BC Partners looks to Elis exit

The UK private equity firm has received a number of offers for its French laundry services portfolio firm.

Private equity firms and a number of trade buyers have submitted bids to acquire BC Partners' portfolio firm Elis, Europe’s largest laundry and workwear rental business based in France.

Apax Partners, Advent International and Lazard subsidiary Eurazeo are among the private equity firms that have submitted bids for the firm, according to a report on Reuters. German textiles business Haniel Textile Services is also thought to have made an offer for Elis, which could be valued at up to E1bn.

BC Partners acquired Elis from the firm’s founding family in 1997 for an undisclosed price, thought to be in the region of $1bn. Earlier this year the firm disposed of the US operations of Elis for $600m, enabling BC Partners to return $300m to investors and reduce debt by the same amount.

BC Partners has appointed Goldman Sachs to oversee the sale, following a decision against floating the company’s core European business. The sale is expected to conclude in July.

Elis provides laundry and cleaning services to hotels, restaurants, offices and industrial companies, employing 15,000 people. The firm is based across 200 centres worldwide, including France, Italy, Germany and the USA.