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Eurazeo to acquire ELIS from PAI partners for €2bn10/08/2007. Source: AltAssets. 
 French private equity firm Eurazeo has agreed to acquire ELIS, a European textile and work-wear hygiene services provider, from PAI partners for an enterprise value of €2.28bn. Eurazeo and Eurazeo Co-Investment Partners will make a combined equity investment of approximately €500m. The management of ELIS will also invest in the transaction.
ELIS's core activities include the rental, distribution and cleaning of uniforms, flat linen, and washroom equipment, floor mats, water coolers and espresso coffee machines. The company has revenues of around €950m and employs 13,000 people across Europe, according to a statement.
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.'
Eurazeo manages approximately €6bn in diversified assets. It is a majority or key shareholder in companies including APCOA, Europcar, Rexel, B&B Hotels and ANF.
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