In July 2014, Adenia Partners acquired a 95% stake in Mauvilac, a paint and coatings manufacturer and distributor based in Mauritius.

With Adenia’s support, Mauvilac optimized production by introducing a semi-automatized process at its factory, implemented waste management and solvent recycling systems and increased the number of its concept stores in Mauritius. Adenia also helped Mauvilac expand its product line by supporting the development of the Go Green label, an environmentally friendly paint line which has significantly lower amounts of volatile organic compounds (VOCs) compared to traditional paint, resulting in 3,000 tons of VOCs being saved between 2017 and 2020.

In January 2020, Adenia sold its stake in Mauvilac to AkzoNobel. During Adenia’s holding, Mauvilac’s EBITDA margins increased by 65%, the company’s market share in Mauritius surpassed 50% and distribution expanded to Madagascar.