our portfolio

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.


Sector: IT services
Location: West and Central Africa
Investment date: 2012
Deal type: Buyout


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 in five businesses:


  • Agro-Industry and Property, including in particular the Alteo group, active in the sugar industry in Mauritius and Tanzania
  • Textile, with the Ciel Textile group, deployed across Mauritius, Madagascar, India and Bangladesh
  • Hotels & Resorts, consisting of the hospitality chains Sun Resort Ltd, Anahita The Resort and Constance Hotels Services Ltd based in in Madagascar, Maldives, Mauritius and Seychelles
  • Financial services, comprising bank and financial & management services companies in Madagascar and Mauritius
  • Healthcare, with a private clinic in Mauritius.


Sector: Diversified Holding
Location: Africa and Asia
Investment date: 2013
Deal type: Buyout


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), specialty paint and coatings for automotive and industrial use, as well as related products including glues and adhesives.


Mauvilac also distributes chemicals, primarily for the textile, construction, and cosmetics sectors. Mauvilac sells its products directly through three showrooms and, indirectly, through an extensive network of 1,000 hardware stores in Mauritius and the Indian Ocean region. The company’s ISO 9001-2008 certified factory is located in Pailles, Mauritius.


Sector: Painting
Location: Mauritius
Investment date: 2014
Deal type: Buyout


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.


Sector: Coating
Location: West Africa
Investment date: 2015
Deal type: Buyout


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.


Because of its production capacity and its product development capabilities, NEWPACK can produce a notable variety of carton and printing formats, and thus supply a wide range of products in corrugated cardboard for its clients. Newpack has produced more than 250,000 different packaging formats for clients in a number of sectors including agriculture (fruit and vegetables, fish, and meat), beverages, textiles, and personal care and household products, among many others.


Throughout its production process, Newpack creates packaging solutions that respect the highest environmental and quality standards. Its expertise has been recognized with ISO 9001 certification which the company has maintained for over ten years.

Sector: Packaging
Location: Madagascar
Investment date: 2018
Deal type: Buyout

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.

Sector: Heavy equipment

Location: Pan African

Investment date: March 2018

Deal type: Growth capital


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.


Sector: Distribution of energy devices
Location: West Africa
Investment date: 2016
Deal type: Buyout


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.


Sector : Healthcare distribution
Location : Madagascar
Year of Investment : 2015
Deal type : Buyout

DDP Outdoor

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).


Sector: Outdoor advertising
Location: Ghana
Investment date: 2014
Deal type: Buyout


CBE was established in 2005 and is active in the production and distribution of sand and aggregates. Additionally CBE provides a wide range of construction services such as earthworks, civil engineering, de-rocking, dredging, landscaping, transport and handling, and demolition.


Sector: Construction
Location: Comoros
Investment date: 2005
Deal type: Growth capital

Orange Madagascar

Orange Madagascar operates a cell phone network in Madagascar. From 2005 to 2010, the company became the market leader with more than 2 million subscribers and maintains a 60% share of the mobile phone market. Orange Madagascar also offers internet service for both individual and corporate customers and developed an undersea cable to connect Madagascar to the rest of the world.


Sector: Telecoms
Location: Madagascar
Investment date: 2005
Deal type: Buyout


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.

Sector: Business services
Location: Mauritius
Investment date: 2009
Deal type: Buyout


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.


Sector: Agribusiness
Location: Madagascar
Investment date: 2011
Deal type: Buyout


Socolait is a leading 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.


The company distributes its products throughout Madagascar via a network of wholesalers, large retailers and small shops. Approximately 2,000 small-holder dairy farmers provide their milk daily to the company in the region around Antsirabe, where 70% of the milk production of the country is concentrated. Socolait employs over 180 employees, most of who are based at the factory in Antsirabe, and rest at the head office in Antananarivo.


Sector: Dairy products
Location: Madagascar
Investment date: 2012
Deal type: Buyout


Execom was established in 2001 and is a leading call center in Mauritius, specialized 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.


Sector: BPO
Location: Mauritius
Investment date: 2003
Deal type: Buyout

Hotel du Louvre

Grand Hotel du Louvre SA operates as a 4-star hotel in downtown Antananarivo just 50 meters from the Presidential Palace and in the heart of the financial and commercial district of the city. After significant renovations, the hotel now has 78 rooms and is one of the largest international-standard hotels in Antananarivo.


Through this investment, Adenia Partners also has a minority stake in the Tamboho Hotel, a 3-star hotel with 30 rooms near the city center.


Sector: Hospitality
Location: Madagascar
Investment date: 2006
Deal type: Buyout


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.


Sector: Textile
Location: Mauritius
Investment date: 2010
Deal type: Buyout

Expand Technology

Established in 1999, Expand Technology is a regional leader in the deployment of smartcard payment systems. 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.


Sector: Technology
Location: Mauritius
Investment date: 2004
Deal type: Buyout

Madagascar Litchis Export

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.

Sector: Agribusiness
Location: Madagascar
Investment date: 2010
Deal type: Buyout

Le Récif

Le Récif 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. Prior to Adenia’s ownership the hotel was small 2-star hotel with 55 rooms operating under a different brand name. Through Adenia’s intervention, the hotel underwent an extensive refurbishment and rebranding process, and began operations under the ‘Le Récif’ name in 2008.


Sector: Hospitality
Location: Mauritius
Investment date: 2007
Deal type: Buyout

Mauritius Union

Mauritius Union Assurance (MUA) is an insurance company offering both general and life insurance products. Under Adenia’s ownership, MUA undertook two acquisitions, including the acquisition of La Prudence Mauricienne, another Mauritian insurer, propelling the company to become the market leader in general insurance. Mauritius Union Assurance is listed on the Stock Exchange of Mauritius (MUA:SEM).

Sector: Insurance
Location: Mauritius
Investment date: 2009
Deal type: Buyout


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