Eurazeo sells €281m stake in professional clothing firm Elis

The partial sale represents 15% of Elis's total share capital, equating to a total of 17.1 million shares priced at €16.45 each.

As a result, Eurazeo will hold 26.5% of Elis's capital, directly and via holding company LH27. LH27 will hold 23.47% of the capital, with Eurazeo itself holding onto a 3% stake.

Eurazeo generated net proceeds of around €234m from the transaction, realising a multiple of 1.7x its investment.

LH27 and Eurazeo have agreed to a 90-day lock-up period for the further sale of Elis shares.

Previous investment
In April 2007, Eurazeo wholly acquired Elis for an enterprise value of €2.276bn. To finance the acquisition, Eurazeo invested €393m of equity and Eurazeo Co-Investment Partners – Eurazeo's co-investment fund – invested €75m.

A senior debt package worth €1.850bn was provided by BNP Paribas.

Elis floated on the Euronext Paris with a market cap of €1.48bn in early 2015. Eurazeo and the company's management sold €50m of shares prior to the exercise of the overallotment option.

Company
Elis is a multi-services group operating in Europe, Brazil and Chile, specialising in the rental and maintenance of professional clothing and textile articles, as well as hygiene appliances and well-being services.

With more than 21,000 employees spread across 13 countries, Elis's turnover in 2014 was €1.331bn with an EBITDA of €429m.

Elis services more than 240,000 businesses of all sizes in the hotel, catering, healthcare, industrial, retail and services sectors, with a network of 300 production and distribution centres.

People
Eurazeo Capital – Marc Frappier (managing director).

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