Adenia Partners, a private equity fund manager focused on growth opportunities and mid-cap buyouts in Sub-Saharan Africa, has exited its investment in Newpack, a Madagascar-based corrugated cardboard packaging company active in the Indian Ocean region. Adenia Partners originally invested in Newpack in June 2008, in a transaction structured through Adenia Capital (II). The exit translates into a reported return multiple of 3x in euro terms.