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Private Equity Firm HIG Capital Closes France Workwear Deal
Global Banking and Finance Review
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HIG Capital wrapped up its purchase of France Workwear from Rentokil Initial on October 1, adding a textile services
HIG Capital wrapped up its purchase of France Workwear from Rentokil Initial on October 1, adding a textile services business to its growing roster of European assets. The company, which rents and launders workwear for more than 21,000 clients across France, will get a new name in early 2026.
The deal fits a broader pattern for HIG Capital as Pulse reports, which has spent much of 2025 buying up businesses that were previously tucked inside larger corporations. The firm, which Sami Mnaymneh and Tony Tamer started in 1993, now oversees $70 billion and has made a business out of turning corporate divisions into standalone companies.
France Workwear runs 34 locations where it designs, rents, cleans, and repairs workwear, bed linens, and hygiene products. Most of its revenue comes from subscription contracts with hospitals, hotels, restaurants, and factories that need a steady supply of clean uniforms and linens.
Fabrice Shoshany, who runs France Workwear, said the company plans to push into new markets outside France while keeping its focus on protective equipment and cleanroom supplies. "We are already recognised as a leader in PPE, cleanrooms, and traceability, and with HIG's support, we will further strengthen our position as the industry benchmark," he said in a statement.
France Workwear is HIG Capital's latest European target, but far from its only one this year. In August, the firm said it would take a majority stake in Avanta Salud, a Spanish company that provides occupational health services to businesses with more than a million workers. HIG said at the time it wanted to build a European workplace health platform.
That same month, HIG sold EYSA Group, a Spanish parking and mobility business, to Tikehau Investment Management. HIG had owned EYSA since May 2022 and during that time bought five other companies to fold into the business. When it sold, EYSA's earnings were more than double what they were when HIG bought it.
The firm also bought Kantar Media, a London-based company that measures TV audiences and tracks advertising spending, from Kantar Group. Kantar Media operates in more than 60 countries and sells data to advertisers, ad agencies, and media companies.
Tobias Borkowski, a managing director at HIG, said France Workwear's subscription model and market position made it an attractive target. Markus Noe-Nordberg, who leads HIG's European middle-market team, said the firm knows how to manage companies that get split off from larger parents.
France Workwear makes money by signing up customers for long-term contracts. Clients pay regular fees to rent uniforms and linens rather than buying and maintaining their own inventory. The company picks up dirty items, launders them at its facilities, and delivers them back on a set schedule.
The business serves industries where regulations require specific types of clothing or hygiene standards. Healthcare facilities need scrubs and bed linens that meet sanitation rules. Food service operations need uniforms that comply with health codes. Manufacturing plants need flame-resistant workwear or cleanroom suits.
Customers rarely switch providers because changing requires retraining staff, adjusting logistics, and potentially violating contract terms. France Workwear also handles tracking systems that let clients know where each garment is in the cleaning cycle, which matters for compliance audits.
Jefferies and Santander advised HIG on the deal. Neither HIG nor Rentokil Initial disclosed what HIG paid for the business.
HIG runs offices in Hamburg, London, Luxembourg, Madrid, Milan, and Paris, giving it a presence across major European markets. The firm invests through several different funds that focus on private equity buyouts, real estate, infrastructure, and lending.
Earlier this year, HIG bought logistics warehouses in the Paris and Lyon areas through its real estate arm. It also took a controlling stake in Fluo Group, a Finnish company that collects waste, sorts recyclables, and makes plastic products from recovered materials.
The firm typically holds companies for three to seven years before selling them, either to other businesses in the same industry or to other investment firms. How long it keeps France Workwear will depend on how quickly the company can expand its customer base and potentially buy competitors.
Shoshany said France Workwear would look for ways to grow beyond its current territory while maintaining quality standards. The company already serves customers in healthcare, hospitality, food service, and manufacturing, and could add new industries or geographic markets under HIG's ownership.
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