Charterhouse considers Elior IPO
Charterhouse is considering the flotation of French catering business Elior, due to a lack of bids for the company reaching the firm’s €4bn asking price, according to the Financial Times.
The GP has reportedly been speaking with advisers for months now regarding the possibility of a flotation, which could take place as early as November this year.
In February, unquote" reported on a possible €3.5bn bid by CVC Capital Partners and BC Partners for Elior. Following this last month, Elior was reported to have raised €350m on the high-yield bonds market and negotiated an amend-and-extend on its €1.1bn senior debt to push the notes' maturity to 2019.
Charterhouse acquired Elior in 2005, in a take-private deal that valued the company at €2.5bn, according to unquote" data.
Elior recorded turnover of €4.5bn for 2012, as well as an operating profit of €237m. The company is expected to report an EBITDA of €500m for this year, according to the FT.
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