M&A Deal Summary

Eurazeo PME and Intermediate Capital Group Acquire Elis

On October 1, 2007, private equity firm Eurazeo PME and mezzanine finance firm Intermediate Capital Group acquired apparel/textiles company Elis from PAI Partners for 2.0B EUR

Acquisition Highlights
  • This is Eurazeo PME’s 1st and Intermediate Capital Group’s 5th transaction in the Apparel/Textiles sector.
  • This is Eurazeo PME’s and Intermediate Capital Group’s 7th largest (disclosed) transaction.
  • This is Eurazeo PME’s 9th and Intermediate Capital Group’s 56th transaction in France.
Investment Fate
  • Elis went public in 2014.

M&A Deal Summary
Date 2007-10-01
Target Elis
Sector Apparel/Textiles
Buyer(s) Eurazeo PME
Intermediate Capital Group
Sellers(s) PAI Partners
Deal Type Add-on Acquisition
Deal Value 2.0B EUR

Target

Elis

Saint-Cloud, France
Elis is a provider of rental and cleaning of textile hygiene services. Elis was founded in 1883 and is based in Saint-Cloud, France.

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Buyer(S) 2

Buyer

Eurazeo PME

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Eurazeo PME, formerly known as OFI Private Equity Capital. Eurazeo PME invests equity and mezzanine capital in secondary buyout transactions of unlisted French companies. The Firm looks for opportunities valued between €50 and €250 million. Areas of interest include chemicals, financial services, consumer services, retail, manufacturing, distribution, and life science. Eurazeo PME was formed in 1997 and is based in Paris.

DEAL STATS #
Overall 11 of 82
Sector (Apparel/Textiles) 1 of 4
Type (Add-on Acquisition) 1 of 1
Country (France) 9 of 55
Year (2007) 3 of 3
Size (of disclosed) 1 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-01 Groupe BFR

Evry, France

Groupe BFR operates in distribution of packing machines for agri-food manufacturers. Groupe BFR was founded in 1960 and is based in Evry, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-01 Evernex

Paris, France

Evernex provides maintenance of global IT infrastructure and offers a comprehensive range of services from maintenance to Spare as a Service – SpaaS ™, as well as additional services such as recycling, secure data disposal, data center removal, and relocation, library repair, IT hardware rental, and financial solutions. Evernex was founded in 1983 and is based in Paris, France.

Buy -
Buyer

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.

DEAL STATS #
Overall 200 of 292
Sector (Apparel/Textiles) 5 of 5
Type (Add-on Acquisition) 1 of 1
Country (France) 56 of 72
Year (2007) 28 of 33
Size (of disclosed) 7 of 82
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-09-24 The Hoyts Pty.

Sydney, Australia

Hoyts manages entertainment corporations. The company owns and operates 45 cinemas with over 400 screens and approximately 75,000 seats in Australia and New Zealand. In both of these countries it is the largest independent film distributor and provider of cinema advertising.

Buy $440M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-11 Global Garden Products

Castelfranco Veneto, Italy

Global Garden Products provides a powered garden equipment market leader with a particularly strong position in Italy, Scandinavia and the UK. Global Garden Products was founded in 2000 and is based in Castelfranco Veneto, Italy.

Sell €730M

Seller(S) 1

SELLER

PAI Partners

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 16.2B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

PAI Partners is a European private equity firm that makes controlling equity investments in buyout transactions valued in excess of €300 million. PAI is particularly interested in 'investing in consolidating sectors and in markets where growth can be sustained through economic and financial market cycles.' Sectors of interest include consumer retail, professional distribution, building materials, infrastructure and utilities, media, IT, communications, food, consumer goods, healthcare, chemicals, automotive, aeronautics, paper & packaging, electrical appliances, and household equipment (heating, air-conditioning, security). The firms invest in the range of €100 - €300 million transaction. PAI was formed in 1998 and is based in Paris with additional offices in Madrid, Milan, Munich, Luxembourg, Copenhagen, and London.

DEAL STATS #
Overall 11 of 50
Sector (Apparel/Textiles) 2 of 3
Type (Add-on Acquisition) 3 of 18
Country (France) 9 of 24
Year (2007) 4 of 4
Size (of disclosed) 9 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-01 Kaufman & Broad

Neuilly sur Seine, France

Kaufman & Broad is a developer and builder of homes and apartments, focused on middle-end to high-end construction. Kaufman & Broad was founded in 1968 and is based in Neuilly sur Seine, France.

Buy €1.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-02-29 Stoeffler SA

Obernai, France

Stoeffler is the largest producer in France of 'Charcuterie Alsacienne' (chilled prepared meat), a regional speciality, with a 25 % market share. In the Choucroute (sauerkraut) segment, Stoeffler ranks number one with a market share in excess of 45%. Most products are sold under the ?Stoeffler? brand.

Sell -
Mergr

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