Adenia has acquired a majority stake in Minet Group from private equity firm Capitalworks, deepening its push into financial-services assets tied to Africa’s long-term growth story.
The transaction closed on June 30 after receiving regulatory approvals, according to a statement from the companies. Financial terms were not disclosed.
Minet is among Africa’s largest independent insurance brokerage and risk advisory firms, serving corporate, institutional and small-business clients across nine countries including Kenya, Uganda, Tanzania and Zambia. The company provides insurance brokerage, risk management and employee benefits services.
The acquisition highlights growing investor interest in Africa’s insurance sector, where low penetration rates, rising financial awareness and expanding digital access are creating opportunities for growth. Investors are increasingly betting that urbanization and population growth will drive demand for financial protection products across the continent.
Adenia said it intends to support Minet’s next stage of expansion through operational improvements, technology investments and sustainability-linked initiatives. The private equity firm has raised more than $1 billion across its funds and focuses on businesses it views as strategically important to Africa’s development.
“There is a generational opportunity to build scalable insurance models suited to evolving customer needs across Africa,” Adenia Partner Martha Osier said in the statement.
For Capitalworks, the sale marks the conclusion of an investment cycle that began in 2017, when it acquired Minet and worked with management to expand the business. Managing Partner Garth Willis said the transaction reflects the role active private equity ownership can play in accelerating growth and preparing companies for new investors.
The deal comes as investors continue searching for assets positioned to benefit from the continent’s expanding middle class and increasing demand for financial services.