Bbpifrance Announces The Acquisition Of A Stake Of More Than 5% In Elis

The Lac1 fund, managed by Bpifrance on behalf of French and international investors, and dedicated to the long-term support of large listed French companies, announces the sixth investment since its creation in 2020, by investing in Elis. With this investment, Bpifrance asserts its confidence in Elis’ international development strategy.

With more than a century of experience and nearly 50,000 employees, Elis is the European leader and the second largest global player in the rental and cleaning of textile, hygiene and well-being products. The Group is an emblematic French company with proven operational excellence and a pioneer in the circular economy, which is fully in line with the Lac1 fund’s investment strategy: to support French listed world leaders that offer strong value creation potential while addressing today’s environmental and societal challenges. With the investment made by the Lac1 fund, Bpifrance confirms its confidence in the strategy of the Group.

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Elis’ markets have solid growth fundamentals, and the Group enjoys a national leadership position in most of its markets. Elis’ business model is diversified and resilient, with more than 400,000 customers across a wide range of industries in 29 countries in Europe and Latin America. Thanks to its maintenance leasing model and notably its strong presence in the health and food sectors, the Group has demonstrated the resilience of its business model, maintaining continuous growth in its activity and a high level of profits over the last twenty years. With more than 80 acquisitions since 2010, the Group’ has demonstrated its ability to pursue a dynamic acquisition policy and to successfully integrate targets of different size, while generating substantial synergies. Elis will continue to position itself as the consolidator in a global market that remains highly fragmented.

Convinced of Elis’ potential for sustainable and profitable growth, Bpifrance, via the Lac1 fund, intends to be involved with the company over the long term to support its development and its CSR commitment.

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According to the terms of an agreement reached on 6 January 2023 between Elis and Bpifrance, the Elis Supervisory Board appointed Bpifrance Investissement (management company of Lac 1) as a board observer of the Elis Supervisory Board for a one-year term (Bpifrance Investissement being represented by Paul-Philippe Bernier to this end), it being agreed that the company will propose the appointment of Bpifrance Investissement as a member of the Supervisory Board, to replace its mandate as a board observer, at the next Elis General Meeting. To date, Elis Supervisory Board is therefore composed of 10 members and one board observer.

Commenting on the announcement, Xavier Martiré, CEO of Elis, said:

“The investment of the Lac1 fund into Elis demonstrates Bpifrance’s confidence in the Group’s growth and value creation strategy. I am therefore very pleased with the arrival of this new stable and long-term shareholder, whose extensive expertise will be an additional asset for Elis.”