Adenia Partners sells Mauritius paint business to global player

Adenia Partners has finalised the sale of the 95% equity stake held by Adenia Capital III in Mauvilac to AkzoNobel, the third-largest paint manufacturer worldwide. Mauvilac is the leading paint and coatings manufacturer in Mauritius. Adenia invested in Mauvilac in 2014.

During its investment period, Adenia initiated and implemented several value creation initiatives. Adenia recruited a new management team who steered the implementation of an ambitious modernisation plan. Significant investments were made to upgrade the factory and improve standards that are now in line with ISO 9001, ISO 14001 and ISO 45001, respectively, for quality, environmental and occupational health and safety management. Multiple product innovations were launched, with an increased focus on eco-friendly paints. Notable productivity improvements and increased network of direct distribution resulted in an EBITDA margin increase of more than 60% since acquisition.

Given Mauvilac’s strong positioning in its core market, its improved processes and the quality of its distribution network, Adenia has gained traction from various strategic and financial buyers during the exit process.

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