Port Louis, Mauritius, July 2015: Adenia Partners, a private equity firm investing in Sub-Saharan Africa, announces an investment in Cresta Paints, an auto-refinish and industrial coatings manufacturer and marketer in Africa, partnering with the company’s founders, Mr. Abhay and Mrs. Pradnya Salunkhe. The transaction was structured through Adenia Capital (III), a US$125 million fund closed in February 2012.
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. The company leverages a number of strategic partnerships including with Noroo Paint & Coatings (#2 player in South Korea for automotive refinish paint) and Jotun (#2worldwide for industrial coatings). In recent years the company has expanded its operations to the Indian Ocean region and to India.
Mr. Antoine Delaporte, Adenia Partners CEO, said: “We are impressed by the Cresta's continued growth and success. We are proud to partner with such bright entrepreneurs and are looking forward to join forces to bring the company in its next phase of development.”
Adenia Partners and the Salunkhes share the common objective of bringing the company to the next level, through the pursuit of growth opportunities linked to further exports, international expansion, product development, and new partnerships and through the implementation of best industrial practices. In particular, Adenia will support the management team by providing strategic & financial advice and assistance in ESG process improvement. Adenia will also leverage its network to source new business development opportunities.