News

Adenia acquires leading grower of premium roses in Kenya


Nairobi, Kenya, 13 October 2021

 

Adenia Partners, a private equity firm investing in Africa, has acquired a majority stake in Altilands SA, the parent company of Red Lands Roses (“Red Lands”), a leading grower of premium fresh-cut roses in Kenya. Red Lands is internationally recognized for its green horticultural practices that respect people and the environment. Financial terms of the transaction were not disclosed.

 

Established in 1996 by agronomist, Isabelle Spindler, Red Lands operates a farm of 28 hectares, 35 kilometers northeast of Nairobi, at approximately 1,565 meters above sea level. Red Lands’ premium fresh-cut roses have fuller heads, longer stems, and an enviable vase life of 12 to 21 days which not only provides value for its targeted premium florist market, but also ensures an overall lower carbon emissions profile.  Red Lands is recognized globally as a leader in the production of spray roses and the Company produces 16 million stems per year which comprise of over 200 varieties of fresh-cut roses. The Company sells exclusively to wholesalers, predominantly serving markets in Russia, Eastern and Central Europe.

 

Adenia has invested in Red Lands due to its strong reputation for high-quality roses and advanced farming practices, being one of the first farms in East Africa to utilize 100% hydroponic farming. Adenia was also impressed by Red Lands’ strong pricing power which is driven by the Company’s direct route-to-market model that avoids the auction system where most of Kenya’s fresh-cut roses are sold. Adenia will collaborate with Red Lands’ management to accelerate the expansion of its production capacity through cultivation of an additional 20 hectares of land. This capacity will be readily absorbed by existing, as well as new customers. The investment will also lead to growth in the number of employees, a significant number of whom are women, from 500 today to nearly 750 in two years.

 

“We are delighted to partner with Red Lands Roses to help grow this exceptional company whose niche business model was pioneered by one of the few women in this male-dominated sector. We look forward to working closely with the leadership to build on the Company’s strong foundation,” said Martha Osier, Partner at Adenia Partners.

 

“Adenia has a strong track record of accelerating growth and institutionalizing family-led companies like ours. We look forward to partnering with Adenia and leveraging their experience and expertise,” said Red Lands Roses Managing Director, Isabelle Spindler who, together with her husband Aldric Spindler, will remain as executive directors responsible for farm expansion. Recently appointed CEO, Disha Copreaux, has assumed active management of the Company. Disha is a Kenyan citizen, and she brings both operational and strategic experience in commercial farm management having previously served in leadership roles at Export Trading Group (ETG) and Syngenta.

 

About Adenia

Adenia Partners is a private markets investment firm committed to responsible investing and a sustainable Africa. Founded in 2002, Adenia has successfully raised US $500 million across 4 funds. Adenia has a proven track record of strong and consistent performance with 30 platform investments executed and 16 realized exits. Based on-the-ground across Africa, Adenia has one of the most highly qualified African private markets investment teams in terms of educational pedigree, longstanding experience as entrepreneurs and investors, and local in-depth knowledge. By creating stronger companies with quality jobs, fostering economic improvement, and elevating companies to meet ESG standards, Adenia is increasing the enterprise value for investors, whilst benefiting workers, communities, and companies in Africa. For more information, please visit: www.adenia.com.

 

About Red Lands Roses

Red Lands Roses is a leading grower of premium roses, including the popular Spray roses. The farm produces approximately 16 million fresh-cut roses for sale annually and grows almost 200 varieties of roses in its catalogue.  Red Lands Roses has achieved numerous international certifications including the MPS environment A and Kenya Flower Council Silver status, the latter of which is accredited by the South African National Accreditation System (SANAS). For more information please visit: https://www.redlandsroses.com/


Other News
  • Adenia and Proparco acquire Overseas Catering Services

  • Adenia Co-Leads Consortium Investment in Eastcastle Infrastructure

    The joint investment with AIIM and IFC will provide USD130m in funding to Eastcastle to support the company’s 

  • Adenia acquires leading distributor of electrical and solar equipment in South Africa

    Adenia Partners, a private equity firm investing in Africa, has acquired a majority stake in Herholdt’s

Legal

Thank you for visiting Adenia Partners website. By using this website, you agree to abide by the following terms and conditions. If you do not accept these conditions, do not use this website. Adenia Partners may change this Privacy Policy and User Agreement from time to time, based upon any changes to our website and our users’ experience on it. If we make any substantial changes in this Agreement, we will post a prominent announcement on our home page.

 

User Agreement

 

Restrictions on Use:
Any person using this website is permitted to copy and print individual website pages for non-commercial purposes. Users may also copy or print minimal copies of any research or reports posted on the site solely for informational, non-commercial use. These copies must not alter the original website content, including all legal notices and legends. Our prior permission is required for (i) any commercial use of materials on this website; (ii) making more than minimal copies of website materials; and (iii) copying large portions of our website, such as by bots, robots or spyders that “harvest” the website.

 

Linking and Framing:
Please note that this Privacy Policy and User Agreement applies only to this website and not to other websites that may be accessible from this website via hyperlink. We are responsible only for the content of our own website. We encourage you to review the privacy policies and user agreements of all other websites that you visit.

 

Ownership:
All content included on this website, such as graphics, logos, articles and other materials, is the property of our organization or others and is protected by copyright and other laws. All trademarks and logos displayed on this website are the property of their respective owners, who may or may not be affiliated with our organization.

 

Submissions

 

Information Submitted to Adenia Partners:
Please do not send any information to Adenia Partners that constitutes a trade secret or is confidential or proprietary. Adenia Partners cannot agree to obligations of confidentiality or non-disclosure with regard to information submitted to us. By submitting information or materials to Adenia Partners, you and anyone acting on your behalf, agree that any such information or materials will not be considered confidential or proprietary. Adenia Partners is not obligated to review any information or materials sent to us, Adenia Partners reserves the right to reject information or materials in its sole discretion and Adenia Partners will be under no obligation to return any information or materials to you. It is possible that Adenia Partners will receive a number of similar plans and ideas; you understand that your idea may have previously been submitted to Adenia Partners and may be under our consideration. In no event will Adenia Partners be limited or restricted from pursuing any opportunities with others.

 

International Use:
Due to the global nature of the Internet, this website may be accessed by users in countries other than Mauritius. We make no warranties that materials on this website are appropriate or available for use in such locations. If it is illegal or prohibited in your country of origin to access or use this website, then you should not do so. Those who choose to access this site outside Mauritius do so on their own initiative and are responsible for compliance with all local laws and regulations.

 

Limitations of Liability:
We are not responsible for any damages or injury, including but not limited to special or consequential damages, that result from your use of (or inability to use) this website, including any damages or injury caused by any failure of performance, error, omission, interruption, defect, delay in operation, computer virus, line failure, or other computer malfunction. You acknowledge that we provide the contents of this website on an “as is” basis with no warranties of any kind. Your use of this website and use or reliance upon any of the materials on it is solely at your own risk.

 

Governing Law:
You agree that your use of this website, this Privacy Policy and User Agreement and any disputes relating to any of them shall be governed in all respects by the laws of Mauritus. Any dispute relating to the above shall be resolved solely in the state or federal courts located in Mauritius.


Mail Disclaimer
The privileged and confidential information contained in or attached to this electronic message transmission is exclusively addressed to you. In any case the content(s) of this message neither constitute an advice nor is binding in nature. I&P Management (Indian Ocean) Ltd, except to the extent that it relates to their official business, will not be liable for any prejudice suffered by you in reading the contents of this message. Bear in mind that if you are not the addressee and that you use, copy, print, forward, save, disclose, disseminate or circulate this message or its attachments, you will be acting in contravention with the law and thus be responsible for the consequences which may result. If you received this message in error, please notify the Sender by return email, facsimile or by any other means and remove entirely the message and its attachments from your system. The Company will not be liable for any loss, disruption or damage caused to your data or computer system whilst receiving this message.

Privacy

 

Privacy Notice:
Adenia Partners respects the privacy of the visitors to our website. We generally record certain usage information, such as the number and frequency of visitors to this website. This information may include the websites that you access immediately before and after your visit to our website, the Internet browser you are using, your IP address and the country you have accessed the site from. If we use such data at all, it will be on an aggregate basis, and we will not disclose to third parties any information that could be used to identify you personally.

 

Disclaimer Google Analytics:
This website uses Google Analytics, a web analytics service provided by Google, Inc. (“Google”). Google Analytics uses “cookies”, which are text files placed on your computer, to help the website analyze how users use the site. The information generated by the cookie about your use of the website (including your IP address) will be transmitted to and stored by Google on servers in the United States. Google will use this information for the purpose of evaluating your use of the website, compiling reports on website activity for website operators and providing other services relating to website activity and internet usage. Google may also transfer this information to third parties where required to do so by law, or where such third parties process the information on Google’s behalf. Google will not associate your IP address with any other data held by Google. You may refuse the use of cookies by selecting the appropriate settings on your browser. By using this website, you consent to the processing of data about you by Google in the manner and for the purposes set out above.


Privacy Policy
Click here