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23 May 2024
Adenia exits Outdoor Holdings Limited to Injaro Ghana Venture Capital Fund

ACCRA, Ghana, May 21, 2024 – Injaro Investment Advisors, a Ghanaian private capital fund manager, is delighted to announce the acquisition by its fund, Injaro Ghana Venture Capital Fund (IGVCF) of Outdoor Holding Limited (OHL), which controls a majority stake in DDP Outdoor Ltd (‘DDP’). Financial terms of the transaction were not disclosed.

DDP is a leading out-of-home (OOH) advertising company with 50 years of operational experience in Ghana. DDP operates c.1,400 advertising billboards across various OOH formats with nationwide coverage. The Company serves a wide range of customers including multinationals and blue-chip companies with its services covering outdoor media rentals, airport advertising, printing and signage production as well as below-the-line advertising services. During the investment period, IGVCF seeks to collaborate with the Company to grow its market share by expanding its advertising service offering.

This investment made by IGVCF aligns with the Fund’s strategy to partner with best-in-class profitable Ghanaian SMEs with credible growth potential that operate in the following sectors: Inclusive Financial Services, Food & Agribusiness, Education, Healthcare, Manufacturing and Industrial Services. IGVCF also promotes environmental, social and governance best practices in its portfolio companies to support job creation and sustained economic growth in Ghana and Côte d’Ivoire.

Jerry Parkes, MD of Injaro Investment Advisors, commented: “DDP has built a track record of excellence under the leadership of the late founder Mr. Torgbor Mensah, whose successor remains a minority shareholder, and which has continued under the partnership with Adenia. As we take over the baton from Adenia to continue this partnership, we remain focused on the founder’s vision of a versatile market-leading advertising partner that delivers exceptional customer service. We are indeed gratified to work alongside the management team and our fellow shareholder to extend the success story of this multi-generational Ghanaian family business.”

Nnennia Ejebe, Partner at Adenia, remarked: “Since investing in 2014, we have worked together with Mr. Mensah to professionalize DDP’s operations and put it on a trajectory to achieve strong commercial success for the long-term. In line with our sustainable value creation approach, we have invested to improve health and safety in line with best practices, introduced new processes and systems, and supported the professional development of its employees. We are immensely proud of all we have achieved together with Mr. Mensah and the DDP management team and look forward to following the firm’s future success with IGVCF’s support.”

Boniface Plahar, representative of the minority shareholder, added: “We are happy to welcome Injaro onboard as a shareholder of DDP Outdoor. Over the years, it has been a pleasure working with Adenia to make DDP the leading out-of-home advertising service provider in Ghana and we hope to continue to achieve higher heights of commercial success with Injaro. With DDP’s 50 years of experience and Injaro’s track record as a Ghanaian Private equity fund, we believe we can, together, propel the company’s growth.”


About Injaro:

Injaro Investment Advisors Limited (Injaro) is an investment advisory firm licensed by the Ghana Securities & Exchange Commission and is part of an international group which manages over USD 100M across multiple funds and has investments across Sub-Saharan Africa. The team has expertise in the areas of private equity, corporate finance advisory, asset management, management consulting and project management. Injaro manages the Injaro Ghana Venture Capital Fund (IGVCF), a private equity fund backed by local pension funds, registered under the laws of Ghana, and licensed by the Securities and Exchange Commission of Ghana.

About DDP Outdoor Limited:

DDP is the market leader in outdoor advertising in Ghana. The Company was formally incorporated in 1973 with an emphasis on out-of-home advertising, billboard production and installation, production of point-of-sale materials, exhibition building/display, and wide-format digital printing among others. Leveraging a network of 1,400 advertising faces, DDP offers a one-stop shop for out-of-home advertising to both multinational and domestic companies across various sectors including fast-moving consumer goods, telecommunications, financial services etc.

For more information, please contact: Jerry Parkes or

About Adenia Partners:

Adenia Partners is a private markets investment firm which has raised $950 million across five funds and co-investments, and is committed to responsible investing and a sustainable Africa. Founded in 2002, Adenia has a proven track record with over 30 platform investments executed and 18 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: