Elis: A fund managed by Bpifrance takes more than 5% of the capital of Elis

(BFM Bourse) – The Lac1 fund entered the capital of the industrial laundry group, taking a long-term position. This is the sixth investment in a listed group for this fund, after Seb, Spie and EssilorLuxottica.

Elis welcomes a new reference shareholder. The industrial laundry group announced on Monday that the Lac1 fund managed by the public bank Bpifrance had taken a stake of more than 5% in the capital of the company headed by Xavier Martiré.

Both the exact stake held by the fund and the amount paid to acquire this share were not communicated by Bpifrance.

“Bpifrance thus affirms its commitment alongside Elis over the long term, convinced that the group has significant growth prospects and that it will continue to consolidate its markets worldwide while affirming its strong commitment to sustainable development. “, said the general manager of Bpifrance, Nicolas Dufourcq, quoted in a press release.

A sixth investment for Lac1

Created in 2020, the Lac1 fund has an investment capacity of 5.2 billion euros and has forty subscribers including institutional investors, large companies or family offices.

The fund aims to invest in resolutely internationally oriented French multinational companies whose market capitalization exceeds 500 million euros. This is the case with Elis, whose capitalization is greater than 3.4 billion euros.

The group specializing in the rental and maintenance of textile and hygiene items is Lac1’s sixth investment. Since its creation, the fund has acquired a stake in the household appliance group Seb, the mechanical engineering specialist Spie, the chemist Arkema, the cybersecurity company Exclusive Networks and the manufacturer of corrective lenses EssilorLuxottica.

Lac1 underlines in passing the strengths of Elis, in particular “the resilience of its business model” and its policy of acquisitions. “With more than 80 acquisitions made since 2010, the group’s leaders have demonstrated their ability to pursue a dynamic external growth policy and to effectively integrate targets of all sizes by generating significant synergies”, underlines the fund.

For Elis “the entry of the fund managed by Bpifrance makes it possible to have an investor anchored in the long term and to solidify the hard core of shareholders, which is rather positive”, estimates an analyst.

The market, he takes note of the announcement without enthusiasm. Around 3 p.m., Elis shares are stable at 14.97 euros.

Julien Marion – ©2023 BFM Bourse

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