Adenia Partners (“Adenia”), a leading private equity firm focused on growth opportunities in Africa has successfully exited its entire stake in Cresta Paints (the “Company”) 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.
Adenia partnered with Cresta Paints in 2015 and has since helped the Company consolidate its position as the regional leader in the automotive refinish industry, exporting 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.
Charles Boatin, a Partner at Adenia Partners, expressed his satisfaction with the partnership's outcome, stating, “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.”
Nana Adow Dankwa, a Partner at Uhuru Investment Partners, commented on the acquisition: "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."
Arun Patil, the 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 growth 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.”
Adenia Partners was advised by Natrium (financial and transaction advisors), EY (financial advisor), Stafford Law and Bowman’s Mauritius (legal).
Uhuru was advised by PwC (financial and tax advisor), DLA Piper Mauritius / Juristconsult Chambers and Kimathi & Company (legal).