Cauris Management makes two exits

21 Oct 2016

Cauris Management, first private equity fund manager in Francophone West Africa, sold its shares in Atlantic Business International (ABI).

Common holding between the Moroccan group Banque Centrale Populaire (BCP) and the Ivorian Atlantic Financial Group (AFG) founded by Mr. Koné Dossongui, ABI holds the Banque Atlantique group, a major player in banking industry in West Africa, present in the 8 WAEMU countries with more than 670 000 customers at the end of 2015.

It was during a restructuring operation started in December 2012 that Cauris Management entered the capital of AFG, through its third fund under management Fonds Cauris Croissance II. Holding 2.6% stake in ABI’s capital after the swap of 5.2% of AFG shares, Fonds Cauris Croissance II sold its shares to the Banque Centrale Populaire group, in accordance with the Sale Agreement signed in July 2016. Throughout its presence in the capital of ABI, Cauris Management participated in different strategic discussions and designing the development plan 2016-2018 of ABI and its subsidiaries.

For Schola Laban, Investment Director in charge of the participation, "This sale is the rational conclusion of the value creation process in which Cauris Management enrolls when acquiring stakes. We wish full success for the further sustainable development initiated by the Banque Atlantique."

Cauris Management also announced that it sold its stake in Bridge Bank Group Côte d'Ivoire.

Bridge Bank Group Côte d'Ivoire is a subsidiary of Bridge Bank Group West Africa, established in June 2006. The intervention of Cauris in 2008, through a stake acquisition of Fonds Cauris Croissance (FCC), amounting to 11.76 % of the bank’s capital, aimed to anchor the bank firmly on its market. In December 2015, the bank was ranked as 9th out of a total of 27 banks with total assets of CFA238.4bn, 9 branches and nearly 5,000 customers in Côte d’Ivoire. FCC’s exit was formalized last July in favor of Bridge Bank Group West Africa.

For Mamadou Kouyaté, Investment Director responsible of Abidjan office, "Our mission at Cauris Management is to promote and support local and regional champions, capable of proposing an offer adapted to local realities with international standards. Bridge Bank Côte d’Ivoire has now become a major player in the Ivorian banking landscape, offering innovative solutions to local SMEs while maintaining a level of efficiency and rigor comparable to international players."  Cauris Management has indeed invested from the beginning several success stories such as the Azalai hotel group, the Bank of Africa (BOA) group, Petro Ivoire and the mineral waters FIFA of Benin.

Last June, Cauris Management announced that it had won an international tender for the fundraising and management of Yeelen Financial Fund, a fund of EUR150mn dedicated to the financial sector, initiated by the West African Development Bank (BOAD) as part of a consortium with Paul Derreumaux (founder of the Bank of Africa group), Amadou Raimi (previously Chairman of Deloitte France) and the company FINACTU.

Since its inception in 1996, Cauris Management, through its three generations of funds, realized more than 47 investments and 38 exits.

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