Eurazeo’s Elis to list on Euronext Paris

By registering the document de base, Elis has made its first step towards listing on the Euronext Paris.

The decision to float follows Elis's major refinancing in June last year, when the company placed a €450m high-yield bond. The senior secured notes are due to mature in 2018. Furthermore, it is thought Elis secured a refinancing of €1bn of senior debt from existing lenders, as its senior debt tranche was set to mature in 2014 – this has since been pushed back to 2017. Elis also placed €380m of senior subordinated notes and €173m in PIK notes, both of which are to mature in 2018.

Eurazeo acquired Elis through a tertiary buyout in 2007, in a deal that valued the company at €2.276bn, representing 10.3x EBITDA at the time. Eurazeo purchased the company from previous backers PAI Partners and BC Partners.

The company has a long history of private equity ownership, having been first backed by BC Partners in 1997 in a deal that valued the company at €936m, with a $760m senior debt package provided by Goldman Sachs Capital Partners and Citigroup. PAI became a backer in June 2002, investing alongside BC Partners, and later supported the company's €440m refinancing in 2005.

Puteaux-headquartered Elis provides the rental and cleaning of work wear, flat linen and mats. It also offers bathroom cleaning services and beverage dispensers including water coolers and coffee machines, as well as services such as pest control. Typical customers include industrial companies, services providers, local government, hotels, restaurants and contract cleaning companies.

The business, in which Eurazeo owns an 82.5% stake, employs 18,500 staff across Europe and Brazil through 256 service and processing centres. In 2013, the company reported European turnover of €1.2bn.

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