Adenia, a private equity firm focused on growth opportunities in Africa, has sold its stake in payments service provider OMOA Group to SPE Capital, a private equity firm focused on the Middle East and Africa.
The transaction marks the eighth and final exit for Adenia’s €96m fund Adenia Capital III, which is now fully liquidated.
Founded in 1999, OMOA provides ATM Installation, ATM maintenance and software solutions, as well as processing and card personalisation, serving West and Central Francophone Africa. Its customers include banks and microfinance institutions across 11 countries, employing 150 people.
Since acquiring OMOA in 2012 through its Adenia Capital (III) fund, Adenia has overseen the upgrade of its ATM offering, the development of new maintenance capabilities and the establishment of a processing and card personalisation center in Lomé, Togo. A new senior management team was also appointed.
Bart Willems, CEO of OMOA, commented: “Embracing and supporting the digitalisation of the African payment landscape has been key to protect and consolidate our leadership position.
“We now define ourselves as a full digital payment provider with a broad range of digital payment services and new, innovative, multifunction ATMs in collaboration with our historic partner NCR Atleos.”
Stéphane Heuzé, Managing Partner at SPE, added that its acquisition was the first for its newly raised private equity fund, SPE PEF III.
Adenia Partners was advised by Lazard, Asafo & Co, Deloitte, Edgar, Dunn & Company and CMS Francis Lefebvre. SPE Capital was advised by DLA Piper, FIME, KPMG, IBIS, Deloitte and AXA Climate.
