Africa-focused private equity fund manager Adenia Partners has acquired a controlling stake in pan-African agriculture, construction and mining equipment supplier Kanu Equipment. The transaction provides a partial exit for Africa-focused private equity fund manager Phatisa and includes a further US$20 million of expansion capital to support the company’s growth. The partial exit reportedly generated an internal rate of return of more than 50 percent for Phatisa, which originally invested in Kanu in 2016 through the African Agriculture Fund. Adenia invested through Adenia Capital IV.