Case Studies


In 2008, Adenia Partners acquired 100% of the shares of Newpack, a leading cardboard manufacturer in Madagascar.

Partnering with management

Shortly after the acquisition, Adenia Partners appointed a new CEO to turn this local carton player into a regional leader. This partnership proved to be very successful, in terms of revenue generation, profitability improvement and cultural change at the company.

Managing through crisis

Early 2009, Madagascar entered into one of the longest political and economic crisis of its history. GDP per capita was driven to record lows (USD 460) and local consumption was severely affected.

Despite this uncertain context, Newpack increased its revenue by 55% and its EBITDA by 132% between 2008 and 2014, thanks to various initiatives including the introduction of new value added products and the improvement of product formulations. Additionally, through Adenia’s business development efforts, Newpack began serving several clients on neighboring islands.  By 2014, exports represented 30% of sales as compared to 2% in 2008.

Driving returns through ESG

This strong financial performance was supported by a number of ESG initiatives aiming at driving additional efficiency and cost reduction programs. These projects included the installation of a water treatment plant, the implementation of international best practices such as the 5S methodology, and the implementation of a zero accident policy.

In 2014, Adenia Partners sold its shares to the managing director, who was backed by a group of investors, and generated a strong return on capital invested.


In December 2007, Adenia Partners acquired the Colonial Beach Hotel, a 55-room 2-star hotel in Mauritius, for €3 million.

Investing for growth

In February 2008, Adenia Partners initiated a refurbishment project for an amount of €3.3 million, almost entirely financed by a bank loan, to upgrade and extend the hotel to a 3-star hotel with 70 rooms. The project was completed as planned in October 2008. The newly re-built hotel was fully environmentally compliant.

Building a management team

Adenia Partners recruited the Managing Director of the hotel, a former manager of a leading local hotel group and the hotel was renamed ‘Le Récif’. The M.D. then recruited 48 additional staff to create a motivated and dedicated team.

Despite opening during a very difficult period, November 2008, due to the global financial crisis, the hotel did not cut costs and focused, instead, on establishing a “good value for money” positioning in the market.

Realizing value

Due to its differentiation in the market, the occupancy rate reached 80% by the second year of operation and guest nightly spending rose by 5% each of the first two years.

In December 2010, Adenia Partners sold its shares to a Mauritian 3-star hotel group which valued the company at €8 million.

Excellent reviews of Le Récif (4.5 out of 5 on Trip Advisor) have positioned the hotel well in the Mauritius 3-star hotel category. From a declining 2-star hotel, Adenia Partners created a performing and charming hotel, achieving above-par hotel performance.


Mauritius Union Assurance (MUA) is a leading insurance group based in Mauritius, engaged in both general and life insurance. In May 2009, Adenia Partners acquired a 22.5% stake in MUA, in a transaction which valued the business at €26 million and thus became the lead shareholder of the company, with the second shareholder owning 10%.

Focusing the company on its core business

Over the years, MUA had developed an investment portfolio in a number of Mauritian companies and its top management were spending significant time participating on the various boards of these companies. Upon its investment, Adenia Partners convinced MUA’s board to sell off the €20 million investment portfolio in excess to its needs for its insurance activities and use the proceeds to develop the core business, i.e. life and general insurance.    Thus, in January 2010, MUA acquired National Mutual Fund (NMF), an asset management company, and in March 2010, La Prudence Mauricienne, the fifth largest insurer in Mauritius.

Promoting good governance and working with management

Adenia Partners promoted good governance within MUA by introducing systematic control of operations involving board members interests, introducing budget control processes, and reducing directors’ fees by 50%.

Realizing value

Following its implementation of a core-business strategy and good governance practices, Adenia Partners decided to sell its holding to a group of Mauritian investors who valued the company at €63 million. Thanks to Adenia Partner’s interventions, MUA became the market leader with 45% market share in the motor insurance sector and generated over €2.5 million of annual cost savings through its various acquisitions.