April 14, 2006
Holding Bercy Investissement (HBI) launches €1.8 billion take-private bid of French catering company Elior.
On March 27, Willkie client Holding Bercy Investissement (HBI) launched a €1.8 billion take-private bid of French catering company Elior. Robert Zolade, the founder and chief executive of Elior, controls a 99.76% stake in HBI. In launching the tender offer, HBI signed protocol agreements with private equity firms Charterhouse Capital LLC and Chequers Capital that, notably, give their investment funds access to HBI’s capital and provide for the transformation of HBI into a société en commandite par actions, which would allow Mr. Zolade to maintain his chief role in Elior’s management. Elior is Europe’s third-largest provider of contracted food services, employing more than 55,000 people in 13 countries. The matter is being handled by partners Daniel Payan, Laurent Faugérolas, Cédric Hajage and Marie-Hélène Raffin; special European counsel Jeffrey Fouts and Etienne Boursican; and associates Karine Lenczner, Brice Pommiès and Stéphane Huten.
