Adenia Partners

Adenia Partners is a private equity firm based in Saint Pierre, Mauritius, founded in 2002. The firm specializes in mid-market investments, targeting promising businesses across various sectors in Sub-Saharan Africa, including agribusiness, manufacturing, financial services, healthcare, consumer goods, and technology. By focusing on these key industries, Adenia Partners aims to foster growth and development in the region's economy. Through strategic investments, the firm seeks to enhance the value of its portfolio companies while contributing to the broader economic landscape in Africa.

Dan Apungu

Principal

Stéphane Bacquaert

Managing Partner and Board Member

Charles Boatin

Partner

Florent de Boissieu

Partner

Antoine Delaporte

Founder, Managing Partner and Investment Committee Member

Mariam Djibo

Principal

Nnennia Ejebe

Partner

Martha Osier

Partner

Pamela Ramigadu

CFO

Christophe Scalbert

Partner

26 past transactions

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
Distributor of life sciences and clinical diagnostics equipment catering to government and non-governmental organizations (NGOs), academic institutions, and private enterprises. The company's instruments help conduct research and diagnosis with animals, humans, and crops as subjects along with product applications in human identification, infectious disease surveillance, epidemiology, molecular diagnostics, and cell and protein biology, enabling clients to conduct thorough research.

Quick Mart

Acquisition in 2019
Leading retailer in Kenya

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

Acquisition in 2018
Kanu Equipment Ltd. engages in the distribution of road construction and earthmoving equipment in Africa. It distributes agriculture equipment, including articulated tractors, cane loaders, forklifts, haulage tractors, tandem trailers, and versa lifts; earthmoving equipment, such as crawler excavators, crawler loaders, crawler tractor/bulldozers, wheeled excavators, and wheel loaders; forestry equipment, including harvesting heads, felling heads, forwarders, wheel harvesters, track harvesters, tiger cat loggers, skidders, track feller bunchers, drive-to-tree feller bunchers, loaders, loggers, and timber trucks; mining and construction equipment, such as articulated dump trucks, jaw crushers, impact crushers, and cone crushers; and mobile cranes, including LTM and all-terrain mobile cranes. Kanu Equipment Ltd. was formerly known as Torre Equipment Africa Limited. The company is based in Johannesburg, South Africa.

Ademat

Acquisition in 2016
Ademat, established in 1983 and located in Abidjan, Ivory Coast, specializes in the distribution, installation, and maintenance of power devices, including generators, industrial drive systems, uninterruptible power supply units, inverters, and electrical and IT networks. The company caters to various sectors such as agro-processing, telecommunications, financial services, and real estate, providing essential technical assistance and consulting services. With a focus on meeting diverse energy requirements, Ademat leverages its expertise across multiple business lines to ensure reliable service delivery to its clients.

Opham

Acquisition in 2016
Opham is the pharmaceutical products wholesaler in Madagascar. Opham distributes more than 4,500 specialty and generic products to pharmacies and hospitals in the country.

Cresta Paints

Acquisition in 2015
Cresta Paint Industries Ltd. is a prominent paint manufacturing company based in Accra, Ghana, established in 2002. It specializes in the production and supply of a diverse range of products, including polyurethane paints, clears, hardeners, thinners, adhesives, and other ancillary items. The company also offers automotive refinishing products, protective and marine coatings, architectural coatings, and construction chemicals. Cresta Paints has a technical joint venture with Noroo Paint and Coatings Co. Ltd., South Korea's largest paint manufacturer, allowing it to produce high-quality automotive refinishing products. Additionally, the company represents Jotun Paints, a major global supplier of protective and marine coatings, serving various markets including offshore, airports, and energy sectors. With a focus on innovation and high technology, Cresta Paints caters to clients in Ghana and neighboring West African countries, making significant contributions to the construction and hydrocarbon processing industries.

Mauvilac

Acquisition in 2014
Mauvilac is a paint, coatings, and chemical manufacturer and marketer.

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 Ltd

Acquisition in 2013
CIEL Textile Limited, based in Ebène, Mauritius, specializes in the manufacture and sale of knitted and woven garments. Its product range includes shirts for men and women, fabrics, knitwear, T-shirts, polo shirts, sweatshirts, and joggers. The company operates retail outlets and exports its products to various regions, including Mauritius, Madagascar, Asia, and South Africa. Established in 1971 and originally named Floreal Knitwear Limited, it adopted its current name in 2001. CIEL Textile Limited is a subsidiary of CIEL Limited, an investment holding company founded in 1912 that operates across diverse sectors such as textiles, agriculture, and healthcare.

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.

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.

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.

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 engaged in the rental of heavy equipment for agriculture and civil work operations. It is a pioneer in mechanical harvesting and de-rocking services in Mauritius. CEAL has expanded its rental activities to serve the earthworks and engineering sector. Recently, CEAL has expanded its services to offer full field management services to agricultural land owners.

Newpack

Acquisition in 2008
Newpack SA designs and manufactures corrugated cardboards. It provides regular slotted cartons, trays, top and bottom boxes, pizza and cake boxes, shelf ready packaging, waterproof and cold-proof waxed coated boxes, tailor-made boxes, single sided rolls, and glossy-finish cardboards. The company offers products for farming-food, fruits and vegetables, fresh products and beverage, textile products, soaps, and household products. It serves clients in Madagascar, Mauritius, Seychelles, Africa, Reunion Island, and the Comoros Islands. The company was founded in 1989 and is based in Antanananarivo, Madagascar. It has additional offices in Antsiranana, Madagascar and Pamplemousses, Mauritius.

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 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 that specializes in the engineering, production, and installation of steel molds and equipment for concrete production. Established in 1987 and headquartered in Saint Avertin, France, the company provides a range of solutions, including reinforcement equipment, concreting tools, smoothing devices, demolding systems, and storage handling solutions. CBE Group also manufactures segment molds, automated plants, and spare parts, catering to various applications such as subway covers, roads, railways, water conveyance tunnels, ports, and airports. The company serves a global clientele, offering tailored automated plants designed to meet specific production needs.

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 call center in Mauritius that specializes in telemarketing and customer relationship management solutions. Execom has extensive experience in inbound and outbound operations and delivers value-added services in voice and high-end data operations, focused primarily on the French market.
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