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 manager, 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 of 3.4 times the amount initially invested.
About Eau Technologie Environnement (ETE)
ETE is a Beninese company specialising in the production and distribution of bottled mineral water under the FIFA Ste Luce brand. The investment by Cauris Croissance made it possible to modernise and increase the company’s production capacity. During the holding period, Cauris Management took part in rolling out a new strategy, in strengthening the sales force and in developing the distribution network.
Cauris Management also helped to institutionalise the company and to improve governance and internal control, allowing it to become a benchmark player in the bottled water sector in Benin and to export part of its output to neighbouring countries (Burkina Faso, Niger, Nigeria and Togo). The company is certified ISO 9001 version 2008 and won the WAEMU quality award in 2012 and 2014.
Cauris Management’s view following this sale
Noël Yawo Z. Eklo, Chairman and Chief Executive Officer of Cauris Management, commented: « following this transaction, LEMO becomes the benchmark industrial partner of ETE and will from now on rely on this experienced operator as it wins regional markets. It was a fine industrial adventure, but also a human one, 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 its stakeholders ».
About LEMO
LEMO, listed on the Casablanca stock exchange, is the leading producer and distributor of bottled water in Morocco. With an estimated market share of 68%, the company operates four major brands (Sidi Ali, Oulmès, Ain Atlas and Bahia) across three production sites and four distribution sites. It produces more than 520 million bottles a year and is also one of the first Moroccan companies certified ISO 9001 v2008 (management system), ISO 14001 (environmental management), ISO 22000 (food safety) and ISO 18001 (occupational health and safety management).
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