Adenia Partners acquires stake in Moroccan premium baked goods maker Maymana
The fund is designed to make control investments in small- and lower-mid-cap companies across Africa, targeting what the firm describes as the continent’s largest and most undercapitalized segment.
MOROCCO – Africa-focused private equity firm Adenia Partners has made its first investment from its newly launched Adenia Entrepreneurial Fund I (AEF) by acquiring a stake in Maymana, a leading Moroccan manufacturer of premium pastries, baked goods, and catering services.
The undisclosed deal marks a significant step for the 40-year-old, female-founded family business, positioning it for regional and international growth.
Headquartered in Mauritius and established in 2002, Adenia Partners has built a robust track record with over 35 investments and more than 20 exits across the continent, raising over US$1 billion in total commitments.
The AEF, which closed at its US$180 million hard cap, exceeding the US$150 million target, in under a year, targets control stakes in small and lower mid-cap African companies.
Unlike Adenia’s larger US$470 million mid-cap funds, AEF focuses on founder-led SMEs across consumer goods, energy, health, and education.
These businesses often fall between microfinance and traditional private equity. Backers include development finance institutions, European family offices, fund-of-funds, and African institutions, with the African Development Bank committing US$15 million in November 2025.
Adenia’s Casablanca office will spearhead opportunities in North Africa.
Maymana, founded in 1985 by Naima Berrada Benchakroun, embodies the fund’s ideal profile.
This female-led enterprise produces traditional Moroccan pastries, viennoiserie, fine groceries, and offers gourmet catering to individual consumers, corporates, and events.
With a strong domestic foothold, it now eyes operational enhancements, better governance, expanded retail channels, and exports.
Adenia aims to replicate successes like its prior Moroccan venture, OCS Group, where it partnered with Proparco in 2021 to double revenues beyond MAD 1 billion (US$107.4M) and grow staff to over 6,000 before exiting to Retail Holding and Amethis in January 2026.
This move underscores Adenia’s momentum in North Africa. Just weeks ago, it secured a majority stake in Egypt’s Parkville Pharmaceuticals, its debut in the country.
As Africa’s food sector attracts growing capital amid rising demand for premium, locally rooted products, investments like this signal optimism for scalable SMEs.
Maymana’s blend of heritage and innovation could set a benchmark for family firms venturing beyond borders.
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