European Acquisition Capital (EAC), a European venture capital company, has acquired a majority stake in the French dry-cleaning franchising chain 5 à Sec by backing a management buyout at the company.

Under the deal, which was valued below €100m ($89m), EAC will acquire a stake of more than 80% in 5 à Sec. The company's management will retain the remaining stake. The business was acquired from 5 à Sec's existing shareholders, BNP Développement and Banque Populaire's private equity arm SPEF. The deal will be financed with debt facilities from Crédit Lyonnais, BNP Paribas, Crédit du Nord, and Caisse d'Epargne France.