Adenia Buys Majority Stake in Minet Group

Adenia Partners has secured a controlling interest in Minet Group, a prominent independent insurance brokerage and risk advisory firm operating across nine African nations. This strategic acquisition, finalized on June 29, 2026, marks a significant expansion for Adenia into the continent's rapidly evolving financial services sector. The transaction saw Adenia acquire the majority stake from fellow private equity firm Capitalworks, which had previously invested in Minet in 2017 when the company was divested from global giant Aon.

Minet Group serves a broad spectrum of clients, from large corporations to small and medium-sized enterprises, offering comprehensive insurance brokerage, risk management, and employee benefits solutions. Its operational footprint spans Botswana, Kenya, Malawi, Mozambique, Namibia, Tanzania, Uganda, and Zambia, positioning it as a key player in diverse African markets. The firm's deep roots and established presence provide a strong foundation for future expansion.

The investment by Adenia underscores a compelling thesis on the future of insurance in Africa. The sector is experiencing robust growth, fueled by increasing financial literacy, widespread digital adoption that enhances product accessibility, and the continent's dynamic economic expansion coupled with a growing, urbanizing population. These macro trends create a fertile ground for innovative and scalable insurance models.

“This acquisition aligns perfectly with our strategy of partnering with exceptional African businesses poised for significant growth,” stated Martha Osier, Partner at Adenia. “We see a generational opportunity to build technology-forward insurance solutions tailored to the needs of Africa’s youthful demographic. Our focus will be on empowering Minet’s management team, embedding best-in-class operational and sustainability practices, and solidifying its leadership across the continent.”

This move represents a continuation of Adenia's disciplined investment approach, focusing on essential sectors critical to Africa's development. Minet Group's acquisition adds to Adenia's portfolio of companies delivering vital services with substantial long-term potential. The firm has a proven track record, having executed over 35 platform investments and more than 20 successful exits since its inception in 2002, managing over $1 billion across its funds.

Capitalworks, in its statement, expressed pride in its partnership with Minet's management, highlighting the firm's role in transforming the business into its current leading position. “This transaction validates the power of active private equity collaboration with experienced management to unlock substantial value and facilitate a smooth transition to new ownership,” commented Garth Willis, Managing Partner at Capitalworks. Capitalworks itself manages over $1.6 billion in assets, specializing in emerging markets.

The deal saw significant advisory support, with DLA Piper Africa (IKM Advocates) and EY Parthenon advising Adenia Partners on legal and financial matters, respectively. Capitalworks was supported by Bowmans (legal), Rothschild (transaction advisory), Webber Wentzel (tax), and PricewaterhouseCoopers (financial).