Vermeer Capital buys RLD from Sagard

The Hawkpoint-run sale process is understood to have started around a year ago. Local media reported earlier this year that the sale of RLD had apparently stalled over debt concerns. Several options were believed to be explored, including a debt-for-equity swap and an investment by special situations funds.

The company's new capital structure will support its ongoing development; the company notably intends to invest in customer satisfaction and quality control.

Previous funding
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. BNP Paribas underwrote a debt package alongside Société Générale. The facilities comprised senior debt, mezzanine financing and second lien facilities, completed by an acquisition line.

Company
Created in 1982, RLD specialises in the rental and laundering of workwear, flat linen and hygiene services. It employs 2,100 people and caters to 22,000 clients. Based in Montrouge, RLD posted a €155m turnover in 2012 – up from €128m at the time of the 2006 buyout.

People
Jean-Louis Detry represented Vermeer on the deal.

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• Topics
• France
• Exits
• Buyouts
• Support services
• France
• Sagard Private Equity
• Vermeer Capital Partners
• Secondary buyout