Natrium Capital Logo

All News Entries

Natrium Advises Wach Holding on the Sale of Cresta Paints

3 Jun 2024

Natrium Capital News

Natrium Capital Limited is delighted to announce it has advised WACH HOLDING LTD (“WACH”), owned jointly by Adenia Partners (“Adenia”) and Founding Directors Abhay Salunkhe & Pradnya Salunkhe, on the sale of their shares in Cresta Paints to Uhuru Investment Partners (“Uhuru”), a middle market private equity firm focused on investing in West Africa. Natrium Capital acted as the sole financial advisor to all the shareholders.

Cresta Paints, headquartered in Ghana, is a leading player in the automotive refinish and protective coatings sector. Founded in 2002, Cresta Paints has developed a comprehensive product range that includes paints, clear coats, hardeners and thinners. The company has established a leading market presence across Ghana, Nigeria and key francophone West African markets such as Côte d’Ivoire, Benin, and Togo. It exports its flagship brand “SuperShine” to 10 countries across West Africa.

Charles Boatin, Partner at Adenia, commented on the partnership’s outcome, stating: “Our collaboration with Cresta Paints exemplifies Adenia’s commitment to fostering sustainable business practices and governance that pave the way for continued growth and market leadership.”

He further added: “This was a complex, cross-border transaction at a time when Cresta Paint’s customers were facing challenging economic headwinds. Natrium’s experience in the paints market and their expertise in M&A transactions with multiple parties were essential to the sale. We are delighted to have worked with Alasdair and the team! Their professionalism could not be faulted.”. 

Alasdair Nisbet, CEO of Natrium Capital added: “It has been a pleasure working with WACH and its shareholders during this successful deal and I am sure Cresta Paints will continue to thrive in its new partnership with Uhuru. We congratulate all parties and wish them a fantastic future together. Natrium Capital look forward to working in Africa again.”

About Adenia Partners 

Adenia Partners is a private markets investment firm which has raised $950 million across five funds and co-investments, and is committed to responsible investing and a sustainable Africa. Founded in 2002, Adenia has a proven track record with over 30 platform investments executed and 19 realized exits. Based on-the-ground across Africa, Adenia has one of the most highly qualified African private markets investment teams in terms of educational pedigree, longstanding experience as entrepreneurs and investors, and local in-depth knowledge. By creating stronger companies with quality jobs, fostering economic improvement, and elevating companies to meet ESG standards, Adenia is increasing the enterprise value for investors, whilst benefiting workers, communities, and companies in Africa.

For more information, please visit:

About Natrium Capital

Natrium Capital Limited is the specialist Chemicals M&A boutique which sets a new standard in M&A advice. Led by Alasdair Nisbet and staffed by bankers, all of whom are also scientists, Natrium Capital provides strategic and M&A transaction services focused on the chemical industry, covering, amongst others, the sectors: plastics, fine and specialty chemicals, personal care ingredients, food ingredients, chemical distribution, engineering materials, paints and coatings, inks, adhesives, biotechnology and clean technologies. Headquartered in London (UK), Natrium Capital advises on both sell-side and buy-side transactions, including carve-outs and complex global cross-border deals. The team has advised on transactions with a combined value of over $100bn. 

Natrium Capital is authorised and regulated by the Financial Conduct Authority.

“… over $100bn of transactions over the last twenty years”