FRANCE - Sagard acquires laundry group from Astorg

Sagard has backed the secondary buyout of Régie Linge Développement (RLD) from Astorg Partners. The private equity house has gained an 80% shareholding in France’s third largest professional linen hire, while the management team holds the balance. Although the value remains confidential it has been estimated to stand in the region of EUR 160m. Mandated lead arranger BNP Paribas has underwritten a debt package alongside Société Générale. The facilities comprise senior debt, mezzanine financing and second lien facilities, completed by an acquisition line designed to enable the company to pursue the build-up strategy it began in 1999.