THE CAURIS CROISSANCE II FUND FINANCES THE AZALAÏ HOTELS GROUP’S REGIONAL EXPANSION
On December 6, 2012, in Abidjan, Ivory Coast, the West African private equity fund management firm Cauris Management signed an agreement to acquire an equity stake in the Azalaï Hotels Group. This investment was made through the CAURIS CROISSANCE II FUND, for a total amount of 4bn FCFA (€6m), to finance the Azalaï Hotels Group’s ambitious expansion program in West Africa.
About the Azalaï Hotels Group
The Azalaï Hotels Group, which operates six hotels in Benin, Burkina Faso, Guinea-Bissau, and Mali, is the leading West African hotel group offering services that meet international standards. Since its inception in 1994 in Mali, the group has expanded its presence to four countries by opening or acquiring three- to five-star hotels. The investment by FONDS CAURIS CROISSANCE II is part of the Azalaï Hotels Group’s expansion into new countries, including Ivory Coast, Guinea-Conakry, and Senegal. Construction of the hotel in Ivory Coast will begin in January 2013, with an opening scheduled for sometime in 2014.
The Partnership Between Cauris Management and the Azalaï Hotels Group
The partnership between Cauris Management and the Azalaï Hotels Group is not in its early stages. In fact, Cauris Investissement, the first fund managed by Cauris Management, invested in the group in 1998, enabling it to build a second hotel in Mali and begin its regional expansion. Cauris Investissement sold its stake in 2006. Commenting on Cauris’s investment, Mr. Mossadeck Bally, founder and CEO of the Azalaï Hotels Group, stated: “The Cauris-Azalaï Hotels partnership is a sign of mutual recognition. Cauris is the private equity firm that best understands the unique characteristics of local entrepreneurs while striving to meet the requirements of the private equity industry. Following an initial mutually beneficial partnership, we are pleased to once again benefit from Cauris’s expertise, both in the hospitality industry and in other sectors.”
“Following a positive initial experience, we believe it is important to help Azalai Hotels continue its development program, especially since the focus now is on completing regional mapping and strengthening the profitability of a group composed of seasoned professionals in the challenging hospitality industry an industry that remains a major source of jobs,” notes Mr. Noël Yawo Eklo, President and CEO of Cauris Management.
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