Cauris exits ETE to LEMO
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The West African private equity fund manager Cauris Management has confirmed the sale of its stake in Eau Technologie Environnement (ETE) to the Moroccan company Les Eaux Minérales d’Oulmès (LEMO), delivering 3.4x returns on the fund’s initial investment.
The West African private equity fund manager Cauris Management has confirmed the sale of its stake in Eau Technologie Environnement (ETE) to the Moroccan company Les Eaux Minérales d’Oulmès (LEMO), delivering 3.4x returns on the fund’s initial investment.
ETE is a Beninese company bottling and distributing mineral water under the brand name of FIFA Ste Luce.
LEMO, a public company listed on the Casablanca stock exchange, is the largest bottling and distributing Moroccan company.
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.”
The investment was made in 2007 via Cauris Croissance, the second fund managed by Cauris Management.
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.
The private equity firm 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).
“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,” said Eklo.
Cauris Management has been investing in West African SMEs for over 20 years, backing 47 companies and completing 37 exits during that period.
The investment portfolio spans various sectors: agribusiness, financial services, hospitality, ICT, consumer goods and downstream oil and gas.
Besides Cauris Croissance, the private equity firm manages Fonds Cauris Croissance II, a generalist fund that aims to take minority or strong minority stakes in growing SMEs.