Adenia Capital III

Subsidy : May 2016 - November 2019

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

€ 100,000.00

Type of investment

Subsidy

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 (2020-2021)
  • Equity € 5,000,000.00 (2012)
  • 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

Technical Assistance

BIO granted EUR 100.000 to Adenia Capital III’s TA facility, with the aim to provide capacity building to its investees related to transfer of knowledge and skills, with a specific attention to developmental impact, relying on external consultants, in the following areas:

  • Management and governance
  • Environmental and social certification or management systems
  • Production techniques, certification, quality & safety

The expected impact of the TA facility is, through the funding of specific TA missions at the Investees’ level, to help Adenia Capital (III) portfolio companies improve their performance & competitiveness and become more sustainable.

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 on (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

Côte d'Ivoire

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

Ghana

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.

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  Subsidy