Adenia Capital III

Equity : February 2012

Adenia Capital LLC ltd (formerly I&P Capital III Llc) is a 10-year closed-end generalist private equity fund targeting primarily control positions in small and medium-sized companies in the Indian Ocean region as well as West Africa.

Amount

€ 5,000,000.00

Type of investment

Equity

Development impacts

  • Local economic growth
  • Private sector consolidation/innovation

Beneficiary locations

Sub-Saharan Africa: Côte d'Ivoire, Ghana, Madagascar

Investment field

Investment Companies & Funds

Activity

SME Fund

Organisation

Adenia Capital III

Domicile

Mauritius

More investments in

Adenia Capital III

  • Subsidy € 100,000.00 (2016-2019)
  • Subsidy € 150,000.00 (2012-2015)

Adenia Partners is a private equity management firm investing in some of Africa’s most promising businesses. Adenia finances medium-sized companies in a variety of sectors with proven business models, yet showing ample room for improvement. Adenia takes controlling stakes to instigate radical change, both in terms of improving operations, and catalyzing development impact.

Adenia Capital III

Equity

BIO’s involvement sends a positive signal to potential investors in a difficult fund-raising environment and challenging region. BIO’s participation will contribute for the manager to reach its target size and in that way allow it to fully implement its investment strategy.

BIO’s investment will also give comfort to local private sector investors who are currently assessing investing in the Fund. BIO’s commitment to the Fund could leverage local private sector money.

Development impacts

  • Local economic growth

    Private equity fund targeting SMEs

  • Private sector consolidation/innovation

    The Fund's approach to take a majority stake in the investee is quite unique

    The countries the Fund is focusing (W-Africa, Madagasc.) do not yet have local financial institutions that serves their need in equity finance.

    The fund will invest in under-managed and inefficient SMEs. Adenia will acquire a majority stake and bring in their expertise to make the investee more sound, efficient. Often they change management , this is possible because of their majority stake in the business. Close coaching and training to portfolio companies

    Set-up of performance indicators/M&A training/issue of shares training

    The fund takes primary control positions to help companies in transformation phases

Made possible through this investment

Thanks to the direct funding from BIO, the following second-line investments have been made possible.

Syrse

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.

Ciel

CIEL Ltd is a company listed on the Official Market of the Stock Exchange of Mauritius (SEM). It is the parent holding company of the CIEL group of companies, one of the leading industrial and investment groups based in Mauritius with operations in a number of African and Asian countries. CIEL employs c. 22,000 people.

Newpack

Madagascar

Newpack is the leader in corrugated cardboard packaging in Madagascar. With annual production of over 15 million square meters (10,000 tons), Newpack is also the largest cardboard producer in the islands of the south west of the Indian Ocean.

Kanu Equipment

Kanu Equipment is a pan-African distributor of earthmoving, mining, agriculture and construction heavy equipment. As one of the largest dealers for Liebherr and Bell Equipment in East, West and Southern Africa, Kanu has spare parts distribution centres across the continent.

Ademat

Côte d'Ivoire

Founded in Abidjan in 1983, Ademat is the leader of distribution, installation and maintenance of energy solutions in Côte d’Ivoire. Its range of products include generators, inverters, drive systems and other electric products in partnership with world-renowned manufacturers.

Opham

Madagascar

Created in 1952, Opham is the leading pharmaceutical products wholesaler in Madagascar. Opham distributes more than 4,500 specialty and generic products to pharmacies and hospitals in the country.

DDP Outdoor

Ghana

Founded in 1973, DDP Outdoor is the market leader in outdoor advertising in Ghana. Leveraging a network of over 2,000 advertising faces across the country, DDP serves multinational and top-tier domestic clients across various sectors (FMCG, telecom, financial services).

Mauvilac

Madagascar

Mauvilac is a leading paint, coatings, and chemical products manufacturer and marketer in Mauritius. The 50-year-old flagship brand is specialized in decorative paints (which include “Go Green”, the first range of environmentally-friendly paints in Mauritius), speciality paint and coatings for automotive and industrial use, as well as related products including glues and adhesives

Cresta

Founded in Accra in 2002, Cresta Paints has grown to become the market leader in West Africa in after-market auto-refinish paint, exporting its flagship brand “SuperShine” to over a dozen countries in the region. Cresta also manufactures and distributes protective and industrial coatings, serving a variety of end-markets including construction, oil & gas, shipping and marine, power, manufacturing, and mining. In recent years, the company has expanded its operations to the Indian Ocean region and to India.

View more of our investments in this region

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AfricInvest Financial Inclusion Vehicle

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AfricInvest Financial Inclusion Vehicle

  10,000,000.00

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  14/12/2017

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Fairtrade Access Fund

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Fairtrade Access Fund

  3,000,000.00

  Bolivia, Brazil, Colombia, Ecuador, Guatemala, Honduras, Nicaragua, Paraguay, Peru, Burkina Faso, Côte d'Ivoire, Ghana, Kenya, Tanzania, Uganda

  24/10/2019

  Equity

Fidelity Bank Ltd.

Financial Institutions

Fidelity Bank Ltd.

  25,075.00

  Ghana

  03/04/2019

  Subsidy

Fidelity Bank Ltd.

Financial Institutions

Fidelity Bank Ltd.

  14,433,000.00

  Ghana

  20/12/2016

  Debt

ACEP Group

Financial Institutions

ACEP Group

  4,100,000.00

  Burkina Faso, Cameroon, Madagascar, Niger, Senegal

  14/10/2019

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Verod Capital Growth Fund III

Investment Companies & Funds

Verod Capital Growth Fund III

  8,733,600.00

  Ghana, Nigeria

  25/07/2019

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Africa Renewable Energy Fund

Investment Companies & Funds

Africa Renewable Energy Fund

  8,896,000.00

  Ghana, Kenya, Senegal, Uganda, Zambia

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Beyond the Grid Solar Fund

Investment Companies & Funds

Beyond the Grid Solar Fund

  4,175,007.50

  Burkina Faso, Côte d'Ivoire, Ghana, Kenya, Nigeria, Rwanda, Tanzania, Uganda

  26/10/2017

  Debt

Azito Energie

Infrastructure

Azito Energie

  15,000,000.00

  Côte d'Ivoire

  19/07/2019

  Debt

Adenia Capital IV LP

Investment Companies & Funds

Adenia Capital IV LP

  9,000,000.00

  Côte d'Ivoire, Ghana, Madagascar

  01/11/2016

  Equity

ACEP Group

Financial Institutions

ACEP group

  67,512.00

  Burkina Faso, Cameroon, Madagascar, Niger, Senegal

  23/07/2019

  Subsidy

Compagnie Africaine de Crédit

Financial Institutions

Compagnie Africaine de Crédit

  4,200.00

  Côte d'Ivoire

  28/01/2019

  Subsidy

Azito Energie

Infrastructure

Azito Energie

  17,760,600.00

  Côte d'Ivoire

  18/10/2012

  Debt

Enko Education

Enterprises

Enko Education

  2,000,000.00

  Burkina Faso, Cameroon, Côte d'Ivoire, Mali, Mozambique, Senegal, South Africa

  20/09/2018

  Debt

Adenia Capital III

Investment Companies & Funds

Adenia Capital III

  100,000.00

  Côte d'Ivoire, Ghana, Madagascar

  19/05/2016

  Subsidy

Adenia Capital III

Investment Companies & Funds

Adenia Capital III

  150,000.00

  Côte d'Ivoire, Ghana, Madagascar

  28/09/2012

  Subsidy

Niche Cocoa Industry Ltd

Enterprises

Niche Cocoa

  449,000.00

  Ghana

  29/12/2010

  Debt

Niche Cocoa Industry Ltd

Enterprises

Niche Cocoa

  4,300,000.00

  Ghana

  02/06/2015

  Debt

Niche Cocoa Industry Ltd

Enterprises

Niche Cocoa

  41,603.00

  Ghana

  16/03/2016

  Subsidy

Compagnie Africaine de Crédit

Financial Institutions

Cofina Ivory Coast

  3,000,000.00

  Côte d'Ivoire

  15/03/2019

  Debt

Compagnie Africaine de Crédit

Financial Institutions

Cofina Ivory Coast

  3,000,000.00

  Côte d'Ivoire

  15/03/2019

  Debt