PARIS — Companies are coming up with new ways to chip in and help out these days, and Eurazeo is both drawing on and supporting its own investments to contribute to the fight against the coronavirus.
The French private equity firm has set up a 10 million euro fund to purchase goods and services from companies it has invested in, to use as donations to support organizations helping vulnerable communities.
The bulk of the funds will go to employees of the firm and its subsidiaries who need urgent medical or financial assistance, as well as to buying and donating items like hydroalcoholic sanitizer gel from Seqens while making child care available to health care and security workers through Grandir-Les Petits Chaperons Rouges.
Funds will also go to organizations helping vulnerable communities, including Samusocial in France, The Bowery Mission in New York and the Paris university hospital trust AP-HP.
Other Eurazeo companies have been pitching in, including Peters Surgical, which has been providing medical equipment, and Linvoges, making protective masks.
The private equity firm will live-stream its annual general meeting on April 30, and plans to ask shareholders to suspend the 2019 dividend.
The French government has asked companies to hold back on granting dividends this year and use the funds to maintain employment.
Noting its approach of diversifying investments across sectors and geographic areas, Eurazeo said it has a solid financial position, citing 533 million euros of cash at the end of last year as well as a syndicated credit facility amounting to 1.5 billion euros.
Investments of Eurazeo’s brands division include activewear retailer Bandier and beauty brand Pat McGrath Labs.