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30 May 2024
Adenia Partners Successfully Exits Cresta Paints to Uhuru Investment Partners

ACCRA, Ghana, May 30, 2024 – Adenia Partners (“Adenia”), a leading private equity firm focused on growth opportunities in Africa has successfully exited its entire stake in Cresta Paints (the “Company”) to Uhuru Investment Partners, a middle-market private equity firm focused on investing in West Africa. Cresta Paints, headquartered in Ghana, is a leading player in the automotive refinish and protective coatings sector.

Founded in 2002, Cresta Paints has developed a comprehensive product range that includes paints, clear coats, hardeners, thinners, and more. The Company has established a leading market presence in Ghana, Nigeria and key francophone West African markets including Côte d’Ivoire, Benin, and Togo.

Adenia partnered with Cresta Paints in 2015 and has since helped the Company consolidate its position as the regional leader in the automotive refinish industry, exporting its flagship brand “SuperShine” to 10 countries across West Africa. Adenia's partnership with Cresta's founding team has significantly enhanced the Company’s business practices, governance, financial management, and reporting standards. Furthermore, with Adenia's support, Cresta Paints has vastly improved  its environmental and safety standards, achieving ISO 45001 and ISO 14001 certifications.

Charles Boatin, a Partner at Adenia Partners, expressed his satisfaction with the partnership's outcome, stating, “Our collaboration with Cresta Paints exemplifies Adenia’s commitment to fostering sustainable business practices and governance that pave the way for continued growth and market leadership. We look forward to following the Company’s future success under its new owners.”

Nana Adow Dankwa, a Partner at Uhuru Investment Partners, commented on the acquisition: "We are excited about the future of Cresta Paints and look forward to working closely with the management team to expand the Company’s footprint, enrich its product portfolio and enhance customer satisfaction."

Arun Patil, the Managing Director of Cresta Paints since 2005, acknowledged Adenia's significant role in the Company’s growth and expressed his excitement about the next phase of growth with Uhuru: “Adenia has been instrumental in our journey to becoming a market leader, and their support has positioned us well for continued success in partnership with Uhuru.”

Adenia Partners was advised by Natrium (financial and transaction advisors), EY (financial advisor), Stafford Law and Bowman’s Mauritius (legal).

Uhuru was advised by PwC (financial and tax advisor), DLA Piper Mauritius / Juristconsult Chambers and Kimathi & Company (legal).

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 19 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:

Adenia Partners
Amisha Mehta
BackBay Communications 

About Uhuru Investment Partners

Uhuru is a middle-market private equity firm with a strong track record of driving growth in companies and supporting local entrepreneurs to build world class institutions. Uhuru is managed by a team with international expertise and deep local networks and is focused on high-growth, middle market businesses operating across West Africa. Uhuru partners with passionate entrepreneurs to enhance value through improved operations and the application of world class business and ESG practices.

For more information, please visit:

Uhuru Investment Partners
Taiwo Peters