BEAU PLAN, Mauritius, June 29, 2026 – Adenia Partners (“Adenia”), a leading private equity firm focused on growth opportunities in Africa, has acquired a majority stake in Minet Group, one of Africa’s largest independent insurance brokerage and risk advisory firms. The stake was acquired from Capitalworks, a private equity investor with a long history of investing in South Africa and across the continent. The transaction completed on 29 June 2026 following receipt of all required regulatory approvals. Financial terms were not disclosed.
Minet provides insurance brokerage, risk advisory, and employee benefits solutions to a diverse base of clients, including corporates, SMEs, and institutions across nine African countries: Botswana, Kenya, Lesotho, Malawi, Mozambique, Namibia, Tanzania, Uganda, and Zambia. Prior to its acquisition by Capitalworks in 2017, Minet was part of Aon, the global insurance broker.
Africa’s insurance brokerage sector presents a compelling investment opportunity driven by several factors, including increased financial literacy, digital transformation, which aids understanding and access to insurance products, rapid economic expansion, and population growth. The partnership with Adenia is expected to enhance Minet’s operational capabilities and strategic expansion across the continent, including the implementation of sustainability-aligned metrics.
“We are pleased to have completed this investment in Minet, a business that aligns closely with our strategy of partnering with high-quality, high-performing African companies,” said Martha Osier, Partner at Adenia. “There’s a generational opportunity to build scalable, technology-driven insurance models that meet the needs of young and urbanizing populations in many parts of Africa, which Minet is well-positioned to capitalize on. Our goal is to support the management team in this phase of growth, implement operational and sustainability-linked best practices, and extend the Company’s leading position in markets across the continent.”
The investment marks another milestone for Adenia as it continues to scale its control-driven strategy in sectors essential to Africa’s development. Minet represents Adenia’s latest step in supporting companies that offer mission-critical services with long-term growth potential.
Garth Willis, Managing Partner at Capitalworks commented: “Capitalworks has been proud to partner with the management team in building the Minet business into what it is today. The transaction is a testament to how active private equity partners alongside experienced management teams can unlock significant growth potential in leading businesses and facilitate the introduction and successful transition to new shareholders.”
Adenia Partners was advised by DLA Piper Africa, Kenya (IKM Advocates) (legal) and EY Parthenon (financial and tax). Capitalworks was advised by Bowmans (legal), Rothschild (transaction), Webber Wentzel (tax), and PricewaterhouseCoopers (financial).
About Adenia Partners
Adenia Partners is a private markets investment firm which has raised over $1 billion across six funds and co-investments, and is committed to responsible investing and a sustainable Africa. Founded in 2002, Adenia has a proven track record with more than 35 platform investments executed and more than 20 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 Capitalworks
Established in 2006, Capitalworks is an independent alternative asset management firm providing investment access and specialist solutions to clients across a wide range of industries and investment themes in global emerging markets. With a focus on alternative asset investments and a distinctive team of investment professionals, Capitalworks brings a differentiated perspective to the market.
Capitalworks’ professionals are leaders in their respective disciplines and have demonstrated an ability to generate superior returns through principal investment activities. Today, Capitalworks manages more than US$1.6 billion for a diverse range of domestic and international investors. www.capitalworksip.com
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