Key Takeaways
- • Adenia Partners acquired a majority stake in Minet Group from Capitalworks, completing the transaction on 30 June 2026 following regulatory approval; the deal valued Minet at approximately $470 million according to supplemental sources.
- • Minet operates as a pan-African insurance brokerage and risk advisory firm across nine countries (Botswana, Kenya, Lesotho, Malawi, Mozambique, Namibia, Tanzania, Uganda, and Zambia), serving corporates, SMEs, and institutional clients.
- • The acquisition represents Adenia's strategic focus on building scalable, technology-driven insurance models across Africa's young and urbanizing populations, with management retention and operational best practices as stated priorities.
- • Capitalworks held the Minet investment since its 2017 acquisition from Aon, the global insurance broker, demonstrating a nine-year value creation cycle for the selling investor.
- • Martha Osier, partner at Adenia, emphasized the "generational opportunity" to extend Minet's market leadership while implementing sustainability-linked practices across the continent.
Summary
Adenia Partners, a Mauritius-based private equity firm specializing in African growth markets, has completed its acquisition of a majority stake in Minet Group from Capitalworks. The transaction closed on 30 June 2026 following receipt of all required regulatory approvals. While specific financial terms were not disclosed in the primary announcement, supplemental sources indicate the deal valued Minet at approximately $470 million, funded through Adenia's recently closed flagship fund.
Minet operates as one of Africa's largest independent insurance brokerage and risk advisory firms, providing insurance brokerage, risk advisory, and employee benefits solutions across nine African countries. The company's geographic footprint spans Botswana, Kenya, Lesotho, Malawi, Mozambique, Namibia, Tanzania, Uganda, and Zambia, with a client base encompassing multinational corporates, small-to-medium enterprises, and institutional investors. Notably, Minet was spun out from Aon, the global insurance broker, when Capitalworks acquired the business in 2017—representing a nine-year holding period for the selling investor.
Adenia's investment thesis centers on Minet's positioning within Africa's rapidly urbanizing and youthful demographic landscape. According to Martha Osier, a partner at Adenia, the firm sees a "generational opportunity to build scalable, technology-driven insurance models that meet the needs of young and urbanising populations" across the continent. Adenia's strategy prioritizes control investments with the ability to drive strategic, operational, and governance changes, complemented by implementation of operational and sustainability-linked best practices.
Capitalworks' exit through Adenia underscores the value creation potential in pan-African financial services infrastructure. Garth Willis, managing partner at Capitalworks, characterized the transaction as validation of how "active private equity partners alongside experienced management teams can unlock significant growth potential in leading businesses." The comments suggest that Adenia will retain Minet's incumbent management team while supporting the next phase of continental expansion and digitalization.
Minet operates as one of Africa's largest independent insurance brokerage and risk advisory firms, providing insurance brokerage, risk advisory, and employee benefits solutions across nine African countries. The company's geographic footprint spans Botswana, Kenya, Lesotho, Malawi, Mozambique, Namibia, Tanzania, Uganda, and Zambia, with a client base encompassing multinational corporates, small-to-medium enterprises, and institutional investors. Notably, Minet was spun out from Aon, the global insurance broker, when Capitalworks acquired the business in 2017—representing a nine-year holding period for the selling investor.
Adenia's investment thesis centers on Minet's positioning within Africa's rapidly urbanizing and youthful demographic landscape. According to Martha Osier, a partner at Adenia, the firm sees a "generational opportunity to build scalable, technology-driven insurance models that meet the needs of young and urbanising populations" across the continent. Adenia's strategy prioritizes control investments with the ability to drive strategic, operational, and governance changes, complemented by implementation of operational and sustainability-linked best practices.
Capitalworks' exit through Adenia underscores the value creation potential in pan-African financial services infrastructure. Garth Willis, managing partner at Capitalworks, characterized the transaction as validation of how "active private equity partners alongside experienced management teams can unlock significant growth potential in leading businesses." The comments suggest that Adenia will retain Minet's incumbent management team while supporting the next phase of continental expansion and digitalization.
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