Adenia has managed to conclude its exit of its 95% stake in Mauvilac to the third largest paint manufacturer known as AkzoNobel. Mauvilac is the largest paint and coatings manufacturer in Mauritius. Since Adenia took up a majority stake Mauvilac in 2014 in line with its investment strategy, management was revamped and the company saw EBITDA growth by 60%.
AkzoNobel is a blue-chip paint manufacturer that has been operating since 1792 and has a world-class portfolio of brands such as Dulux, International, Sikkens and Interpon. The company, headquartered in the Netherlands, operates in 150 countries with over 34,500 staff. AkzoNobel has revenue of €9.3-billion, profits of €555-million, total assets of €13-billion and net asset value of €6.6-billion as at December 2019.