Adenia, an Africa-focused private equity firm, has sold its 100% equity stake in OMOA Group to SPE Capital, an investment manager headquartered in Cairo, Egypt.

The sale is the eighth and final exit from Adenia’s €96 million (US$104.97 million) Adenia Capital (III) fund, which is now fully liquidated. It is also the first investment from SPE’s new vehicle, SPE PEF III. Financial terms of the deal were not disclosed.

Founded in 1999, OMOA provides a comprehensive range of services throughout the payment value chain, including ATM Installation, ATM maintenance and software solutions, as well as processing and card personalization. The company employs 150 people and serves a wide range of banks and microfinance institutions across 11 countries.

Since acquiring OMOA in 2012, Adenia has implemented a series of strategic value-creation initiatives to transition OMOA’s business model towards more value-added services. This included upgrading its ATM offering, developing new maintenance capabilities, and establishing a processing and card personalization centre in Lomé, Togo, to meet the highest industry standards.

Adenia also recruited a new senior management team to support the company’s growth strategy, institutionalize governance, strengthen its processes, and implement its ESG action plan.

Adenia Partners was advised by Lazard (financial adviser), Asafo & Co (legal lead adviser), Deloitte (financial and tax advisers), Edgar, Dunn & Company (strategic adviser), CMS Francis Lefebvre (legal and tax adviser).

SPE Capital was advised by DLA Piper (legal lead adviser), FIME (strategic adviser), KPMG (financial and tax advisers), IBIS (ESG adviser), Deloitte (BI adviser), and AXA Climate (climate adviser).