Adenia Partners, a private equity firm investing in sub-Saharan Africa, has acquired a controlling stake in Kanu Equipment Limited (Kanu), a pan-African distributor of capital equipment. The transaction provides growth capital to the Company and was structured through Adenia Capital (IV), a €230mn fund.
Founded in 2012, Kanu is the largest distributor of Liebherr and Bell Equipment in East, West and Southern Africa with spare parts distribution centers across Africa. Kanu distributes quality brands with necessary OEM support to meet customer demands backed by a skilled maintenance team. Its equipment portfolio cuts across the earthmoving, mining, road construction, agriculture and forestry industries.
Mr. Alexis Caude, Managing Director at Adenia, said: “We have been impressed by Kanu’s rapid growth and success in many sub-Saharan countries. We are proud to partner with a strong management team and look forward to leveraging Adenia’s network in Africa to ensure that Kanu achieves its ambitious expansion plans.”
Mr. Stephen Smithyman, CEO of Kanu, said: “We are delighted to bring on-board Adenia Partners which shares Kanu’s entrepreneurial spirit and drive to foster economic development in Africa through provision of high quality equipment.” Adenia Partners and the management team of Kanu are aligned to achieve Kanu’s growth objectives which require not only investment in machinery, infrastructure and stock, but also enhancement of internal operational efficiencies.
Through this transaction, Phatisa, an African focused private equity fund manager which backed Kanu in 2016, has achieved a partial exit of their shareholding in Kanu.
About Adenia Partners:
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 (II), Adenia Capital (III), Adenia Capital (IV), the firm currently manages $US450mn of assets from its six offices based in Mauritius, Madagascar, Cameroon, Cote d’Ivoire, Ghana and Kenya. Adenia was founded by a team of entrepreneurs with experiences as business founders and CEOs.
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