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Private equity firm Adenia Partners has acquired a majority stake in Minet Group, one of Africa’s largest independent insurance brokerage and risk advisory firms. The stake was acquired from Capitalworks, a private equity investor with a long history of investing in South Africa and across the continent. The financial terms of this deal were not disclosed.
The transaction was completed after receiving all required regulatory approvals, with financial terms remaining undisclosed. According to Adenia, the deal reflects its conviction in the long-term opportunities emerging across Africa’s insurance brokerage market, driven by rising financial literacy, digital transformation, economic growth and expanding populations.
“We are pleased to have completed this investment in Minet, a business that aligns closely with our strategy of partnering with high-quality, high-performing African companies,” said Martha Osier, Partner at Adenia.
“There’s a generational opportunity to build scalable, technology-driven insurance models that meet the needs of young and urbanising populations in many parts of Africa, which Minet is well-positioned to capitalise on. Our goal is to support the management team in this phase of growth, implement operational and sustainability-linked best practices, and extend the Company’s leading position in markets across the continent,” she added.
Before Capitalworks acquired the business in 2017, Minet formed part of global insurance broker Aon. The company provides insurance brokerage, risk advisory and employee benefits solutions to corporates, small and medium-sized enterprises, and institutions across Botswana, Kenya, Lesotho, Malawi, Mozambique, Namibia, Tanzania, Uganda and Zambia.
Under its stewardship, Adenia says the partnership will strengthen Minet’s operational capabilities while supporting its strategic expansion across the continent. The investment will also see the implementation of sustainability-aligned metrics as the firm looks to build on Minet’s established position in African insurance markets.
For Adenia, the acquisition reinforces its strategy of backing established African businesses with strong fundamentals and supporting them through operational improvements and long-term value creation. According to the firm’s latest portfolio overview, Adenia has raised more than $1.1 billion across six funds, completed more than 30 investments and 22 exits, while helping sustain over 19,000 jobs. The firm believes insurance penetration across much of the continent remains relatively low, creating significant room for technology-enabled growth and broader access to insurance products.
Capitalworks, which has owned Minet since 2017, said the transaction marks the next chapter in the company’s development after several years of expansion under its stewardship.
Garth Willis, Managing Partner at Capitalworks, said, “Capitalworks has been proud to partner with the management team in building the Minet business into what it is today. The transaction is a testament to how active private equity partners alongside experienced management teams can unlock significant growth potential in leading businesses and facilitate the introduction and successful transition to new shareholders.”
