Adenia Partners launches fourth fund and holds first close

10 Nov 2016

Adenia Partners, a private equity fund manager focused on mid-cap buyouts and growth capital investments in Sub-Saharan Africa, has launched Adenia Capital (IV), its fourth follow-on fund vehicle, securing EUR180mn of LP commitments in a first closing this month, representing 90% of its initial target size of EUR200mn.

Investors in Adenia (IV) are a combination of reputable international institutional investors, and regional and European individual investors, entrepreneurs, family offices and foundations. Directors and principals of Adenia Partners collectively hold 4% of Adenia Capital (IV). The vast majority of committed capital to Adenia (IV) comes from existing investors to Adenia’s prior funds, all of whom increased their investment tickets. At the same time, 25% of commitments to Adenia (IV) are from a select number of new LPs to the firm.

In operation for 15 years, Adenia Partners has completed 21 investments and 10 exits. Through the years, the firm has developed a track-record of strong and consistent financial performance while generating solid social and environmental returns. With this fourth fund vehicle, Adenia has now raised over EUR325mn in assets.

Adenia has maintained the same investment strategy since its foundation, focusing on control buy-out and growth capital investments in market leaders exhibiting strong potential for operational improvement. The firm has a differentiated approach to asset selection, hands-on engagement, and exit strategy, which has led to substantial value creation and numerous liquidity events. Notably, Adenia’s debut vehicle, Adenia Capital (I), launched in 2003, is fully liquidated and wound-up.

The new fund, Adenia Capital (IV), will target companies generating turnover between US$5mn and US$40mn and EBITDA between US$1mn and US$7mn. The fund seeks to invest in a variety of sectors including, but not limited to, consumer goods, business services, manufacturing, financial services, ICT and telecommunications, and hospitality.

Commenting on the news, Antoine Delaporte, founder and Managing Director of Adenia Partners said, “We feel fortunate to have a large and loyal group of recognized investors supporting Adenia’s strategy, which is to invest in companies where we have the ability to drive an ambitious growth agenda. Our ultimate goal is to create value for our investors, our companies and our countries.”

Christophe Scalbert, Principal based in Abidjan, led the fundraising process. Solomon Wifa, Partner at Willkie Farr based in London, is the legal adviser for Adenia Capital (IV). No placement agent was involved for this fundraising.

 

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About Adenia Partners

Founded in 2002, Adenia Partners is a private equity management firm investing in some of Africa’s most promising businesses. Adenia’s investment team is composed of experienced private equity professionals with a broad set of skills in strategic consulting, M&A, and company management. The team is based in 4 African countries with offices in Ghana, Cote d’Ivoire, Madagascar and Mauritius. Adenia’s previous funds are the following:

  • Adenia Capital: EUR10mn, launched in 2003, fully exited
  • Adenia Capital (II): EUR37mn, launched in 2007
  • Adenia Capital (III): EUR96mn, launched in 2012
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