West Africa-focused private equity fund manager Cauris Management has sold its stake in Benin-based mineral water bottler and distributor Eau Technologie Environnement (ETE) to Les Eaux Minérales d’Oulmès, a Morocco-based bottling and distribution company. The transaction was structured through Cauris Croissance, a fund managed by Cauris Management. The firm originally invested in ETE in 2007, and the exit reportedly generated a 3.4x return on Cauris Management’s initial investment.