Enexus acted as M&A advisor to Axa, Apis Partners, the European Investment Bank (EIB) and Abler Nordic on the majority sale of their shareholdings in Baobab to Beltone Holding, bringing deep Africa-focused deal execution expertise to the transaction

Sale of Baobab Group

Baobab is the leading financial services provider dedicated to supporting small businesses across Africa. By leveraging data and digital technologies, the company broadens access to finance for those underserved by traditional banks. Its comprehensive product suite empowers SMEs and micro-entrepreneurs to grow and thrive, driving economic development across the continent.

To pursue this success story, Baobab’s majority shareholders, including Axa, Apis Partners, the EIB and Abler Nordic, decided to sell their controlling stake to Beltone. This transaction will further enhance Baobab’s ability to expand financial inclusion in Africa by unlocking new opportunities for innovation, digital transformation and sustainable growth leveraging on Beltone’s resources.

About Baobab

Founded in 2005, Baobab Group is a leading microfinance institution serving over 500,000 SMEs and micro-entrepreneurs through its seven subsidiaries (Ivory Coast, Senegal, Mali, Nigeria, Burkina Faso, DRC and Madagascar). It offers a comprehensive range of products including MSME loans, savings solutions, and mobile payments.

About Axa Group

AXA Group is a global leader in insurance and asset management, serving over 95 million clients across 50 countries. AXA provides a comprehensive range of financial protection and investment solutions, including life and health insurance, property and casualty coverage, and asset management services.

About Apis Partners

Apis Partners is an ESGI-native private equity and venture capital asset manager that supports growth-stage financial services and technology businesses globally by providing them with catalytic growth equity capital. Collectively Apis manages or advises an asset base totalling c.$2.3bn.

About Abler Nordic

Abler Nordic (formerly Nordic Microfinance Initiative) was established in Oslo in 2008 as a public-private partnership investing in Africa and Asia, in companies that offers financial services to low-income households. Abler Nordic currently manages six funds, with total commitments of $470 million.

About the European Investment Bank (EIB) 

The EIB is the European Union’s long-term lending institution, providing financing and expertise to support investment projects in Europe and internationally. Through its activity in emerging markets, the EIB helps mobilize long-term capital for infrastructure and private-sector development, supporting cross border investment Africa. The EIB also works alongside partners to strengthen access to finance and accelerate cross-border investment in Africa across priority sectors.

About Beltone

Beltone Holding is a leading financial services platform in the MENA region listed on the Cairo Stock Exchange. Its diverse offerings include brokerage, asset management, and non-banking financial services. Beltone is majority-owned by Chimera Investment LLC, part of Abu Dhabi’s Royal Group through IHC, the second largest listed group in the Middle East.

Enexus acted as M&A advisor to Baobab in the sale of Baobab+ to Biolite

Sale of Baobab +

Baobab+ is the leading off-grid energy access company operating across Senegal, Côte d’Ivoire, Nigeria, and Madagascar. To date, the company has empowered over 425,000 households with solar energy solutions, positively transforming the lives of more than 2.5 million people. In addition to its primary mission, Baobab+ promotes digital inclusion and has equipped over 263,000 customers across its markets with smartphones and other digital devices, primarily through pay-as-you-go financing plans.

Over the past six years, BioLite has served as Baobab+’s primary supplier and strategic partner for off-grid solar products. This acquisition strengthens that relationship and will enable Baobab+ to leverage BioLite’s technological expertise and operational strengths, accelerating innovation and sustainable growth in renewable energy solutions across Africa.

About Baobab+

Founded in 2015, Baobab+ is a social enterprise that supports households and entrepreneurs in their energy autonomy through the distribution of solar kits across Senegal, Côte d’Ivoire, Nigeria, and Madagascar. In addition to this primary vocation, Baobab+ offers digital devices for educational and professional purposes. These products benefit from financing facilities to make them accessible to all.

About Baobab

Founded in 2005, Baobab Group is a leading microfinance institution serving over 500,000 SMEs and micro-entrepreneurs through its seven subsidiaries (Ivory Coast, Senegal, Mali, Nigeria, Burkina Faso, DRC and Madagascar). It offers a comprehensive range of products including MSME loans, savings solutions, and mobile payments.

About Biolite

BioLite is a social enterprise that develops and distributes off-grid energy products for people living beyond the traditional grid. Serving outdoor and home uses, in both mature and emerging markets, the self-reliant energy company has reached over 14.6 million users with innovative power, lighting, and cooking solutions.

Enexus acted as exclusive M&A advisor to Air Liquide, the world leader in industrial and medical gases, on the sale of 12 subsidiaries in Africa to Adenia Partners through its fund Adenia Capital IV, a leading private equity fund in Africa

Sale of 12 Air Liquide subsidiaries

With a presence on the continent for over 90 years, 1,600 employees and 700 million euros invested in the last three years, Air Liquide is a major industrial and medical gas player in Africa.

Air Liquide completed the sale of its shareholdings in 12 subsidiaries across West Africa, Central Africa, and the Indian Ocean to Adenia IV, a private equity fund managed by Adenia Partners. With this acquisition, Adenia establishes itself as a leading player in the industrial gases sector in sub-Saharan Africa under a new brand, Erium. Erium now holds leading or significant market positions in Benin, Burkina Faso, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Madagascar, Mali, the Democratic Republic of Congo, Senegal, and Togo. This African private equity investment provides the foundation for a pan-African industrial gases platform, preserving operational continuity while unlocking the capital required for long-term growth. . As part of the transaction, Air Liquide will retain an operational relationship with the divested entities through long-term supply agreements and technical support partnerships with Adenia.

About Air Liquide

Air Liquide is a global leader in gases, technologies, and services for the industrial and healthcare sectors. Operating in 60 countries, the Group employs over 65,000 people and generates more than €27 billion in revenue. Since its founding in 1902, Air Liquide has specialized in essential molecules such as oxygen, nitrogen, and hydrogen, which are fundamental to industry and healthcare. Today, the Group serves over 4 million clients and patients worldwide.

About Adenia Partners

Adenia Partners is a private equity firm managing $880 million in assets, with over 20 years of commitment to responsible and sustainable investments in Africa. With a strong track record, Adenia Partners has raised 5 funds, completed over 30 investments, and successfully executed 18 exits.

Enexus acted as M&A advisor to Ciel Healthcare in the acquisition of Centre Technique Biomédical (CTB), a biomedical group in Madagascar

Acquisition of CTB

This acquisition is in line with the expansion strategy of Ciel Group, which has been operating for many years in the Malagasy financial and textile industries. The acquisition of CTB will enable C-Care to expand its activities in Madagascar and further develop the healthcare industry locally. 

About C-Care

Founded in 2008, C-Care is a leading provider of medical care in Mauritius and the Indian Ocean. The Group owns and operates four health facilities in Mauritius, two hospitals in Uganda, a medical laboratory and two pharmacies

About CTB

Founded in 2010, CTB is a leading biomedical group in Madagascar. With three laboratories and a blood test centre, CTB has played a key role in improving access to biomedical care for the Malagasy population.

Enexus acted as M&A advisor to minority investors led by Terra Mauricia and Kibo Fund in the sale of their stake in Orange Madagascar

After ten years supporting Orange’s growth in Madagascar, the consortium divested its 16% stake in Orange Madagascar

About Orange Madagascar

As Madagascar’s long-standing operator, Orange holds a dominant position in the voice and data segment, both for individuals and businesses, and has become one of the leading players in digital finance through the subsidiary Orange Money Madagascar. With an estimated 9% growth over the next few years, the Malagasy telecom market is expected to be one of the most dynamic in Africa, especially in the B2B segment, which is benefiting from Madagascar’s growing attractiveness as a BPO destination.

About Terra Mauricia

Terra Mauricia is a Mauritian conglomerate founded in 1838 and listed on the Stock Exchange of Mauritius. Originally operating in the sugar industry, the group has gradually diversified into energy, distribution, real estate, construction, tourism and financial services.

About Kibo Capital Partners

Kibo Capital Partners is a private equity asset manager targeting growth companies in Eastern and Southern Africa and the islands of the Indian Ocean.