our portfolio
Current investments
Exited investments

Newpack is the leader in corrugated cardboard packaging in Madagascar.


With annual production of over 15 million square meters (10,000 tons), Newpack is also the largest cardboard producer in the islands of the south west of the Indian Ocean.


Because of its production capacity and its product development capabilities, NEWPACK can produce a notable variety of carton and printing formats, and thus supply a wide range of products in corrugated cardboard for its clients. Newpack has produced more than 250,000 different packaging formats for clients in a number of sectors including agriculture (fruit and vegetables, fish, and meat), beverages, textiles, and personal care and household products, among many others.


Throughout its production process, Newpack creates packaging solutions that respect the highest environmental and quality standards. Its expertise has been recognized with ISO 9001 certification which the company has maintained for over ten years.

Sector: Packaging
Location: Madagascar
Investment date: 2018
Deal type: Buyout


Created in 1952, Opham is the leading pharmaceutical products wholesaler in Madagascar. Opham distributes more than 4,500 specialty and generic products to pharmacies and hospitals in the country.


Sector : Healthcare distribution
Location : Madagascar
Year of Investment : 2015
Deal type : Buyout

Orange Madagascar

Orange Madagascar operates a cell phone network in Madagascar. From 2005 to 2010, the company became the market leader with more than 2 million subscribers and maintains a 60% share of the mobile phone market. Orange Madagascar also offers internet service for both individual and corporate customers and developed an undersea cable to connect Madagascar to the rest of the world.


Sector: Telecoms
Location: Madagascar
Investment date: 2005
Deal type: Buyout


Fruid’Iles Export is a litchi export businesses located the port of Toamasina. Its activities consist of buying litchi fruit from collectors, processing the fruit, which includes the steps of calibration, selection, sulphurization, and finally packaging the fruit for export to European markets. During the harvest season, which lasts one month, FRUID’ILES employs over 850 people and reaches a daily processing capacity of about 100 tons. FRUID’ILES is Global GAP certified.


Sector: Agribusiness
Location: Madagascar
Investment date: 2011
Deal type: Buyout


Socolait is a leading dairy product manufacturer in Madagascar. ‘Socolait’ is a heritage brand name in the country and has been present for decades. The company is specialized in the production of sweetened condensed milk, baby and infant powder (FARILAC), milk powder, and fresh dairy products, such as yogurts and cheeses, and snack products.


The company distributes its products throughout Madagascar via a network of wholesalers, large retailers and small shops. Approximately 2,000 small-holder dairy farmers provide their milk daily to the company in the region around Antsirabe, where 70% of the milk production of the country is concentrated. Socolait employs over 180 employees, most of who are based at the factory in Antsirabe, and rest at the head office in Antananarivo.


Sector: Dairy products
Location: Madagascar
Investment date: 2012
Deal type: Buyout

Hotel du Louvre

Grand Hotel du Louvre SA operates as a 4-star hotel in downtown Antananarivo just 50 meters from the Presidential Palace and in the heart of the financial and commercial district of the city. After significant renovations, the hotel now has 78 rooms and is one of the largest international-standard hotels in Antananarivo.


Through this investment, Adenia Partners also has a minority stake in the Tamboho Hotel, a 3-star hotel with 30 rooms near the city center.


Sector: Hospitality
Location: Madagascar
Investment date: 2006
Deal type: Buyout

Madagascar Litchis Export

Madagascar Litchis Export (MLE) is a litchi export businesses located the port of Toamasina. Its activities consist of buying litchi fruit from collectors, processing the fruit, which includes the steps of calibration, selection, sulphurization, and finally packaging the fruit for export to European markets. During the harvest season, which lasts one month, MLE employs over 1,600 people and reaches a daily processing capacity of about 200 tons. MLE is Global GAP certified.

Sector: Agribusiness
Location: Madagascar
Investment date: 2010
Deal type: Buyout


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