Our investment
In 2012, CDC committed €10 million to Adenia Capital III (formerly I&P Capital III), with the fund reaching a total fund size of €96 million. Our investment enabled Adenia to offer operational and strategic support to investee companies and facilitate their regional growth.
Expected impact
Trading in Ghana, Côte d’Ivoire and Madagascar – some of Adenia’s key territories – can be challenging. However, even market-leading companies in this region can lack strategic business management, operational rigour and sound environmental and social practices. Adenia’s focus on improving these areas can produce a lasting impact, and corresponding uplift in trade and business opportunities. It can also help investee companies reduce operational risk. The fund has invested in Syrse International, a regional leader in electronic payments and ATM distribution and maintenance which operates across 11 countries in West and Central Africa. Adenia helped the business implement new resource planning and accounting frameworks, and is supporting the company’s expansion into new markets, including Chad, the DRC, and Togo. It has also invested in DDP Outdoor, a leading outdoor advertising company based in Ghana which has subsequently implemented stronger health and safety procedures as well as more effective labour policies.
Environmental and social aspects
The fund manager has a well-established approach to environmental and social management and we will continue to support and monitor its approach as its portfolio grows.
Key facts
- Status:
- Active
- Region
:
Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.
- Africa
- Sector
:
We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.
- Communications and IT Services, Food and agriculture, Health, Infrastructure, Manufacturing, Other consumer services
- Website:
- http://www.adenia.com/
- Investment type
:
We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).
- Intermediated investment
- Fund manager:
- Adenia Partners
- Start date
:
For direct investments, this is the date CDC committed capital to the business or project.
For funds, this is the date that CDC committed capital to the fund.
For underlying fund investments, this is the date that the fund invested capital into the business.e
- February 2012
- Amount
:
For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).
For funds, this is the total amount that CDC has committed to the fund.
- $15.56m
- Domicile
:
This is the investee company’s place of incorporation; or a fund’s jurisdiction.
- Mauritius
Investments made by this fund
- Active
- Exited
| Investment name | Country | Region | Sector | Start date | Status |
|---|---|---|---|---|---|
|
Socolait
Socolait produces and sells fresh and long-life dairy products, snacks and juices to the local market. |
Madagascar | Africa, East Africa | Food and agriculture | March 2012 | Exited |
|
Syrse
Syrse distributes and services IT equipment in electronic banking used by financial institutions in 11 Francophone West & Central Africa countries, most often under the OMOA brand. |
Africa, West Africa | Communications and IT Services | December 2012 | Active | |
| CIEL | Mauritius | Africa, East Africa | Manufacturing | July 2013 | Exited |
|
DDP Outdoor Ltd
DDP Outdoor Ltd is the market leader in outdoor advertising in Ghana, leveraging a network of over 2000 advertising sites across the country and has clients across various sectors (FCMG, telecoms, financial services). |
Ghana | Africa, West Africa | Other consumer services | March 2014 | Active |
|
Mauvilac
Mauvilac is a leading paint, coatings and chemical products manufacturer and marketer in Mauritius founded by the Maurel family. It specialises in decorative paints and coatings for automotive and industrial use; the company also distributes chemicals primarily for the textile , construction and cosmetic sectors. |
Mauritius | Africa, East Africa | Manufacturing | July 2014 | Exited |
|
Cresta Paints Limited
Cresta Paints is a coatings and paint manufacturer founded in Ghana in 2002 and has rapidly established itself as a leading supplier of auto-refinish and industrial coating products across the West African region. |
Africa, West Africa | Manufacturing | July 2015 | Active | |
|
Opham
Opham is the leading wholesale distributor of Pharmaceutical products in Madagascar |
Madagascar | Africa, East Africa | Health | January 2016 | Active |
|
Ademat
Ademat distributes, installs and maintains power devices, UPS, drive systems, voltage stabilisers and other electrical and IT products. |
Cote d'Ivoire | Africa, West Africa | Infrastructure | July 2016 | Active |
