Adenia Partners has acquired a majority stake in Minet Group, one of Africa’s largest independent insurance brokerage and risk advisory firms, from private equity investor Capitalworks. The transaction completed on June 30, 2026, following the receipt of regulatory approvals. Financial terms were not disclosed.
Minet provides insurance brokerage, risk advisory, and employee benefits services to corporate, SME, and institutional clients across Botswana, Kenya, Lesotho, Malawi, Mozambique, Namibia, Tanzania, Uganda, and Zambia.
Background on Minet Group
Before being acquired by Capitalworks in 2017, Minet was part of global insurance broker Aon. The company’s services include insurance brokerage, risk advisory, and employee benefits, catering to a diverse client base.
According to Adenia, the investment reflects growing opportunities in Africa’s insurance brokerage sector, supported by rising financial literacy, digitalisation, economic growth, and expanding populations.
Adenia’s Investment Strategy
The firm said it plans to support Minet’s operational development, geographic expansion, and the implementation of sustainability-related initiatives. Adenia’s strategy involves partnering with high-quality, high-performing African companies.
“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.
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“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.”
Adenia’s acquisition of Minet adds to its portfolio of control investments in businesses operating in sectors it considers important to Africa’s long-term economic development.
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 sign 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.”
Advisors and Next Steps
Adenia Partners was advised by DLA Piper Africa, Kenya (IKM Advocates) on legal matters and EY Parthenon on financial and tax matters. Capitalworks was advised by Bowmans, Rothschild, Webber Wentzel, and PricewaterhouseCoopers.
With the acquisition complete, Adenia will focus on supporting Minet’s growth and expansion plans, while also implementing operational and sustainability-linked best practices.
