French multinational dining services contractor Elior, which owns a majority share of major U.S. contractor Trusthouse Services Group, has indicated that it is considering an initial public offering this summer, reports the New York Times. The company has filed documents with France’s Financial Markets Authority, the first step toward a launching an IPO.
Elior, along with Trusthouse's senior management, had purchased that firm last spring, though Trusthouse continues to operate as a standalone company. It generated sales of $474 million last year and ranked #7 on the 2014 FM Top 50 Contract Management Companies listing.
Elior, which is currently owned by private equity firm Charterhouse Capital Partners, had sales of 5.22 billion Euros in 2013, which at current exchange rates works out to around $7.2 billion, making it the world's fourth largest foodservice contract company behind Compass Group, Sodexo and Aramark.
The IPO would reportedly raise around $1 billion.