DLA Piper Africa has advised Adenia Partners, a private equity firm investing in Sub-Saharan Africa, on its acquisition of a controlling stake in Kanu Equipment Limited (Kanu), a pan-African distributor of capital equipment. The transaction, which will provide growth capital to Kanu, was structured through Adenia Capital (IV), a €230 million fund.

Founded in 2002, Adenia Partners invests in some of Africa’s most promising businesses. It currently manages US$450 million of assets through three funds (Adenia Capital (II), Adenia Capital (III), and Adenia Capital (IV)), from its six offices in Mauritius, Madagascar, Cameroon, Cote d’Ivoire, Ghana and Kenya.

Kanu has been driving an expansion strategy across Sub-Saharan Africa in recent years and the business now operates in 13 countries, servicing the agriculture, construction and mining industries.

The team, led by Corporate partner Chris Baird (London), included Partho Chaudhuri (Corporate, London), Lungelo Magubane (Corporate, South Africa), Andrew Lewis (Tax, South Africa), Janine Simpson (Competition, South Africa) as well as DLA Piper Africa offices in each of Mauritius, Botswana, Ghana, Kenya, Namibia, Tanzania and Zimbabwe.

Lead partner Chris Baird said: “We were delighted to be able to deliver a seamless pan-African service to Adenia Partners on this landmark project. We are seeing an uplift in control deals by private equity on the continent and our well-established presence across Africa means that we are uniquely well placed to advise on these complex transactions.”