Paris-listed private equity group Eurazeo completed the €2.3bn ($3.2bn) acquisition of textile group Elis from rival firm PAI Partners today, despite using a very high level of debt in the midst of the credit crunch.

The deal, which was agreed at the top of the market just before the credit crunch hit in July, employed €1.9bn in leverage, or 83% of the total enterprise value. The record level of debt ever used in a deal is 90%.