BWGI announces the acquisition of a c. 6% stake in Elis
09 Octubre 2023 - 10:42AM
BWGI announces the acquisition of a c. 6% stake in Elis
BWGI announces the acquisition of a c. 6%
stake in Elis
Saint-Cloud, 9 October 2023 –
BW Gestão de Investimentos Ltda. (“BWGI”), an independent asset
management company located in Brazil, announces that it has entered
into a definitive share purchase agreement with Crédit Agricole
Assurances (“CAA”) to acquire CAA’s entire c. 6% stake in Elis.
With this investment, BWGI affirms its confidence in the
fundamentals of Elis and in its strategy going forward.
BWGI is a wholly owned subsidiary of Brasil
Warrant Administraçao de Bens e Empresas S.A. (“BWSA”), a Brazilian
holding company with a long history or controlling shareholder of
world leading companies in a variety of business sectors, such as
Companhia Brasileira de Metalurgia e Mineração (CBMM), the global
leader in niobium products, Alpargatas S.A., a footwear company
known for its Havaianas flip flops, Verallia S.A., the leading
European glass packaging company, among others. BWSA is part of
Moreira Salles Group, which is also a co-controlling shareholder of
Itaú Unibanco S.A. – Latin America’s largest full-service bank.
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. It is a company with proven
operational excellence and a pioneer in the circular economy,
thanks to a rental-maintenance model optimized by traceability
technologies. Present in 29 countries, Elis meets the needs of its
customers in terms of protection, hygiene, and well-being, while
assisting them in achieving their environmental objectives. With
unique operational know-how and a profitable organic growth
profile, Elis creates sustainable value for its shareholders,
customers, employees, and the environment.
Completion of the block trade is expected to
occur on 11 October 2023. CAA will no longer directly hold Elis
shares upon completion of the transaction.
CAA’s representative to the Elis Supervisory
Board, will resign from her position as member of the Supervisory
Board upon completion of the block trade. Pursuant to an investment
agreement entered into between Elis and BWGI on the date hereof,
the Supervisory Board of Elis would coopt a representative of BWGI
as member of the Supervisory Board in replacement of CAA’s
representative, for the remaining term of her mandate. The Elis
Supervisory Board would also appoint a second representative of
BWGI as board observer (censeur) of the Supervisory Board. The Elis
Supervisory Board would then be composed of 12 members and 1
observer.
The investment agreement entered into between
Elis and BWGI has an initial 10-year duration. It includes a
commitment by BWGI to not transfer its Elis shares during a period
of 12 months (lock-up) and not to hold or purchase or subscribe for
Elis shares that would result in the crossing of the 25% threshold
in the share capital or voting rights of the company, during a
period of 10 years (standstill), in each case, subject to certain
exceptions. BWGI also undertook not to transfer its stake to a
competitor of the company without the prior agreement of the
Supervisory Board, subject to certain exceptions.
Commenting on the announcement, Xavier
Martiré, CEO of Elis, said:
"We are thrilled to welcome BWGI as an Elis
shareholder. We highly value its experience as an investor in many
leading companies worldwide, which will be an additional asset for
Elis. BWGI’s support as a long-term investor and member of the
Supervisory Board will enable us to continue generating profitable
growth in our markets and delivering significant value to all our
stakeholders. Finally, I want to thank Crédit Agricole Assurances
for its important contribution to the workings of the Supervisory
Board and the Audit Committee.”
João Moreira Salles, CEO of
BWGI, added:
“We are excited to become a shareholder of Elis,
a company that, under the steady leadership of its management team,
has been expanding vigorously, both geographically and by adding
value across its broad services offering. Furthermore, the circular
economy will continue to gain strategic importance globally and
Elis is uniquely positioned to support it.”
Contact
Nicolas BuronDirector of Investor Relations,
Financing & TreasuryPhone: +33 1 75 49 98 30 -
nicolas.buron@elis.com
- 20231009 - BWGI announces the acquisition of a c. 6% stake in
Elis
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