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.

Pierre-Alexandre Assou

Investment Associate

Stephane Bacquaert

Managing Partner, Board Member & Investment Committee Member

Charles Boatin

Partner

Florent de Boissieu

Partner

Alexis Caude

Managing Partner & Investment Committee Member

Antoine Delaporte

Founder, Managing Partner & Investment Committee Member

Nnennia Ejebe

Partner

Firdosh Kaudeer

Chief Financial Officer

Elise Lame

Analyst

Evans Miriti

Investment Associate

Martha Osier

Partner

Nelly Pocthier-Peccoz

Investment Associate

Koloina Razafindratsita

Investment Manager

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 is a distributor of low voltage electrical products and solar products in South Africa. the company has operations in Johannesburg, Cape Town, Bloemfontein, Kimberley, and George. The company supplies professionals (installers, contractors, resellers…) as well as end-users.

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 is an African heavy-equipment supplier of purpose-fit equipment, providing quality maintenance and on-the-ground service teams, operating in nine countries across Africa, servicing the agriculture, construction and mining industries. The business has demonstrated strong year-on-year growth by securing new customers attracted to Kanu’s internationally recognised equipment brands and its superior levels of customer service and support.

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 Paints is a prominent paint manufacturing company based in Ghana, specializing in the production of high-quality polyurethane paints, clears, hardeners, thinners, adhesives, and ancillary products. The company focuses on exporting its products to West Africa and serves various markets, including automotive, construction, oil and gas, marine, manufacturing, and mining. Cresta Paints has established a technical joint venture with Noroo Paint and Coatings Co. Ltd, South Korea’s largest paint manufacturer, and produces a range of auto-refinish products under the "HIQ" and "Bodyian" brands. Additionally, Cresta represents Jotun Paints, a global leader in protective and marine coatings, supplying marine paints to key ports in the region. The company has further diversified its offerings by representing Fosroc Construction Chemicals, a renowned manufacturer of construction chemicals, providing solutions in Ghana and neighboring countries. Cresta Paints is committed to delivering safe and sustainable products while maintaining affordability for its clients.

Mauvilac

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

DDP Outdoor

Acquisition in 2014
DDP Outdoor Ltd. provides outdoor advertising services in Ghana. Its services include site selection and evaluation, site rental, billboard fabrication and installation, exhibition building, and digital printing. The company also provides airport advertising, premier panels advertising, specialty advertising, and transit advertising services. DDP Outdoor Ltd. was founded in 1973 and is based in Accra, Ghana.

Ciel

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 dairy product manufacturer in Madagascar. ‘Socolait’ is a heritage brand name in the country and has been present for decades. The company is specialized in the production of sweetened condensed milk, baby and infant powder (FARILAC), milk powder, and fresh dairy products, such as yogurts and cheeses, and snack products.

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.