Africa-focused private equity firm Adenia Partners has exited its entire stake in Cresta Paints to Uhuru Investment Partners, a middle-market private equity firm focused on investing in West Africa.
According to a press statement, Adenia first invested in Cresta Paints in 2015 and has since helped the company export its flagship “SuperShine” brand to 10 countries across West Africa. Adenia also oversaw improvements to the company’s business practices, governance, financial management, as well as environmental, safety and reporting standards.
Cresta Paints is headquartered in Ghana and offers products including paints, clear coats, hardeners and thinners. The company operates in Ghana, Nigeria and francophone West African markets including Côte d’Ivoire, Benin and Togo.
Adenia Partners was advised by Natrium, EY, Stafford Law and Bowman’s Mauritius. Uhuru was advised by PwC, DLA Piper Mauritius / Juristconsult Chambers and Kimathi & Company.
