PAI cleans up in ELIS sale

Eurazeo and Eurazeo Co-Investment Partners (ECIP) will between them make an equity investment of approximately €500m, alongside the management of ELIS.

The business has been a PAI Partners investment since July 2002, when the firm bought the Paris-headquartered company for an undisclosed sum from rival private equity firm BC Partners.

At that time Elis had revenues of around €800m (with steady growth for the past 30 years), and employed11,200 people in Europe servicing 250,000 customers. It nows has revenues of €950m and employs 13,000. Its core activities include the rental, distribution and cleaning of uniforms, other textile items such as flat linen, and well-being products such as washroom equipment, floor mats, water coolers and espresso coffee machines. Leader in the French market, the group is also present in eight other European countries (Portugal, Belgium, Spain, Italy, Germany, Luxembourg, Switzerland and the Czech Republic).

Gilbert Saada, member of the Eurazeo executive board, said: “ELIS is a leading company which benefits from solid growth potential across Europe as the outsourcing of rental and cleaning of textile and hygiene services continues to increase. We will look to expand internationally and develop its activities in countries such as Germany, Italy, Belgium, Portugal and Spain where ELIS already has leading positions and explore new markets, products and service offerings.”