Fonds Cauris Croissance Invests In Banking Group Banque Atlantique
Fonds Cauris Croissance II, a West African fund manager owned by Cauris Management, is to invest 4.1 billion FCFA (about £6.3 million) in Banque Atlantique, the regional banking group, through Atlantic Financial Group (“AFG”).
Cauris Management is a private equity fund manager that has been active in West Africa, mainly Francophone for 18 years. Cauris Management has invested in 42 companies and exited 35 in its target region. The investment portfolio has included sectors as diverse as agribusiness, financial services, hospitality, telecoms, consumer goods, and downstream oil and gas. With about 54 billion FCFA (82 million) under management, Cauris Management operates from Lomé and Abidjan.
Mr. Noël Yawo Eklo, CEO of Cauris Management added: “This investment reflects the confidence inspired by Groupe Banque Atlantique in the region. It also reflects Cauris willingness to participate in the development of banking activities by providing reliable financial services to more customers, as banking penetration rates remain low in the region.”
AFG will take an equal stake along with the Moroccan banking group Banque Centrale Populaire (“BCP”) of Banque Atlantique, which owns the subsidiaries created over the past two decades. Group Banque Atlantique has banking operations in seven countries (Benin, Burkina Faso, Cote d’Iviore, Mali, Niger, Senegal and Togo), a brokerage firm, an IT company and a representative office in France.
Group Atlantique Chairman, Mr. Koné Dossongui, commented: “The partnership Cauris-AFG is the escalation of a business relationship started over five years ago with an investment by Cauris in Moov Togo, owned in majority by Atlantic Telecom, the group former telecom division, now part of Etisalat. I hope this new partnership will also benefit from Cauris proven experience in the banking sector and will generate value for shareholders as was the case with our joint telecoms experience.”
Africa Capital represented AFG in the transaction. Africa Capital is a leading boutique investment bank specialised in M&A and debt transactions in the financial services, infrastructure and agro-industry sectors in Africa. They have previously represented AFG as the financial advisor on the opening of capital for the Group Banque Atlantique Banque Centrale Populaire of Morocco through the creation of a joint holding company.
Financial Advisor to Atlantic Financial Group
Mr. Patrick Kouame, Managing Director of the Abidjan office commented:
“We are extremely proud of having advised on this transaction, which is the ending point in a global restructuring of Banque Atlantique Group’s long term funding. We have accompanied Banque Atlantique over the past few years, advising them in building long term partnerships with financial institutions such as Cauris to create a leading bank in West Africa. We brought our expertise and experience in crafting multinational win-win relationships to help close this deal.”