(Ecofin Agency) - Adenia Partners announced that it has finalised the acquisition of Tumaini Self Service Ltd, a retail chain in Kenya. The operation was finalised on December 5, 2018, but Adenia Partners revealed it last week. “We were attracted to Tumaini as an investment because the Company’s stores offer an affordable product offering at convenient locations that complement customers’ busy lifestyles. We look forward to partnering with a strong management team that will leverage Adenia’s expertise in strategic and operational improvements”, informed Ms Moses Nditika, one of Adenia’s partners.
For the operation, the Private equity firm, founded in 2002 and represented in five African countries apart from its headquarters which is Mauritius, has set a special investment vehicle called Sokoni Retail Kenya Ltd.
The value of the transaction has not been disclosed but the firm is structuring a minimum of $10 million through its latest fund (Adenia Capital IV).