Cotonou, Benin, 24 August 2015: Cauris Croissance, the second fund managed by Cauris Management, the West African private equity fund manager, confirmed the sale of its stake in Eau Technologie Environnement (ETE) to the Moroccan company “Les Eaux Minérales d’Oulmès” (LEMO). The investment was made in 2007 and the exit represented 3.4x the fund’s initial investment.
ETE is a Beninese company bottling and distributing mineral water under the brand name of FIFA Ste Luce. Cauris Croissance invested to upgrade and increase the plant’s production capacity. Over the investment period, Cauris Management participated in the implementation of a new strategy, in the strengthening of the sales team and the development of the distribution network. Cauris Management also helped institutionalize the company, improve its governance and internal controls, allowing the company to become a leading player in the bottled water business in Benin and export part of its production in neighboring countries (Burkina Faso, Niger, Nigeria and Togo). The company is certified ISO 9001 version 2008 and obtained the UEMOA Quality Award in 2012 and 2014.
Commenting on the sale, Noël Yawo Z. Eklo, CEO of Cauris Management said: “This partnership will allow LEMO to become the leading industrial partner of ETE and to build on the company and its expertise to expand in the region. It has been a tremendous industrial and human adventure with M. Christian Mondjannagni, the founder, and its young team. We strongly believe in the potential of ETE which will sustain its growth path to the benefit of all stakeholders.”
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