(Bloomberg) -- Brazil’s billionaire Moreira Salles family boosted its stake in French services company Elis SA, becoming the largest shareholder.
BWSA, the Sao Paulo-based investment firm that acts as the family office for the Moreira Salles, now holds 15.07% of Elis, or 35.7 million shares, equivalent to 13.21% of voting rights, according to a filing in France on Friday.
BWSA last held 11.57% as of a Nov. 4 filing, just below the Canada Pension Plan Investment Board. Its stake has grown from 6.8% at the end of 2023.
In the Friday filing, BWSA said the shares were bought in the open market and that it has no intention of seeking control, though it may purchase more stock depending on market conditions.
The Moreira Salles family largely made its fortune in banking and through a niobium producer in Brazil. The clan co-controls Itau Unibanco Holding SA and also has investments in energy and Havaianas flip-flop maker Alpargatas SA.
Elis provides rental and cleaning services of textile and hygiene articles for the hospitality industry like restaurants, hotels and hospitals in Europe and Latin America.
Its market capitalization stands at €4.6 billion ($4.8 billion), making the Moreira Salles stake worth about €690 million. Elis shares were up 2.4% Friday in Paris trading.
BWSA also holds a 28.8% stake in French glass maker Verallia SA.
--With assistance from Tara Patel.
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