Adenia Partners

Adenia Partners, established in 2002, is a private capital management firm based in Mauritius. It specializes in mid-market investments across Sub-Saharan Africa, focusing on sectors such as agribusiness, manufacturing, financial services, healthcare, consumer goods, and technology. The firm aims to support promising African businesses through strategic partnerships and capital investment.

Dan Apungu

Principal

Stephane Bacquaert

Managing Partner and Board Member

Charles Boatin

Partner

Antoine Delaporte

Founder, Managing Partner and Investment Committee Member

Mariam Djibo

Principal

Martha Osier

Partner

Pamela Ramigadu

CFO

Past deals in Madagascar

Socolait

Acquisition in 2012
Socolait is a well-established dairy product manufacturer in Madagascar with a long-standing heritage. The company specializes in a range of dairy offerings, including sweetened condensed milk, infant powder under the brand FARILAC, milk powder, and a variety of fresh dairy products such as yogurts and cheeses. Additionally, Socolait produces snack products, catering to diverse consumer needs within the dairy sector.

Madagascar Litchis Export

Acquisition in 2010
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.

Newpack

Acquisition in 2008
Newpack is a leading manufacturer of corrugated packaging based in Madagascar, recognized as the largest cardboard mill in the South West Indian Ocean. With an annual production exceeding 20 million square meters, the company specializes in packaging solutions for various sectors, including agriculture, fish and meat, beverages, textiles, and personal care. Newpack offers a diverse range of products, including pizza and cake boxes, single-sided rollers, and waterproof covers, while also providing customization options to meet specific client packaging needs.

Le Louvre Hotel & Spa Antananarivo

Acquisition in 2006
Le Louvre Hotel and Spa Antananarivo operates as a 4-star hotel in downtown Antananarivo just 50 meters from the Presidential Palace.

Orange Madagascar

Acquisition in 2005
Orange Madagascar, based in Antananarivo, is a prominent provider of wireless telecommunications services in Madagascar. Founded in 1998 and formerly known as Societe Malgache de Mobiles, the company adopted its current name in 2003. As a subsidiary of Orange S.A., Orange Madagascar has established itself as the market leader in mobile telecommunications, boasting over 2 million subscribers and holding a 60% share of the market from 2005 to 2010. The company offers a range of services, including cellular and internet connectivity for both individual and corporate customers, utilizing modern 2.5G, 3G, and 4G networks. Additionally, Orange Madagascar has developed an undersea cable to enhance global connectivity, ensuring reliable communication for its users.
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