Cauris Management has exited its stake in Eau Technologie Environnement (ETE) to Moroccan Company Les Eaux Minerales d’Oulmes (LEMO), earning its second fund Cauris Croissance a 3.4x return on its initial investment made in 2007.
ETE is a Beninese company bottling and distributing mineral water under the brand name of FIFA Ste Luce, and the capital from Cauris Croissance’s original investment was used to upgrade and increase the plant’s production capacity. In addition, during the investment period, Cauris was involved in implementing a new strategy, strengthening the firm’s sales team and growing and developing the firm’s distribution network as well as improving its governance and internal controls.
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.”
Additional terms of the deal were not reported.