Since 1995, the Cauris Management group has made 52 investments and taken 47 disposals through to completion. A private equity portfolio is not judged by the number of logos it lines up, but by what becomes of the companies and what the exits return. The 37 holdings presented here come with the transactions the group has published.
Every holding follows the same path. The amounts and returns below are those published by Cauris Management in its transaction announcements.
A minority contribution in equity and quasi-equity, meant to finance a development plan that is already written.
An active board, specialist committees, reliable reporting: governance is the first lever of value creation.
The exit is the only judge of a transaction. Cauris publishes its multiples and its internal rates of return, transaction by transaction.
The companies we target Governance and performance Our financial partners
Banking, finance and telecoms dominate the portfolio, but industry, food processing, health, energy and hotels all hold their place in it. Filter by sector to see the real composition.
AFGAtlantic Financial Group, the holding company of the Banque Atlantique network in West Africa.
AWIAfrica West Industries, household soap manufacturing, on the market since 2011.
AxxendAn IT services company based in Senegal, with offices in Côte d’Ivoire, Ghana, Guinea and Cameroon.
Azalaï HotelsA hotel group present in Benin, Burkina Faso, Guinea-Bissau and Mali.
Bridge bank groupThe banking arm of the Teyliom group, created with the support of Cauris Croissance and the BOAD.
Café informatiqueWebsite 
CDCICompagnie de Distribution de Côte d’Ivoire, mass retail, 110 stores.
CipharmA pharmaceutical laboratory, the Ivorian leader in generic medicines, distributed in a dozen countries.
COMPUTEC
ELEA
EQUIPBAIL MALI
EQUIPBAIL-BENIN
Fidelis FinanceA financial institution engaged in a project to become a bank.
FifaThe FIFA Ste Luce mineral water brand, produced by Eau Technologie Environnement, winner of the WAEMU quality prize in 2012 and 2014.
FilsahWebsite 
Ibis HotelHôtel Ibis Lomé Centre, taken over from the State by private investors in 2003.
Ikatel Orange
Jossira
LINEA
Mansa bankA recently created Ivorian commercial bank.
MoovAtlantique Telecom Togo, the country’s second mobile operator.
MTNMTN Côte d’Ivoire, the subsidiary of the South African operator, more than 6.5 million subscribers.
Niger-Lait
Omnifinance Access Bank
Pétro IvoireFuel distribution, a network of service stations and a gas bottling plant.
SAPIN SAA Senegalese printing house.
SAPLAIT
SERMED
SHB
SIMELEC
Socopharm TEDIS Pharma Togo
Sodigaz - ZenerButane gas bottling, in answer to the chronic shortage of domestic gas in Togo.
Sunu bankWebsite 
SWINDEVCOA telecoms network installer present in Côte d’Ivoire and Guinea.
TOUBIJOUX
TUNDE
VipnetData transmission, international call routing and high-speed internet for SMEs, created in 1999.Aucune entreprise dans ce secteur.
A portfolio is judged by its exits. Here are the 16 disposals whose detail Cauris Management has published, from the highest multiple to the most measured, then the transactions whose return was announced as an internal rate of return.
SODIGAZThe highest multiple the group has published
Cauris CroissanceTogo
2009
6.1 times the investment
Read the press releaseCeltel BurkinaUSD 6.250 million, that is FCFA 3,050 million
Cauris InvestissementBurkina Faso
2003 → 2007
more than 6 times the investment
Read the press releaseETE, Fifa brandSale to Eaux Minérales d’Oulmès
Cauris CroissanceBenin
2007
3.4 times the investment
Read the press releaseBridge Bank GroupSale to Teyliom International
Cauris CroissanceCôte d’Ivoire
2006
3.1 times the investment
Read the press releaseSMPH, Azalaï HotelsOne country on entry, four on exit
Cauris InvestissementMali
2007
three times the investment
Read the press releaseSIMELEC
Cauris CroissanceWAEMU area
2003
more than three times the investment
Read the press releaseMTN Côte d’IvoireExit through the PCI holding company
Cauris CroissanceCôte d’Ivoire
2009
more than 2.5 times the investment
Read the press releaseSAPINFive years of holding
Cauris InvestissementSenegal
2004 → 2009
2.5 times the investment
Read the press releaseAFG Insurance CapitalEUR 5.8 million invested, bought back by Atlantic Group
Yeelen Financial FundCôte d’Ivoire
2019 → 2026
2.5 times the investment
Read the press releaseCDCI110 stores at the time of sale
Cauris CroissanceCôte d’Ivoire
2007 → 2013
twice the investment
Read the press releaseMoov Togo
Cauris CroissanceTogo
2007
around twice the investment
Read the press releaseABI, Banque AtlantiqueSale to Banque Centrale Populaire
Cauris Croissance IICôte d’Ivoire
2012
1.7 times the investment
Read the press releasePétro Ivoire
Cauris CroissanceCôte d’Ivoire
2006 → 2010
an IRR of around 25%
Read the press releaseBOA Burkina FasoPartial sale at the stock market listing
Cauris CroissanceBurkina Faso
2007
an IRR of 24%
Read the press releaseHôtel Ibis LoméFive years of holding
Cauris InvestissementTogo
2003 → 2008
an IRR of 16%
Read the press releaseBPECFCFA 1 billion in 2010, a further 700 million in 2015, sale to the SUNU group
Cauris CroissanceTogo
2010
Return not published
Read the press releaseThe length of the bar represents the published multiple, measured against the highest in the series. Transactions measured by internal rate of return carry none: the two figures cannot be compared.
Each country is attested by at least one published transaction. The group’s offices are in Lomé and Abidjan.
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