GHANA – Adenia Partners, a private equity firm focused on growth opportunities in Africa, has exited its entire stake in Cresta Paints and moved 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.
“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,” Charles Boatin, Partner at Adenia Partners, said.
Adenia partnered with Cresta Paints in 2015 and has helped the Company consolidate its position as the regional leader in the automotive refinish industry. The company exports 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.
“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,” Nana Adow Dankwa, Partner at Uhuru Investment Partners, commented.
Arun Patil, 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 development 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,” he said.
Adenia Partners is a private markets investment firm that has raised US$950 million across five funds and co-investments. It 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.
In March this year, Adenia Partners Ltd announced that it was closing its fifth and largest Africa-focused fund to date, Adenia Africa Fund, for US$470 million.
The fund will invest in several industries across the continent, including fintech, telecom, and healthcare.
The fund attracted investment from old and new investors, such as Norfund AS, the US International Development Finance Corp., and Canada’s Findev Inc.
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