Adenia Partners, a private equity firm targeting SME deals in Africa, has fully exited its control stake in Socolait. Once the deal completes, the Madagascan dairy producer and distributor will be owned by an as-yet unnamed European strategic buyer and a local FMCG company. The terms of the deal were not disclosed.
Adenia Partners first invested in the company in 2012 in partnership with the firm’s managing director, Philippe Penouty, ending up with almost 100% of the firm. The asset was held in the portfolio of two of Adenia’s funds, Adenia Capital II and Adenia Capital III, both of which are exiting the firm. The sale is the final realization for the €37 million Adenia Capital II which the private equity firm reports has now achieved an average gross IRR of 27% for its investors.
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