner, the business initially began with a single motorcycle and grew as demand increased, leading to a franchising model that allowed franchisees to build strong relationships with customers while ensuring personalized service. The company specializes in last-mile delivery and express parcel services, catering to a diverse range of e-commerce clients. It boasts an extensive network of delivery partners, kiosks, and lockers, providing efficient and reliable logistics solutions. The Courier Guy distinguishes itself in the marketplace through its commitment to customer-centric service and meticulous attention to detail, ensuring that clients receive not only timely deliveries but also exceptional support throughout the process.

Enfin Energy Finance

Acquisition in 2023
Enfin Energy Finance is a provider of solar financing solutions to commercial and industrial clients around the country.

Overseas Catering Services

Acquisition in 2021
Overseas Catering Services provides corporate catering and related services in Africa and the Middle East.

Eastcastle Infrastructure

Private Equity Round in 2021
Eastcastle Infrastructure is a company focused on the telecommunications tower sector in Africa. It develops telecommunications towers to enhance connectivity for consumers and communities across the continent. The company designs telecom sites based on specific coverage and capacity requirements, offering solutions such as co-location, in-building coverage, and managed services. These offerings allow clients to share existing sites, ensure indoor coverage in large buildings, and effectively address their telecommunications infrastructure needs.

Herholdt's Group

Acquisition in 2021
Herholdt's Group is a distributor of low-voltage electrical products and solar solutions in South Africa, with operations in major cities including Johannesburg, Cape Town, Bloemfontein, Kimberley, and George. The company serves a diverse clientele, including installers, contractors, resellers, and end-users. Herholdt's offers a range of products such as batteries, mounting and installation equipment, cables, wires, transformers, switches, and sensors. By providing access to high-quality and durable electrical supplies at competitive prices, Herholdt's Group aims to meet the needs of professionals in the electrical and solar industries.

Africa Biosystems

Acquisition in 2021
Africa Biosystems Limited specializes in the distribution of life sciences equipment and consumables, serving a diverse clientele that includes government agencies, non-governmental organizations, academic institutions, and private enterprises. The company's products facilitate research and diagnostics across various fields, focusing on animals, humans, and crops. Their instruments are applied in areas such as human identification, infectious disease surveillance, epidemiology, molecular diagnostics, and cell and protein biology. By providing essential tools and resources, Africa Biosystems enables its clients to conduct comprehensive research and improve diagnostic capabilities.

Quick Mart

Acquisition in 2019
Quick Mart is a prominent retailer in Kenya, operating a supermarket chain that provides customers with a diverse selection of products. The company offers an extensive range of items, including bakery goods, deli products, liquor, dairy, and electronics. By consolidating various goods under one roof, Quick Mart enhances the shopping experience for its customers, making it convenient for them to access multiple necessities in a single visit.

Tumaini

Acquisition in 2018
Tumaini operates a chain of 9 supermarkets in Kenya. A total of 6 stores are located in neighborhood estates in Nairobi, and another 3 stores are located in Kisumu.

Kanu Equipment Group

Acquisition in 2018
Kanu Equipment Group is an African-based supplier of heavy equipment, serving the agriculture, construction, and mining industries across nine countries. The company distributes a wide range of machinery, including articulated tractors, excavators, loaders, crushers, mobile cranes, and forestry equipment. Kanu is known for providing high-quality maintenance services and on-the-ground support teams, ensuring reliable customer service. The business has shown consistent growth by attracting new customers with its internationally recognized equipment brands and superior levels of customer service.

Ademat

Acquisition in 2016
Ademat is a leading provider of power security solutions in Côte d’Ivoire, specializing in the distribution, installation, and maintenance of generators, inverters, drive systems, and other electrical equipment. The company partners with established global manufacturers to ensure high-quality products for its customers. In addition to its core offerings, Ademat provides technical assistance and consulting services tailored to various sectors, including agro-processing, telecommunications, financial services, and real estate. This diverse expertise allows clients to effectively address their energy requirements and enhance their operational efficiency.

Cresta Paints

Acquisition in 2015
Cresta Paints is a prominent paint manufacturing company based in Ghana, specializing in the production and export of a wide range of paint products, including polyurethane paints, clears, hardeners, thinners, adhesives, and ancillary products. The company primarily serves various sectors, including automotive, construction, oil and gas, marine, manufacturing, and mining. Cresta Paints operates under a technical joint venture with Noroo Paint and Coatings Co. Ltd, South Korea's largest paint manufacturer, allowing it to produce the "HIQ" and "Bodyian" lines of auto-refinish products. Additionally, Cresta Paints represents Jotun Paints (Europe) Ltd, a leading manufacturer of protective and marine coatings, supplying products to key ports across West Africa. The company has also diversified its offerings by representing Fosroc Construction Chemicals, a major manufacturer of construction chemicals, distributing these products in Ghana, Togo, and neighboring countries. Through its commitment to high-quality technology and affordable pricing, Cresta Paints aims to meet the diverse needs of its clients across the region.

Mauvilac

Acquisition in 2014
Mauvilac is a manufacturer and marketer of paint, coatings, and chemical products, serving various sectors including textile, construction, and cosmetics. The company provides a diverse range of paint solutions, including self-cleaning, antibacterial, and sanitizing options. Additionally, Mauvilac offers UV and heat-reflecting paints that enhance energy efficiency and promote environmentally friendly practices.

DDP Outdoor

Acquisition in 2014
DDP Outdoor Ltd. is a prominent provider of outdoor advertising services in Ghana, founded in 1973 and headquartered in Accra. The company specializes in a variety of advertising solutions, including site selection and evaluation, billboard fabrication and installation, exhibition construction, and digital printing. Additionally, DDP Outdoor offers airport advertising, premier panels, specialty advertising, and transit advertising services. With a comprehensive network of advertising platforms, DDP Outdoor aims to enhance brand recognition and enable clients to effectively reach their target audiences in a cost-efficient manner.

CIEL Group

Acquisition in 2013
CIEL Group, a Mauritian conglomerate, operates in six distinct sectors: textile, agro, finance, healthcare, hotels & resorts, and property. Its healthcare arm, Ciel Healthcare Limited, invests in and manages secondary and tertiary healthcare assets across Sub-Saharan Africa, following a 'Buy and Build' strategy. CIEL Finance Limited serves as the financial platform of the group, overseeing its banking, fiduciary, and portfolio management activities. The group's diverse portfolio spans from sugar production and textile manufacturing to hotel management and property development, with a strong presence in Mauritius and expanding footprint in Africa.

Syrse

Acquisition in 2012
Operating in 11 countries in West and Central Africa, Syrse is the regional leader in electronic payments. Its main activity is the distribution and maintenance of ATMs for its clients, which are financial institutions. Leveraging its network of technicians, Syrse offers a number of other products and services to its clients, including the production and sale of personalized credit cards, IT integration, and bank transaction outsourcing.

Socolait

Acquisition in 2012
Socolait is a well-established dairy product manufacturer in Madagascar with a long-standing heritage. The company specializes in a range of dairy offerings, including sweetened condensed milk, infant powder under the brand FARILAC, milk powder, and a variety of fresh dairy products such as yogurts and cheeses. Additionally, Socolait produces snack products, catering to diverse consumer needs within the dairy sector.

Fruid’Iles Export

Acquisition in 2011
Fruid’Iles Export is a litchi export businesses located the port of Toamasina. Its activities consist of buying litchi fruit from collectors, processing the fruit, which includes the steps of calibration, selection, sulphurization, and finally packaging the fruit for export to European markets. During the harvest season, which lasts one month, FRUID’ILES employs over 850 people and reaches a daily processing capacity of about 100 tons. FRUID’ILES is Global GAP certified.

Madagascar Litchis Export

Acquisition in 2010
Madagascar Litchis Export (MLE) is a litchi export businesses located the port of Toamasina. Its activities consist of buying litchi fruit from collectors, processing the fruit, which includes the steps of calibration, selection, sulphurization, and finally packaging the fruit for export to European markets. During the harvest season, which lasts one month, MLE employs over 1,600 people and reaches a daily processing capacity of about 200 tons. MLE is Global GAP certified.

Ciel Textile Limited (CTL)

Acquisition in 2010
CTL is knitwear, woven, and fine knits apparel manufacturer active in the Indian Ocean region. Its operations, which encompass 17 plants and over 17,500 employees, are vertically integrated from yarn spinning to finished products. In recent years CTL has developed its activities in Asia.

Mauritius Union Group

Acquisition in 2009
The Mauritius Union Group operates within the financial services industry specialising in Insurance, Corporate Pension Schemes, Investment and Loans for both individuals and corporates. Backed by 65 years of experience and the combined expertise of our 5 distinct business entities, the Mauritius Union Group offers customised and tailor-made solutions to suit all your needs.

CEAL

Acquisition in 2009
CEAL is a company specializing in the rental of heavy equipment for agricultural and civil work operations. It is recognized as a pioneer in mechanical harvesting and de-rocking services in Mauritius. In addition to its core offerings, CEAL has expanded its services to encompass earthworks and engineering, catering to a broader range of industry needs. The company now also provides full field management services for agricultural landowners, enhancing its support for agricultural activities. CEAL's rental services cover various functions, including dredging, landscaping, transport, handling, and demolition, all aimed at delivering cost-effective solutions for its clients.

Newpack

Acquisition in 2008
Newpack is a leading manufacturer of corrugated packaging based in Madagascar, recognized as the largest cardboard mill in the South West Indian Ocean. With an annual production exceeding 20 million square meters, the company specializes in packaging solutions for various sectors, including agriculture, fish and meat, beverages, textiles, and personal care. Newpack offers a diverse range of products, including pizza and cake boxes, single-sided rollers, and waterproof covers, while also providing customization options to meet specific client packaging needs.

Recif Attitude

Acquisition in 2007
Récif Attitude is an adult exclusive hotel where people can spend time together as a couple or with friends. It is a 3-star hotel with 70 rooms and offers a full range of amenities including a wellness center, a water sport center, children’s programs, and two restaurants.

Le Louvre Hotel & Spa Antananarivo

Acquisition in 2006
Le Louvre Hotel and Spa Antananarivo operates as a 4-star hotel in downtown Antananarivo just 50 meters from the Presidential Palace.

Orange Madagascar

Acquisition in 2005
Orange Madagascar, based in Antananarivo, is a prominent provider of wireless telecommunications services in Madagascar. Founded in 1998 and formerly known as Societe Malgache de Mobiles, the company adopted its current name in 2003. As a subsidiary of Orange S.A., Orange Madagascar has established itself as the market leader in mobile telecommunications, boasting over 2 million subscribers and holding a 60% share of the market from 2005 to 2010. The company offers a range of services, including cellular and internet connectivity for both individual and corporate customers, utilizing modern 2.5G, 3G, and 4G networks. Additionally, Orange Madagascar has developed an undersea cable to enhance global connectivity, ensuring reliable communication for its users.

CBE Group

Acquisition in 2005
CBE Group is a French industrial company specializing in the engineering, production, and installation of steel molds and equipment for the concrete production industry. Founded in 1987 and based in Saint Avertin, France, the company offers a wide range of products, including reinforcement solutions, concreting equipment, smoothing tools, demolding systems, and storage solutions. CBE Group also manufactures segment molds and provides tailor-made automated plants, ensuring that clients receive customized products to optimize their construction projects. Its equipment and services cater to large construction companies involved in projects such as subways, railways, water conveyance tunnels, and airports, with a global customer base.

Expand Technology

Acquisition in 2004
Expand Technology focuses on providing e-payment solutions and financial services and deploymeny of smartcard payment system. Expand Technology delivers custom loyalty card, electronic purse, payment card, and fuel card management solutions to clients in a variety of industries and operates in over 14 countries.

Execom

Acquisition in 2003
Execom is a business process outsourcing firm based in Mauritius, specializing in telemarketing and customer relationship management solutions. The company operates a call center that provides both inbound and outbound services, including telemarketing, surveys, and investigation services. With extensive experience in voice and high-end data operations, Execom primarily focuses on serving the French market, delivering value-added services tailored to meet client needs.
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