AXA Private Equity improves bid for Elior

By IVCPOST Staff Reporter

Jul 17, 2013 04:13 AM EDT

A group of investors led by France's AXA Private Equity has increased its offer for Elior and is proposing to obtain a minority stake in the food service provider, according French daily Les Échos. Elior is a top French contract caterer with above average food skills.

"After a total freeze of the talks, the consortium agreed last weekend to raise its bid by EUR250 million, which vould value the group at EUR3.7 billion (US$4.9 billion)," Les Échos said, citing a few sources with knowledge of the deal.

The French AXA Private Equity-led consortium includes Caisse de Dépôt du Québec, a Canadian pension fund.

The latest offer by the investors is still short of the EUR4 billion desired by Elior's main owners. Chequers Capital, a French private equity firm, and Charterhouse Capital Partners, a British private equity firm, are the current majority shareholders of Elior.

The new deal, however, would allow both private equity firms to continue to collect a share of the company's profits. Under the latest deal, they would collectively retain 51% shares of the company, Les Échos said.

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