Eurazeo further reduces Elis stake via €220m ABB

A total of 10 million Elis shares were sold by Eurazeo, directly and through Legendre Holding 27, as well as ECIP Elis.

The disposal represents 4.56% of Elis's share capital. Shares were placed at €22.01 apiece by way of an accelerated bookbuilding to institutional investors, for a total consideration of €220m.

Eurazeo is left with a 5.7% stake in Elis, compared with 9.1% prior to the placement.

Previous funding
In April 2007, Eurazeo wholly acquired Elis for an enterprise value of €2.276bn. Eurazeo invested €393m of equity to finance the deal, with its co-investment fund Eurazeo Co-Investment Partners providing €75m.

Elis floated on the Euronext Paris with a market cap of €1.48bn in early 2015, with shares priced at €13. Eurazeo and the company's management sold €50m of shares prior to the exercise of the overallotment option.

In 2016, Crédit Agricole Assurances acquired 10% of the company's share capital from Eurazeo for a total of €192m. That same year, Eurazeo sold a third of its stake in Elis for €281m.

In January this year, Elis launched a €325m share capital increase. Eurazeo and Crédit Agricole Assurances, which owned stakes of 16.9% and 10% respectively at the time, took up their preferential subscription rights for a combined total of €87m as part of the share capital increase.

Company
Founded in 1968, Paris-based Elis is a rental provider of linen and professional clothing, as well as hygiene appliances. It posted an €846m turnover in H1 2017, with a €244m EBITDA.

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