CAURIS CROISSANCE SELLS ITS STAKE IN EAU TECHNOLOGIE ENVIRONNEMENT (ETE)

Cauris Croissance, the second fund managed by Cauris Management, the West African private equity fund management company, has confirmed the sale of its stake in ETE to the Moroccan company Les Eaux Minérales d’ Oulmès (LEMO). The investment was made in 2007 and generated a cumulative return on investment of 3.4 times the initial amount invested.

Presentation of the company Eau Technologie Environnement (ETE)

ETE is a Beninese company specialising in the production and distribution of bottled mineral water under the brand name FIFA Ste Luce. The investment of Cauris Croissance has made it possible to modernize and increase the company’s production capacity. During the investment period, Cauris Management participated in the implementation of a new strategy, the strengthening of the sales force and the development of the distribution channel. Cauris Management has also helped institutionalize the company, improve governance and internal control, enabling it to become a key player in the bottled water sector in Benin and export part of its production to neighbouring 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.

Perception of Cauris Management following this sale

Noël Yawo Z. Eklo, CEO of Cauris Management commented:”Following this transaction, LEMO has become ETE’s reference industrial partner and will henceforth rely on this well-informed operator in its conquest of regional markets. It was a great industrial and human adventure with the young ETE team led by Mr. Christian Mondjannagni, the company’s founder. We remain confident about the future and the potential of ETE, which should continue to grow for the benefit of all stakeholders “.

About LEMO

LEMO, listed on the Casablanca Stock Exchange, is the first producer and distributor of bottled water in Morocco. With an estimated market share of 68%, the company operates 4 major brands (Sidi Ali, Oulmès, Ain Atlas and Bahia) through 3 production sites and 4 distribution sites. It produces more than 520 million bottles per year and is also one of the first Moroccan companies certified ISO 9001 vs. 2008 (management system), ISO 14001 (environmental management), ISO 22000 (food safety) and ISO 18001 (health and safety management at work).