Pan-African insurance and risk advisory firm Minet has completed its change of ownership following the acquisition of the group by African private equity firm Adenia Partners, paving the way for greater local participation in its Botswana business.
The transaction, which received all the necessary regulatory approvals, sees Adenia take over Minet from Capitalworks. As part of the deal, Africa Lighthouse Capital has also exited its shareholding in Minet Botswana. The company has now committed to making up to 33.33 percent of its Botswana subsidiary available to Botswana citizens through a process that will include individuals, citizen-owned businesses, consortia, joint ventures and private equity vehicles, subject to regulatory requirements.
Minet Group Chief Executive Officer Joe Onsando described the transaction as more than a change of shareholders, saying it marks a new chapter of growth for the company. He said Adenia shares Minet’s ambition for Africa and brings operational expertise that will help the business expand its market leadership while continuing to serve clients across the continent.
The company said the new partnership will enable it to accelerate growth, strengthen its insurance and employee benefits offerings, and deepen its commitment to customers, partners and communities. Adenia Principal Dan Apungu led the acquisition and will work closely with Minet’s leadership as the business enters its next phase of expansion.
Minet operates in nine African countries and says it remains committed to Botswana, where it will continue providing risk advisory and employee benefits solutions while working with regulators on the planned citizen shareholding programme. The acquisition also strengthens Adenia’s growing investment portfolio across Africa, with the private equity firm having raised more than US$1 billion across six funds since its establishment in 2002.
