Private equity firm Eurazeo has sold its stake in Elis, a textile rental and laundry service business, for a 1.9x return on its investment.
The sale generated total sales proceeds of €212 million (£190 million).
Elis provides rental, laundry and maintenance of textiles and hygiene appliances. Eurazeo invested in the business in 2007 and during the hold period Elis grew its revenues four fold. It also developed its business in Brazil and Spain.
Marc Frappier, Managing Director of Eurazeo Capital, said: “We are proud to have accompanied Elis’ transformation on a long term basis. Thanks to its expertise and international network, Eurazeo Capital supported the company’s fantastic development, in particular through structuring external growth transactions.”