Eurazeo’s Elis launches IPO

The company plans to list on the stock exchange on 11 February.

Elis will list predominantly new shares totalling €700m, with a secondary offering worth €50m.

Eurazeo's holding company, LH 27, plans on selling up to 4.1 million shares, which is equivalent to a 3.45% stake in the company. This could increase to 13.5 million shares, should the overallotment option be exercised in full.

Following the IPO, Eurazeo will hold a stake of at least 32% in Elis.

The company announced its intention to list in September last year, when it registered its document de base with the French financial markets authority.

The decision to float followed Elis's refinancing in June 2013, when the company placed a €450m high-yield bond. The senior secured notes are due to mature in 2018.

Eurazeo acquired Elis in September 2007 for an enterprise value of €2.276bn, equivalent to 10.5x the company's EBITDA at the time. Eurazeo provided €393m in equity, while ECIP – a co-investment vehicle for Eurazeo's LPs – invested €75m.

Eurazeo and ECIP – which comprises 20 institutional and private investors – collectively acquired a 98% stake in Elis, with ECIP's share being 16.3%.

Eurazeo acquired the company from PAI Partners and BC Partners, which had mandated JP Morgan and Rothschild to run an auction process.

Founded in 1968 and headquartered in Paris, Elis is a provider of laundry services. It operates in the healthcare, hospitality, industrial and retail industries, providing laundry services for textiles, such as restaurant and hotel linen and work garments, as well as hygiene services for water fountains, coffee machines and medical waste management.

The company employs 18,500 staff and generated €1.225bn in revenues in 2013 with a 32.7% EBITDA margin.

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