Mauritius-based private equity firm Adenia Partners has received regulatory clearance from the Competition Authority of Kenya (CAK) to acquire 100% of Minet (Mauritius) Holdings Ltd through its investment vehicle, Bima Holdings Ltd.
The unconditional approval allows Adenia to expand its footprint in Kenya’s financial services sector, marking its first entry into insurance brokerage and pension administration. Minet Kenya, the local arm of the pan-African insurance group, holds approximately 6% of the general insurance brokerage market, less than 1% in long-term insurance, and 4.89% in pension administration, according to CAK.
“The proposed transaction is unlikely to substantially lessen or prevent competition in the market for the provision of insurance brokerage and pension administration services in Kenya,” CAK stated in its official decision.
Adenia’s Growing Kenyan Portfolio
Adenia Partners, founded in 2002 and headquartered in Mauritius, manages over USD 470 million (KSh 60.7 billion) across five funds. The Minet acquisition is the fourth investment from its latest flagship fund and signals strong confidence in Africa’s financial services sector.
In Kenya, Adenia already controls:
- Quick Mart Ltd (retail supermarket chain)
- ESS Equipment Kenya Ltd (heavy equipment distributor)
- Africa Biosystems Ltd (life sciences and diagnostics)
The acquisition of Minet aligns with Adenia’s strategy of taking controlling stakes in mid-sized businesses with strong growth potential and regional presence.
Market Impact and Public Interest
CAK’s analysis found that the insurance intermediary market in Kenya remains fragmented, with brokers and agents accounting for roughly 80% of total premium distribution. In 2023, 30.3% of premiums were sourced through brokers, 49.9% through agents, and 19.9% via direct business.
“Post-merger, the market shares of the merged entity in insurance brokerage and pension administration are low and unlikely to raise competition concerns,” CAK noted. “The merged entity will face competition from other market players accounting for over 90% market share nationally.”
The regulator also confirmed that the transaction meets the merger-notification threshold, with combined assets and turnover exceeding KSh 1 billion. Importantly, the deal poses no negative public-interest concerns.
“There will be no employment loss and all the current employees will be retained under the current terms,” CAK stated.
Strategic Expansion into Financial Services
Minet, the largest Aon Global Network Correspondent in Africa, brings nearly 70 years of experience and a wide continental footprint. The acquisition positions Adenia in the financial services and pensions sector for the first time, complementing its existing investments in retail, equipment, and life sciences.
The transaction clears the final domestic regulatory hurdle for completion. While the value of the deal was not disclosed, it underscores Adenia’s long-term commitment to Kenya’s mid-market growth story.
