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Charterhouse-backed Elior valued at €2.4bn in Paris stock float

12 Jun 2014

Elior cateringUK-headquartered private equity firm Charterhouse Capital has seen its portfolio company Elior valued at €2.4bn through its long-awaited Paris IPO.

Elior raised €847m through the public listing through a share price set at €14.75 per share, the lower end of the indicative range.

About €60m of shares from backers including Charterhouse were set to be sold alongside some new shares.

Elior, which also provides cleaning and hygiene services, hired Deutsche Bank, HSBC and JPMorgan Chase & Co in February to run the public listing.

Charterhouse currently holds a 62.4 per cent stake in Elior having paid €2.5bn for the stake back in 2006. The company reported revenues of €5bn in 2013.

Elior was said to be headed for public markets last year after private equity bids for the company did not live up to expectations, though AXA Private Equity (now Ardian) was said to still be in the race.

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