Adenia Capital III

Subsidy : May 2020 - December 2021

Adenia Capital III is a 10-year closed-end generalist private equity fund targeting primarily control positions in SMEs in the Indian Ocean region as well as West Africa.

Amount

€ 100,000.00

Type of investment

Subsidy

Beneficiary locations

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

Investment field

Investment Companies & Funds

Activity

KK.64.300 SME Fund

Organisation

Adenia Capital III

Website

http://www.adenia.com/

Domicile

Mauritius

More investments in

Adenia Capital III

Equity € 5,000,000.00 (2012)
Subsidy € 100,000.00 (2016-2019)
Subsidy € 150,000.00 (2012-2015)

Founded in 2002, Adenia Partners is a private equity management firm investing in some of Africa’s most promising businesses. Through three funds, Adenia Capital (Indian Ocean), Adenia Capital (II), Adenia Capital (III), the firm currently manages $200 million of assets from its four offices based in Abidjan, Accra, Antananarivo and Port Louis. Adenia was founded by a team of entrepreneurs with experiences as business founders and CEOs.

The TA Facility is administrated by the Fund Manager of Adenia Capital III, Adenia Partners Ltd.

BIO’s contribution shall exclusively be used in connection with Adenia Capital III portfolio companies in order to finance technical assistance projects related to the transfer of knowledge and skills and with a specific attention to developmental impact, relying on external consultant(s), in the following areas:

Management and Governance:
- General Management and corporate strategy
- Corporate Governance
- Accounting systems, financial reporting and management information systems
- New products development, new market development
- Best practices implementation (managerial, industrial, ESG, etc…)
Environment and Social:
- Management systems (procedures, trainings, corrective action plans)
- Preparation to certifications
- HR assessment with a gender lens
Production techniques, Certification, Quality and Safety:
- Production techniques-based advisory services for productive companies
- Systems and preparations of certifications related to health and safety, quality, agriculture

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

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Spark + Africa Fund

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Equity

Financial Institutions

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2,000,000.00

Côte d'Ivoire

02/07/2021

Debt

Financial Institutions

Advans Côte d'Ivoire

54,229.44

Côte d'Ivoire

14/10/2021

Subsidy

Investment Companies & Funds

Alterfin

20,125.00

Cambodia, Nicaragua, Côte d'Ivoire, Kenya

03/08/2021

Subsidy

Enterprises

XpressGas Limited

2,444,790.00

Ghana

17/05/2021

Debt

Financial Institutions

The Currency Exchange Fund n.v.

7,091,000.00

Bangladesh, Cambodia, India, Indonesia, Myanmar, Nepal, Pakistan, Philippines, Sri Lanka, Vietnam, Bolivia, Brazil, Colombia, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Paraguay, Peru, Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, Syria, Tunisia, Palestinian Territories, Benin, Burkina Faso, Burundi, Cameroon, Côte d'Ivoire, Democratic Republic of Congo, Ethiopia, Ghana, Guinea, Kenya, Madagascar, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Uganda, Zambia

05/09/2007

Equity