Global law firm White & Case LLP advised the syndicate of banks led by BNP Paribas, Deutsche Bank and Goldman Sachs on the initial public offering of Elis on the regulated market of Euronext Paris. The Firm has also advised the lenders on the new senior credit facilities entered into by Elis in relation to the IPO.
The IPO was initiated by its main shareholder, Eurazeo, one of the leading listed investment companies in Europe. The prospectus received the visa from the French financial markets authority (Autorité des marchés financiers) on January 27, 2015 and the first listing is scheduled for February 11, 2015. The initial price range for the offering is set between €12 and €19 per share, with a maximum size of the global offering of €750 million (which may be increased to €900 million in case of exercise of the over-allotment option). The offering includes €700 million of new shares and approximately €50 million of existing shares sold by Eurazeo.
Elis is a leading multi-services group in Europe and Brazil, specializnig in the rental and maintenance of professional clothing and textile articles, as well as hygiene appliance and well-being services, and has been owned by Eurazeo since October 2007. With 18,500 employees spread across ten countries, its consolidated turnover in 2014 was €1.331 billion and consolidated EBITDA reached €429 million. Benefiting from more than a century of experience, Elis today services more than 240,000 businesses of all sizes in the hotel, catering, healthcare, industry, retail and services sectors through its network of 256 production and distribution centers and 13 clean rooms.
The White & Case team in Paris which advised on the IPO was led by partners Séverin Robillard and Thomas Le Vert with support from associates Tatiana Uskova, Boris Kreiss, Natalia Sauszyn Pfender and François Carrey. Partner Colin Chang and counsel Max Turner advised on US law aspects. Partner Alexandre Ippolito, with support from associate Marcus Schmidbauer, advised on tax aspects. Partners Denise Diallo and Samir Berlat, with support from associates Lycia Alderin and Marie-Alix Charvin, advised on the IPO’s new senior credit facilities.
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