Mauritius-based private equity firm Adenia Partners, has acquired a majority stake in Minet Group from Capitalworks, strengthening its investment portfolio in Africa’s financial services sector as demand for insurance and risk management continues to grow across the continent.

The transaction closed on June 30 after receiving all required regulatory approvals. Financial terms were not disclosed.

The deal marks another investment from Adenia Capital V, the firm’s fifth fund, which closed in 2024 at its $470 million hard cap after being oversubscribed. Minet is the fourth company backed by the fund, following investments across solar finance, logistics, and industrial services.

Strategic rationale behind the acquisition

Minet is one of Africa’s largest independent insurance brokerage and risk advisory firms, serving corporate clients, small and medium-sized businesses, and institutions in Botswana, Kenya, Lesotho, Malawi, Mozambique, Namibia, Tanzania, Uganda and Zambia. Before Capitalworks acquired the business in 2017, Minet operated as part of global insurance broker Aon.

The acquisition reflects growing investor interest in Africa’s insurance market, where rising financial awareness, wider use of digital services, economic growth and a young population are driving demand for insurance products. Adenia said it plans to work with Minet’s management team to strengthen operations, support expansion across existing and new markets, and introduce sustainability-related performance measures.

“We are pleased to have completed this investment in Minet, a business that aligns closely with our strategy of partnering with high-quality African companies,” Martha Osier, partner at Adenia, said.

She said the firm sees significant room to develop technology-enabled insurance services for Africa’s increasingly urban population and will focus on supporting Minet’s next phase of growth while strengthening operational standards and sustainability practices.

Capitalworks exits after nine-year investment

Capitalworks said the sale follows nearly a decade of working with Minet’s management team to expand the business.

“Capitalworks has been proud to partner with the management team in building the Minet business into what it is today,” Managing Partner Garth Willis said.

“The transaction demonstrates how experienced management teams and active private equity investors can help businesses grow while creating a successful transition to new shareholders.”

The deal adds to Adenia’s strategy of investing in African businesses that provide essential services and have opportunities for long-term expansion.

Adenia was advised by DLA Piper Africa, Kenya (IKM Advocates) on legal matters and EY Parthenon on financial and tax issues. Capitalworks was advised by Bowmans on legal matters, Rothschild on the transaction, Webber Wentzel on tax and PricewaterhouseCoopers on financial matters.

Firms continue raising capital for Africa investments

Founded in 2002, Adenia has raised more than $1 billion across six funds and co-investments and has completed more than 35 platform investments, with more than 20 exits. The firm invests across Africa through teams based on the continent and focuses on building businesses while promoting responsible investment practices.

Capitalworks, established in 2006, manages more than $1.6 billion in assets for local and international investors. The firm invests across alternative asset classes and emerging markets. The transaction comes weeks after Capitalworks launched a $350 million South Africa-focused private equity fund backed by the International Finance Corporation and Standard Bank to support mid-market companies.

Meanwhile, the International Finance Corporation (IFC) has also proposed an equity investment of up to $30 million in Adenia’s new vehicle, Adenia Entrepreneurial Fund I, underscoring continued institutional interest in Africa-focused private equity strategies.