our portfolio
Kanu Equipment

Kanu Equipment is a pan-African distributor of earthmoving, mining, agriculture and construction heavy equipment. As one of the largest dealers for Liebherr and Bell Equipment in East, West and Southern Africa, Kanu has spare parts distribution centres across the continent.

Sector: Heavy equipment

Location: Pan African

Investment date: March 2018

Deal type: Growth capital


CBE was established in 2005 and is active in the production and distribution of sand and aggregates. Additionally CBE provides a wide range of construction services such as earthworks, civil engineering, de-rocking, dredging, landscaping, transport and handling, and demolition.


Sector: Construction
Location: Comoros
Investment date: 2005
Deal type: Growth capital


CEAL is a company engaged in the rental of heavy equipment for agriculture and civil work operations. It is a pioneer in mechanical harvesting and de-rocking services in Mauritius. CEAL has expanded its rental activities to serve the earthworks and engineering sector. Recently, CEAL has expanded its services to offer full field management services to agricultural land owners.

Sector: Business services
Location: Mauritius
Investment date: 2009
Deal type: Buyout


CIEL Ltd is a company listed on the Official Market of the Stock Exchange of Mauritius (SEM). It is the parent holding company of the CIEL group of companies, one of the leading industrial and investment groups based in Mauritius with operations in a number of African and Asian countries. CIEL employs c. 22,000 people in five businesses:


  • Agro-Industry and Property, including in particular the Alteo group, active in the sugar industry in Mauritius and Tanzania
  • Textile, with the Ciel Textile group, deployed across Mauritius, Madagascar, India and Bangladesh
  • Hotels & Resorts, consisting of the hospitality chains Sun Resort Ltd, Anahita The Resort and Constance Hotels Services Ltd based in in Madagascar, Maldives, Mauritius and Seychelles
  • Financial services, comprising bank and financial & management services companies in Madagascar and Mauritius
  • Healthcare, with a private clinic in Mauritius.


Sector: Diversified Holding
Location: Africa and Asia
Investment date: 2013
Deal type: Buyout


Execom was established in 2001 and is a leading call center in Mauritius, specialized in telemarketing and customer relationship management solutions. Execom has extensive experience in inbound and outbound operations and delivers value-added services in voice and high-end data operations, focused primarily on the French market.


Sector: BPO
Location: Mauritius
Investment date: 2003
Deal type: Buyout


CTL is knitwear, woven, and fine knits apparel manufacturer active in the Indian Ocean region. Its operations, which encompass 17 plants and over 17,500 employees, are vertically integrated from yarn spinning to finished products. In recent years CTL has developed its activities in Asia.


Sector: Textile
Location: Mauritius
Investment date: 2010
Deal type: Buyout

Expand Technology

Established in 1999, Expand Technology is a regional leader in the deployment of smartcard payment systems. Expand Technology delivers custom loyalty card, electronic purse, payment card, and fuel card management solutions to clients in a variety of industries and operates in over 14 countries.


Sector: Technology
Location: Mauritius
Investment date: 2004
Deal type: Buyout

Le Récif

Le Récif is a 3-star hotel with 70 rooms and offers a full range of amenities including a wellness center, a water sport center, children’s programs, and two restaurants. Prior to Adenia’s ownership the hotel was small 2-star hotel with 55 rooms operating under a different brand name. Through Adenia’s intervention, the hotel underwent an extensive refurbishment and rebranding process, and began operations under the ‘Le Récif’ name in 2008.


Sector: Hospitality
Location: Mauritius
Investment date: 2007
Deal type: Buyout

Mauritius Union

Mauritius Union Assurance (MUA) is an insurance company offering both general and life insurance products. Under Adenia’s ownership, MUA undertook two acquisitions, including the acquisition of La Prudence Mauricienne, another Mauritian insurer, propelling the company to become the market leader in general insurance. Mauritius Union Assurance is listed on the Stock Exchange of Mauritius (MUA:SEM).

Sector: Insurance
Location: Mauritius
Investment date: 2009
Deal type: Buyout


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