Adenia Partners, the private equity firm focusing on opportunities in sub-Saharan Africa, has made its sixth investment from its third fund, the $125 million Adenia Capital (III), to take an undisclosed stake in Cresta Paints, an auto re-finish and industrial coatings manufacturer and distributor headquartered in Accra, Ghana.
The investment will be used to help the company step up to the next level by seeking new export opportunities, expanding its product development activities, developing new partnerships and implementing industrial best practices. Additionally, Adenia plans to support the company’s founders, the Salunkhes, and their management team by leveraging their network for new business development opportunities as well as providing strategic and financial advice along with assistance in ESG process improvement.
“We are impressed by the Cresta’s continued growth and success,” said Adenia’s CEO, Antoine Delaporte. “We are proud to partner with such bright entrepreneurs and are looking forward to join forces to bring the company in its next phase of development.”
Cresta Paints has significant market-share in West Africa in the after-market auto-refinish paint, and exports “SuperShine”, its flagship brand to more than a dozen countries in the region. Since its founding in 2002, it has expanded its product offerings to serve a variety of end-markets, including construction, oil & gas, shipping and marine, power, manufacturing, and mining. In recent years the company has expanded its operations to the Indian Ocean region and to India.
Adenia Partners manages three private equity funds with a combined total of $200 million in assets. According to the firm’s website, the first two funds are now fully invested. Along with the directors and senior managers of Adenia, LPs in Adenia Capital (III) include European Investment Bank, the International Finance Corporation, Swedfund, FMO, BIO, CDC, DEG, the Sugar Industry Pension Fund of Mauritius, Kuramo Capital Management and BNP Paribas.