PAI Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, PAI Partners has acquired 6 companies.

PAI Partners’ most common sectors for investment arefood (20%) and business services (9%) . The Firm’s most common investment types include secondary buyout (48%) and buyout (lbo, mbo, mbi) (35%). In total, PAI Partners has invested in 3 US states and 13 different countries. Its largest (disclosed) acquisition occurred in 2006 when it acquired United Biscuits for $3.5B.

In the last 3 years, PAI Partners has exited 2 companies. The Firm’s most common exit type is secondary buyout (52%). PAI Partners’ largest (disclosed) exit occurred in 2007 when it sold Vivarte SAS for $3.7B.

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M&A Summary

  • M&A Total Activity133
    • M&A Buy Activity86
    • M&A Sell Activity47
  • Total Sectors Invested 32
  • Total Countries Invested 13
  • M&A Buy/Sell Connections 40
  • M&A Advisors 30

PAI Partners

232, rue de Rivoli,
Paris, 75054
France
+33 (0) 1 43 16 63 00
www.paipartners.com
pai.paris@paipartners.com

PAI Partners is a European private equity firm that makes controlling equity investments in buyout transactions valued in excess of €300 million. PAI is particularly interested in 'investing in consolidating sectors and in markets where growth can be sustained through economic and financial market cycles.' Sectors of interest include consumer retail, professional distribution, building materials, infrastructure and utilities, media, IT, communications, food, consumer goods, healthcare, chemicals, automotive, aeronautics, paper & packaging, electrical appliances, and household equipment (heating, air-conditioning, security). The firms invest in the range of €100 - €300 million transaction. PAI was formed in 1998 and is based in Paris with additional offices in Madrid, Milan, Munich, Luxembourg, Copenhagen, and London.


Investment Criteria

Sectors of Interest: Aerospace, Agriculture, Apparel/Textiles, Automotive, Building Materials, Business Services, Chemicals, Communications, Construction, Consumer Products, Consumer Services, Distribution, Electrical Equipment, Energy Services and Equipment, Engineering, Environmental, Financial Services, Food, Healthcare Services, Information Technology, Infrastructure, Insurance, Life Science, Media, Packaging, Plastics, Renewable Energy, Retail, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation

Geographic Preferences: United Kingdom, Western Europe, Eastern Europe, Scandinavia

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 100 300
Enterprise Value 300 -
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (2.8/yr) # 72 8 3 3 - - 86
vol $28.8B $900M $29.7B
Sell (1.2/yr) # 41 4 2 - - - 47
vol $29.1B $5.2B $2.6B $36.9B
  133

Most Recent M&A

Company Date Value Type
E.CF SAS 2023-06-14 - Secondary Buyout
Grigny, France · www.ecfgroup.com
Groupe Looping 2023-05-09 - Secondary Buyout
Saint-Malo, France · www.looping-group.com
La Compagnie des Desserts 2023-02-16 - Secondary Buyout
Lezignan-Corbieres, France · www.compagniedesdesserts.com
FRUTAROM Savory Solutions Austria GmbH 2022-12-20 900M USD Divestiture
Salzburg, Austria · www.frutaromsavory.com
Perstorp Holding AB 2022-05-17 2.6B EUR Add-on Acquisition
Malmo, Sweden · www.perstorp.com
HKA Global Ltd. 2022-04-30 - Secondary Buyout
Warrington, United Kingdom · www.hka.com
Theramex HQ UK Ltd. 2022-03-28 - Secondary Buyout
London, United Kingdom · www.thermamex.com
Refresco Gerber B.V. 2022-02-22 - Secondary Buyout
Rotterdam, Netherlands · www.refresco.com
Uvesco SA 2021-12-22 - Buyout (LBO, MBO, MBI)
Gipuzkoa, Spain · www.uvesco.es
Asmodee Group 2021-12-15 2.8B USD Add-on Acquisition
Guyancourt, France · www.asmodee.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Amplitude Surgical SA 2020-07-30 Novastep, Inc. 2023-04-03 1
Valence, France · www.amplitude-ortho.com Englewood Cliffs, New Jersey · www.novastep.life
Marcolin S.p.A. 2012-12-01 Tom Ford International LLC 2022-11-15 1
Longarone, Spain · www.marcolin.com New York, New York · www.tomford.com
Veonet GmbH 2021-12-03 Miranza Inversiones Oftalmologicas, S.L. 2022-09-12 1
Munich, Germany · www.veonet-group.com Madrid, Spain · www.miranza.es
European Camping Group 2021-09-06 Vacanceselect Group 2022-07-29 1
Aix-en-Provence, France · www.europeancampinggroup.com Paris, France · www.vacanceselect.group
Interflora France SA 2020-12-23 Renaud Distribution 2022-03-21 1
Paris, France · www.interflora.fr Lyon, France · www.renaud-distribution.com
The Compleat Food Group Ltd. 2020-11-09 Addo Food Group 2021-10-08 2
Redhill, United Kingdom · www.compleatfood.com Nottingham, United Kingdom · www.addofoodgroup.com
The Compleat Food Group Ltd. 2020-11-09 Winterbotham Darby & Co. Ltd. 2021-10-08 1
Redhill, United Kingdom · www.compleatfood.com Redhill, United Kingdom · www.winterbothamdarby.com
Ethypharm SA 2016-05-06 Altan Pharma Ltd. 2021-06-18 2
SaintCloud, France · www.ethypharm.com Dublin, Ireland · www.altanpharma.com
StellaGroup 2018-11-26 DuoTherm Rolladen GmbH 2020-11-19 2
Labège, France · www.stella.group Nettersheim, Germany · www.duotherm-rolladen.de
Wessanen Nederland Holding B.V. 2019-04-10 Danival SAS 2020-07-21 2
Amsterdam, Netherlands · www.wessanen.com Andiran, France · www.danival.fr

M&A by Sector

Sector Current # Value All-time # Value
Food 8 (21%) 1.9B (26%) 17 (20%) 5.8B (20%)
Business Services 4 (11%) - 7 (8%) 1.8B (6%)
Retail 4 (11%) 2.8B (38%) 6 (7%) 4.0B (14%)
Life Science 3 (8%) 881M (12%) 5 (6%) 971M (3%)
Apparel/Textiles 1 (3%) - 4 (5%) 2.0B (7%)
Leisure 2 (5%) - 4 (5%) -
Building Materials 1 (3%) - 3 (3%) 1.8B (6%)
Chemicals 1 (3%) - 3 (3%) 1.1B (4%)
Medical Products 2 (5%) - 3 (3%) 958M (3%)
Consumer Products - - 3 (3%) 917M (3%)
Packaging 2 (5%) - 3 (3%) 316M (1%)
Real Estate 2 (5%) 1.8B (24%) 2 (2%) 1.8B (6%)
Plastics - - 2 (2%) 1.1B (4%)
Distribution 1 (3%) - 2 (2%) 524M (2%)
Aerospace - - 2 (2%) 234M (1%)
Beverages 1 (3%) - 2 (2%) 2M (< 1%)
Consumer Services 1 (3%) - 2 (2%) -
Healthcare Services 1 (3%) - 2 (2%) -
Utilities 1 (3%) - 2 (2%) -
Communications - - 1 (1%) 3.1B (10%)
Construction - - 1 (1%) 1.7B (6%)
Test/Measurement Equipment - - 1 (1%) 900M (3%)
Automotive - - 1 (1%) 415M (1%)
Media - - 1 (1%) 225M (1%)
Digital Media - - 1 (1%) -
Electrical Equipment - - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Engineering - - 1 (1%) -
Information Technology 1 (3%) - 1 (1%) -
Insurance - - 1 (1%) -
Manufacturing 1 (3%) - 1 (1%) -
Transportation 1 (3%) - 1 (1%) -
Total 38 $7.4B 87 $29.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
France 17 (45%) 845M (11%) 40 (46%) 7.7B (29%)
  Pennsylvania - - 1 (1%) -
United Kingdom 7 (18%) - 14 (16%) 5.3B (20%)
Spain 4 (11%) 2.3B (32%) 6 (7%) 2.7B (10%)
Germany 3 (8%) 1.8B (24%) 5 (6%) 2.2B (8%)
Netherlands 1 (3%) 997M (14%) 5 (6%) 1.3B (5%)
Italy 2 (5%) - 4 (5%) 917M (3%)
United States 1 (3%) - 3 (3%) 1.3B (5%)
  Florida 1 (3%) - 1 (1%) -
  California - - 1 (1%) 900M (3%)
  Minnesota - - 1 (1%) 406M (2%)
Sweden - - 3 (3%) 2.0B (8%)
Belgium 1 (3%) 451M (6%) 2 (2%) 685M (3%)
Switzerland - - 2 (2%) 1.2B (5%)
Austria 1 (3%) 900M (12%) 1 (1%) 900M (3%)
Brazil 1 (3%) 36M (< 1%) 1 (1%) 36M (< 1%)
Denmark - - 1 (1%) -
Domestic 17 (45%) 845M (11%) 40 (46%) 7.7B (29%)
Cross-border 21 (55%) 6.5B (89%) 47 (54%) 18.6B (71%)
Total 38 $7.4B 87 $26.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 25 (66%) 3.1B (42%) 41 (47%) 11.2B (41%)
Buyout (LBO, MBO, MBI) 4 (11%) 2.4B (32%) 30 (34%) 11.9B (44%)
Divestiture 3 (8%) 900M (12%) 7 (8%) 3.0B (11%)
Going Private 2 (5%) 997M (14%) 3 (3%) 999M (4%)
Stake Purchase 2 (5%) - 3 (3%) -
Consolidation 1 (3%) - 1 (1%) -
Growth Capital - - 1 (1%) -
Joint Venture 1 (3%) - 1 (1%) -
Total 38 $7.4B 87 $27.1B

Exits by Deal Type

Type Total # Value
Secondary Sale 26 (55%) 18.0B (49%)
Trade Sale - Public Company 10 (21%) 10.5B (28%)
Trade Sale 6 (13%) 8.5B (23%)
Merger 3 (6%) -
IPO 1 (2%) -
Unknown 1 (2%) -
Total 47 $36.9B

Top M&A Advisors

Financial Deals
Rothschild Global Advisory
 8
J.P. Morgan Securities
 5
Credit Suisse Investment Banking
 3
Legal Deals
Willkie Farr & Gallagher
 8
Weil Gotshal & Manges LLP
 2
Latham & Watkins
 2

Deal Values

buy # Total
> $1B 10 $19.2B
$100M to $1B 18 $10.4B
< $100M 3 $128M
TOTAL $29.7B
Largest United Biscuits (UK) Ltd.
$3.5B (2006-10-25)
sell # Total
> $1B 14 $33.0B
$100M to $1B 5 $3.9B
< $100M 1 $7M
TOTAL $36.9B
Largest Vivarte SAS
$3.7B (2007-03-01)

M&A Connections

Deals
Acquired from
Investor(s)
47%
41 (47%)
Strategic(s)
7%
6 (7%)
Exited to
Investor(s)
53%
25 (53%)
Strategic(s)
40%
19 (40%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

16.2B EUR

Established

1998

Specialist/Generalist

Generalist

Leadership

Frédéric Stévenin

Managing Partner

Richard Howell

Managing Partner

Mateo Pániker

Founding Partner, Mid-Market Fund

Raffaele Vitale

Founding Partner, Mid-Market Fund

Stefano Drago

Founding Partner, Mid-Market Fund

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