Fund manager (General Partner), AVCA member, buyouts of African SMEs. Assets under management: ≈ USD 800m.
At a glance
Based on observed investment behaviour: 6 recorded deals
- Investor type
- Private equity or venture capital fund (inferred, not verified)
- Capital type
- Private equity (inferred from deals)
- Observed ticket
- Data unavailable
- Stated ticket : 10 M$ – 50 M$
- Countries
- South Africa (3), Côte d'Ivoire (1), Kenya (1)
- Activities
- Chemicals (1), Commercial & industrial energy (1), Delivery and last mile (1)
- Instruments
- Equity (6)
- Stages
- Growth (6)
- Recent activity
- 1 deal in 12 months, latest Jun 2026
Stated thesis versus observed behaviour
- Sectors: 50% of its deals within its stated thesis
- Countries: 40% of its deals within its stated thesis
Does this fund fit your project?
Describe your need: the target list shows, for each source of capital, why it fits and which deals prove it.
Criteria published by the fund, recorded and checked by Invest Matching.
- Investment ticket
- 10 M$ – 50 M$
- Instruments
- Equity
- Preferred sectors
- Manufacturing, Business & personal services, Retail & distribution, Agribusiness, Media & entertainment*, Tourism & hospitality*, Energy*, Logistics*, Financial services*
- Target geographies
- Morocco, Côte d'Ivoire, Ghana, Kenya, Madagascar, Senegal, South Africa*
* added from its deals
- Stages (stated by the fund and from its deals)
- Growth
LinkedIn profiles, emails and phone numbers are reserved for signed-in members: create an account to access them.
Recent public deals: they say better than a thesis what the fund actually signs.
Minet Group
June 2026GrowthUndisclosed amountEquityFinancial servicesLead
Activity : Insurance
Instrument : Majority stake (acquired from Capitalworks)
Insurance broking, risk advisory and employee benefits in Botswana, Kenya, Lesotho, Malawi, Mozambique, Namibia, Tanzania, Uganda and Zambia. Majority stake acquired from Capitalworks.
Why they invested
- Insurance broking driven by financial literacy, digitisation and population growth
- Regional platform already in nine countries
Advisers
- DLA Piper Africa, Kenya (IKM Advocates) — juridique, buyer side
- EY Parthenon — financier et fiscal, buyer side
- Bowmans — juridique, seller side
- Rothschild — transaction, seller side
- Webber Wentzel — fiscal, seller side
- PwC — financier, seller side
Source : adenia.comN1 · Primary source
Erium
July 2024 · Côte d'IvoireGrowthUndisclosed amountEquityManufacturingLead
Activity : Chemicals
Instrument : Acquisition des filiales d'Air Liquide dans 12 pays
Takeover of Air Liquide's operations in 12 countries across West and Central Africa and Madagascar: industrial and medical gases for mining, oil, food and healthcare.
Why they invested
- Create the first pan-African industrial and medical gases player
- Presence in 12 markets
- Up to EUR 30m of industrial capex over five years
Source : adenia.comN1 · Primary source
The Courier Guy
March 2024 · South AfricaGrowthUndisclosed amountEquityLogisticsLead
Activity : Delivery and last mile
Instrument : Acquisition de 100 % · Vehicle : Adenia Capital (V)
South African last-mile delivery leader with a network of partners, pick-up points and lockers.
Why they invested
- Fast-growing South African e-commerce
- Changing consumer delivery expectations
- Leading last-mile position
Advisers
- RMB — Financement de la dette, buyer side
- PwC — Due diligence financière et fiscale, fund side
- Webber Wentzel — Conseil juridique, fund side
- EY — Due diligence ESG, fund side
Co-investors DEG, Proparco, South Suez
Source : adenia.comN1 · Primary source
Enfin
October 2023 · South AfricaGrowthUndisclosed amountEquityEnergyLead
Activity : Commercial & industrial energy
Instrument : Participation majoritaire · Vehicle : Adenia Capital (V)
Finances, maintains and insures solar installations for businesses, farms, sectional-title properties and schools in South Africa.
Why they invested
- South Africa's energy crisis and load shedding
- Solar with no upfront capex for the client
- Target of over 100MW of solar assets
Source : adenia.comN1 · Primary source
Red Lands Roses
October 2021 · KenyaGrowthUndisclosed amountEquityAgribusinessLead
Activity : Floriculture and horticulture
Instrument : Participation majoritaire dans Altilands SA, société mère
Kenyan grower of premium cut roses, partly hydroponic with water recycling, sold mainly to international wholesalers.
Why they invested
- Quality reputation and advanced farming practices
- Differentiating hydroponic growing
- Direct sales and pricing power
Source : adenia.comN1 · Primary source
Herholdt's
June 2021 · South AfricaGrowthUndisclosed amountEquityRetail & distributionLead
Activity : Wholesale
Instrument : Participation majoritaire
South African distributor of low-voltage electrical and solar equipment for installers and resellers.
Why they invested
- Growing solar equipment market
- Need for reliable power in South Africa
- Store network expansion and bolt-on acquisitions
Advisers
- Deal Leaders International — Conseil en fusions-acquisitions, fund side
Source : adenia.comN1 · Primary source
Adenia Partners invests tickets ranging from 10 M$ to 50 M$, across the following sectors: Manufacturing, Business & personal services, Retail & distribution, Agribusiness, Media & entertainment, Tourism & hospitality, Energy, Logistics, and Financial services, in the following areas: Morocco, Côte d'Ivoire, Ghana, Kenya, Madagascar, Senegal, and South Africa. Check in 30 seconds whether your company fits these criteria.
