Cauris exits Sodigaz
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Cauris Croissance, the second fund managed by Cauris Management, the West African private equity fund manager, has confirmed the sale of its stake in Sodigaz, to the sponsors and majority shareholders of the company.
Cauris Croissance, the second fund managed by Cauris Management, the West African private equity fund manager, has confirmed the sale of its stake in Sodigaz, to the sponsors and majority shareholders of the company.
The investment made in June 2009 generated an overall IRR of 34.89%, and a return of 6.1x the initial investment.
Sodigaz is a butane gas bottling company in Togo.
The company's promoters are former executives from Shell.
The investment of Cauris Croissance allowed the realization of a filling plant of butane gas to meet the significant unmet demand for that product.
During the investment period, Cauris Management contributed to staff building capacity by putting the company in touch with another company of the same industry portfolio for training; assisted the Top Management in its business performance improvement initiatives and in monitoring its strategic development plan; as well as made recommendations to the company as part of the debt raising on its development project.
Noël Yawo Z. Eklo, CEO of Cauris Management, said: "This partnership engaged in the last few years with advised leaders who assumed responsibilities in international oil groups, has allowed this startup to quickly become the leader in its sector.”
“We remain confident about the future and the potential of Sodigaz which should continue to grow to become one of the flagships of the national and sub-regional industry,” he said.