CAURIS CROISSANCE SELLS ITS STAKE IN SOCIÉTÉ TOGOLAISE DE DISTRIBUTION DE GAZ (SODIGAZ)
Cauris Croissance, the second fund managed by Cauris Management, the West African private equity fund manager, confirmed the sale of its stake in SODIGAZ to the company’s founders and majority shareholders. The investment, made in June 2009, delivered an overall IRR of 34.89% and generated a cumulative return of 6.1 times the amount initially invested.
About SODIGAZ
SODIGAZ is a butane gas bottling company in Togo. The investment by Cauris Croissance made it possible to build a butane gas bottling plant, to meet substantial unmet demand for the product. During the holding period, Cauris Management:
- helped to build staff capacity by putting the company in touch with another portfolio company in the same sector for training;
- assisted executive management in its initiatives to improve the company’s performance and in monitoring its strategic development plan;
- advised the company on raising the debt related to its development project.
Cauris Management’s view following the sale
Noël Yawo Z. Eklo, Chairman and Chief Executive Officer of Cauris Management, commented: « This partnership, entered into a few years ago with seasoned founders and managers who had held senior positions within international oil groups, allowed this start-up to become the leader of its sector very quickly. We remain confident about the future and the potential of SODIGAZ, which should continue to grow and become one of the flagships of the national and sub-regional industry ».
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