The Moreira Salles family, which is part of the Itaú Unibanco controlling group, becomes the largest shareholder of the French services company Elis.
According to a document released in France this Friday, BWSA — an investment firm based in São Paulo that operates as a “family office” for the Moreira Salles family — now holds 15.07% of Elis’ capital, the equivalent of 35.7 million shares. This represents 13.21% of the company’s voting rights.
Previously, BWSA owned 11.57% of the shares, according to a Nov. 4 filing, putting it just below the Canada Pension Plan Investment Board. At the end of 2023, BWSA’s share was 6.8%, showing a significant increase since then.
In the document, BWSA informed that the shares were acquired on the open market and stated that it had no intention of seeking control of the company. However, it signaled the possibility of buying more shares depending on market conditions.
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The Moreira Salles family fortune was built largely in the banking sector and through the exploration of niobium in Brazil. The family group is co-controller of Itaú Unibanco and also has investments in the energy and consumer sectors, such as the sandal manufacturer Havaianas and Alpargatas.
Elis operates in the rental and cleaning segment of textile and hygiene items for the hospitality sector, serving restaurants, hotels and hospitals in European and Latin American countries.
With a market capitalization of €4.6 billion ($4.8 billion), the Moreira Salles family’s stake in Elis is valued at around €690 million. Elis shares registered an increase of 2.4% on the Paris Stock Exchange this Friday.
In addition to its stake in Elis, BWSA also owns 28.8% of the capital of French glass manufacturer Verallia SA.
