Adenia Partners, the private equity firm with offices in Mauritius, Madagascar and Ghana, announced the successful completion of the sale of two portfolio holdings last week, Newpack and Hôtel du Louvre. In both cases, specific financial terms of the transactions were not disclosed. Both transactions are full exits from the investments for Adenia, which sold Newpack to the company’s management team and Hôtel du Louvre to a private family in Madagascar.
Adenia originally invested in Hôtel du Louvre in 2006, acquiring a 75% stake in the business hotel which is located in Antananarivo, the capital of Madagascar. Over the life of the investment, the hotel has been transformed from a 2-star property to a 4-star property with 78 rooms and a strong international client following. The investment was held through Adenia’s first fund, Adenia Capital (I), and the completion of the transaction in October was the sixth and final exit from the fund.
Newpack, a leading provider of corrugated cardboard packaging in the Indian Ocean region was acquired through Adenia’s second fund, Adenia Capital (II), in 2008. The sale process of Adenia’s 100% stake was started in October 2014 and was finally completed in August 2015. The exit is the third from Adenia’s second fund, which, thanks to strong partnership with management, continued product innovation, development of exports, as well as a number of ESG initiatives aimed at driving additional efficiency and cost reduction has achieved a 3.0x multiple on capital invested.