Elior

In 2006, Elior was the 3rd largest European catering company and the 2nd largest in contract catering. Robert Zolade, its founder and leading shareholder, sought to take the company private to continue its geographic expansion and acquisition program requiring significant ressources. Chequers and Charterhouse provided both relevant industry knowledge, deriving from past investments in the sector, and the financial means to sustain this growth policy. The group structure was substantially strengthened, synergies between activities were developed and the group was floated on the stock exchange in 2014.

Value creation

One or two acquisitions or complex partnership agreements were carried out each year, in France to enhance the coverage, but also in Italy, Germany and the USA, enabling the group to achieve a significant market share in its segment in each country. The group also made some non-strategic divestments and the Areas concession activity was integrated in the group, allowing it to implement pro-active global development, especially in the USA. Overall the group expanded its revenues from €3bn in 2006 to €5.7bn in 2015, under the combined effect of organic growth of 4% over time and the impact of strategic acquisitions. Chequers sold its investment on the stock market in 2016.

Investment year
2007
Turnover at acquisition
€2,830m
Type of operation
Shareholding Structuring
Business sector
B2B Services
Country
France