Elior sale back on track, Axa PE in lead

Axa PE and CDPQ offered €3.7bn for the asset, French daily Les Echos reported – close to Charterhouse's initial €4bn asking price and enough to revive the sale process after weeks of virtual standstill.

Back in June, Charterhouse was rumoured to be mulling a flotation for Elior, due to a lack of bids reaching the firm's initial €4bn asking price.

In February, unquote" reported on a possible €3.5bn joint bid by CVC Capital Partners and BC Partners for Elior. In May, Elior was reported to have raised €350m on the high-yield bonds market and negotiated an amend-and-extend on its €1.1bn senior debt to push the notes' maturity to 2019.

Charterhouse acquired Elior in 2005, in a take-private deal that valued the company at €2.5bn, according to unquote" data.

Elior recorded turnover of €4.5bn for 2012, as well as an operating profit of €237m.

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• Topics
• France
• Buyouts
• Exits
• Consumer
• France
• Charterhouse Capital Partners
• Axa Private Equity