Régie Linge Développement sale process stalled
The sale process of Sagard-owned Régie Linge Développement (RLD), a French business specialising in the rental and laundering of work wear, has reportedly stalled over debt concerns.
According to French publication Capital Finance, which broke the news, the company is struggling to meet its covenants although it generates a 25% EBITDA margin.
The Hawkpoint-run sale process is understood to have started nearly a year ago. Several options are reportedly being explored, including a potential debt-for-equity swap and an investment by special situations funds.
Sagard backed the SBO of RLD from Astorg Partners, IPO and Paluel-Marmont Capital in 2006, securing an 80% stake in the business. The deal was believed to be valued in the region of €160m.
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