PAI Partners

Last updated
PAI Partners SAS
Company type Private
Industry Private equity
Founded1998;27 years ago (1998)
HeadquartersParis, France
Key people
Products Private equity funds
Total assets €25.4 billion [1]
Number of employees
180
Website www.paipartners.com
PAI headquarters in Paris, rue de Rivoli Copyright PAI LdB PAI headquarters in Paris.jpg
PAI headquarters in Paris, rue de RivoliCopyright PAI LdB

PAI Partners is a French private equity firm based in Paris. It is one of the oldest firms in the sector, with its origins dating back to Paribas Affaires Industrielles, historically the principal investment arm of Paribas, which started operations in 1872.

Contents

PAI manages €25.4 billion of dedicated buyout funds. Since 1994, PAI has completed 65 LBO transactions in 11 European countries, representing over €48 billion in transaction value. PAI has 62 agents from 10 countries and teams in Paris, London, Luxembourg, Madrid, Milan, Munich, Stockholm and New York City.

History

PAI was formerly known as Paribas Affaires Industrielles, [2] [3] and was historically the principal investment arm of Paribas. PAI LBO Fund, established in 1998, was the first PAI investment vehicle managing third party capital. Prior to 1998, PAI invested exclusively on the balance sheet of BNP Paribas.

Paribas merged with Banque Nationale de Paris in 2000. [4] In 1993, Amaury de Sèze joined Paribas Affaires Industrielles as chairman and chief executive officer. Under his leadership, PAI developed a strategy in private equity that capitalized on the team's familiarity with industrial sectors.

Paribas Affaires Industrielles led the €610 million buyout of Danone's pasta and condiment unit in 1997, [5] [6] at that time the largest leveraged buyout ever completed in France.[ citation needed ] The following year, the firm finalized fundraising for its first third party investment fund, raising €650 million of investor commitments. PAI completed a full spinout from BNP in 2000 and the following year raised a new €1.8 billion private equity fund.[ citation needed ]

In September 2009, Lionel Zinsou became CEO and Chairman of the firm. [7] [8] In 2015, Michel Paris became CEO after Lionel Zinsou stepped down to become prime minister in Benin. [9] [10]

In March 2015, PAI raised its fifth LBO fund, PAI Europe VI, reaching €3.3 billion, above the initial target of €3 billion. [11] In September 2017, PAI announced the raising of a seventh investment vehicle: PAI Europe VII. [12] In March 2018, PAI closed their PAI Europe VII fund. [13] [14]

Investment funds

Funds

Prior to 1998, PAI made investments via the Paribas Portfolio. The Paribas Portfolio was funded directly from Paribas’ balance sheet, largely unleveraged and comprising 51 investments, all of which have now been realised. Reflecting the broader investment remit of PAI at the time, it included control and non-control investments. Since 1998, PAI has raised five private equity funds, as detailed below: [15]

PAI buyout funds since inception
Fund nameVintageTotal commitmentFocusStatus
PAI LBO Fund1998€650 millionBuyoutLiquidated
PAI Europe III2001€1.8 billionBuyoutLiquidated
PAI Europe IV2005€2.7 billionBuyoutLiquidated
PAI Europe V [16] 2008€2.7 billionBuyoutExit phase
PAI Europe VI [17] 2015€3.3 billionBuyoutExit phase
PAI Mid-Market [18] 2020€918 millionBuyoutInvestment phase
PAI Europe VII [19] 2018€5.1 billionBuyoutInvestment phase
PAI Partners VIII [20] 2023€7.1 billionBuyoutInvestment phase

Detailed investments

Historically, PAI managed Paribas's stakes in large food and consumer goods companies across Europe: Royal Canin (European leader in dry pet food), Diana Ingredients (natural food ingredients), Evialis (animal feed), Saupiquet (ready meals), LDC (premium poultry), Navidul (cured ham – Spain), SOS Arana (rice – Spain) and helped them consolidate their respective sector. In 2021 PAI completed its largest ever investment with the $3.3 billion acquisition of Tropicana, Naked and other North American juice brands from PepsiCo. [21] Previous transactions in consumer goods and services, healthcare as well as general industrial companies are highlighted below: [15]

PAI VII investments

EntryExitCompany NameBusiness descriptionCountryRef.
2023UnrealisedAlphiaPet food manudfacturerUnited States [22]
2023Unrealised Azets Accounting, tax, payroll, audit and advirosy services to SMEsUnited Kingdom [23]
2023UnrealisedECFHospitality and care equipment distributorFrance [24]
2021UnrealisedEuropean Camping GroupOutdoor accommodationFrance [25]
2023UnrealisedInfra GroupNetwork infrastructure service providerBelgium [26]
2023UnrealisedThe Looping GroupLeisure parksFrance [27]
2023UnrealisedNovaTasteTaste innovation and ingredientsAustria [28]

PAI VII investments

EntryExitCompany NameBusiness descriptionCountryRef.
2021UnrealisedApaveRisk managementFrance [29]
2021UnrealisedApleonaFacility management servicesGermany [30]
2019UnrealisedAreasFood and beverage travel retailSpain [31]
2020Unrealised Armacell Insulation and engineered foam productsLuxembourg [32]
20182022 Asmodee Board, card and role playing game publisher and distributorFrance [33]
2019Unrealised Ecotone Healthy and sustainable foodFrance [34]
2021UnrealisedEuro Ethnic FoodsGrocery productsFrance [35]
2021UnrealisedEuro Camping GroupOutdoor accommodationFrance [25]
2022UnrealisedHKARisk mitigation consultancyUnited Kingdom [36]
2021UnrealisedPasubioPremium leather for the automotive industryItaly [37]
2021UnrealisedSGD PharmaPrimary glass packaging for the pharmaceutical industryFrance [38]
2019UnrealisedStella GroupSun protectionFrance [39]
2021UnrealisedThe Compleat Food GroupChilled food platformUnited Kingdom [40]
2022Unrealised Theramex Women's health parmaceuticalsUnited Kingdom [41]
2022Unrealised Tropicana Brands GroupGlobal juices brandUnited States [42]
2022Unrealised Veonet Ophthamology clinics platformGermany [43]
2019UnrealisedZahneinsDental companyGermany [44]

PAI Mid-Market investments

EntryExitCompany NameBusiness descriptionCountryRef.
2020UnrealisedAmplitude SurgicalGlobal surgical technology for lower limb orthopaedicsFrance [45]
2020UnrealisedAngulas AguinagaRefrigerated fish and seafood ready mealsSpain [46]
2023UnrealisedEuropean Pizza GroupFrozen pizzaGermany [47]
2023UnrealisedLa Compagnie des DessertsFrozen desserts supplierFrance [48]
2021Unrealised Interflora European flower and gife digital platformFrance [49]
2021UnrealisedScrignoIntegrated opening solutionsItaly [50]
2022UnrealisedUvescoSpanish retail food sectorSpain [51]

PAI VI investments

EntryExitCompany NameBusiness descriptionCountryRef.
2018UnrealisedAlbéaGlobal packaging companyFrance [52]
20162022Atos Medical [53] Laryngectomy productsSweden [54]
20162019 B&B Hotels [55] Budget hotel chainFrance [56]
20142017DomusVi [57] Elderly careFrance [58]
2017UnrealisedELITech [59] Diagnostic equipmentItaly [60]
2016UnrealisedEthypharm [61] Specialty pharmaceuticalsFrance [62]
2014UnrealisedEuroMediaGroupTechnical services to the audiovisual industryFrance [63]
20142018InnoVista Sensors (formerly CST)Sensors and control productsUnited States [64] [65]
20152019Grupo KonectaBusiness process outsourcing and contact centresSpain [66]
2014UnrealisedLabeyrie Fine FoodsGourmet foodFrance [67]
2018UnrealisedM Group ServicesUK & Ireland infrastructure servicesUnited Kingdom [68]
20182022RefrescoBottler of beveragesThe Netherlands [69]
20162020RoompotHoliday parksThe Netherlands [70]
2017Unrealised Tendam [71] Apparel retailerSpain [72]
2014UnrealisedVPSVacant property servicesUnited Kingdom [73]
2015UnrealisedYonderlandOutdoor equipment and fashion retailerBelgium [74]
2018UnrealisedWorld Freight CompanyAir cargo sales and servicesFrance

PAI V investments

EntryExitCompany NameBusiness descriptionCountryRef.
20132017ADB SafegateAirfield ground lightingBelgium [75]
20082015 Atos IT service providerFrance [76]
20102017Cerba European LabSpecialised biology laboratoryFrance [77]
2013Unrealised Froneri (formerly R&R Ice Cream)Take-home ice cream manufacturerUnited Kingdom [78]
20112016 Hunkemöller Lingerie retailerThe Netherlands [79]
20132017Group IPHIndustrial supplies distributorFrance [80]
20112017KiloutouEquipment rental servicesFrance [81]
20122019MarcolinEyewear design and manufacturingItaly [82] [83]
20112016 Swissport Global ground and cargo aircraft handling servicesSwitzerland [84]
20112014 The Nuance Group Travel retail and duty-free industrySwitzerland [85]
20082017 Xella Aircrete blocksGermany [86]

PAI IV investments

EntryExitCompany NameBusiness descriptionCountryRef.
20052012 Chr. Hansen Natural food ingredientsDenmark [87]
20052017 Cortefiel Apparel retailerSpain [72]
20052016Global Closure Systems (aka GCS)Plastic closuresFrance [88]
20072017 Kaufman & Broad Developer and builder of homesFrance [89]
20052011 Kwik-Fit Automotive fast-fitUnited Kingdom [90]
20072009 Monier Roofing productsFrance [91]
20052023 Perstorp Specialty chemical ingredients used for coatingsSweden [92] [93]
20062011SpieMultitechnical servicesFrance [94]
20062014 United Biscuits Biscuits and snacksUnited Kingdom [95]

Previous investments

Notes and references

  1. Funds raised since inception
  2. "PAI Partners fait évoluer sa gouvernance - Les Echos". www.lesechos.fr (in French). 16 January 2017. Retrieved 2018-08-24.
  3. Arnold, Martin (9 December 2008). "PAI Partners face double deal hit | Financial Times". Financial Times. Retrieved 24 August 2018.
  4. "10 largest banks in the world as measure by the total assets". www.forexnewsnow.com. 5 August 2018. Retrieved 2018-08-23.
  5. "Notre histoire | Groupe Panzani". Groupe Panzani (in French). Retrieved 2018-08-23.
  6. "Danone cède son épicerie et se recentre sur trois pôles - Les Echos". www.lesechos.fr (in French). 10 October 1997. Retrieved 2018-08-23.
  7. Javed, Ayesha (2015-06-19). "PAI Partners Chief To Become Prime Minister of Benin". WSJ. Retrieved 2018-09-11.
  8. Michel, Serge (2015-08-07). "Lionel Zinsou: from Paris to Benin with an action plan". the Guardian. Retrieved 2018-09-11.
  9. "Le banquier Lionel Zinsou devient premier ministre du Bénin". Le Monde.fr (in French). 19 June 2015. Retrieved 2018-08-24.
  10. "Michel Paris devient seul maître à bord de PAI - Les Echos". www.lesechos.fr (in French). 21 June 2015. Retrieved 2018-08-24.
  11. "Hard cap à 3,3 Md€ pour PAI Partners - Private Equity Magazine". www.pemagazine.fr.
  12. "Closing final à 4 Md€ en vue pour PAI Partners". Capital Finance (in French). 2017-10-11. Retrieved 2022-11-27.
  13. Jacobius, Arleen (2018-03-30). "PAI Partners closes latest fund at €5 billion". Pensions & Investments. Retrieved 2018-09-11.
  14. staff, PEN. "PAI's Latest Fundraising Effort Closes at €5 Billion Hard Cap" . Retrieved 2018-09-11.
  15. 1 2 "PAI Partners | Our funds and investors". PAI Partners. Retrieved 2024-01-28.
  16. Bobeldijk, Yolanda (2014-01-14). "PAI holds €1.4bn first close". Private Equity International. Retrieved 2024-01-28.
  17. "PAI nears €3bn final close for sixth fund | Unquote". www.unquote.com. 2015-01-14. Retrieved 2024-01-28.
  18. "Rede Partners | PAI Partners close debut mid-market fund at €920m". Rede Partners. Retrieved 2024-01-28.
  19. "PAI Partners closes latest fund at €5 billion". Pensions & Investments. March 30, 2018.
  20. "PAI Partners completes $7.6bn close". Financier Worldwide. 2023-11-16. Retrieved 2024-01-28.
  21. "PepsiCo to sell Tropicana and other juice brands for $3.3 billion". CNBC. 3 August 2021. Retrieved 9 December 2021.
  22. Summerville, Abigail (24 August 2023). "Private equity firm PAI Partners to buy pet food maker Alphia". Reuters . Retrieved 2024-04-05.
  23. "Azets Group secures investment from PAI to join Hg – Company Announcement - FT.com". markets.ft.com. Retrieved 2024-01-28.
  24. Sebastian (2023-06-16). "PAI Partners Bids for Stake in €760m-Revenue Naxicap-Backed ECF Group". Private Equity Insights. Retrieved 2024-01-28.
  25. 1 2 "PAI Partners and European Camping Group on the Acquisition of Vacanceselect". Shearman & Sterling LLP. Retrieved 2024-01-28.
  26. Joseph, Irien (2023-07-06). "PAI Partners to buy majority stake in Infra Group". PE Hub Europe. Retrieved 2024-01-28.
  27. "News at Mubadala Capital". www.mubadalacapital.ae. Retrieved 2024-01-28.
  28. "PAI introduces NovaTaste | Food Business News". www.foodbusinessnews.net. Retrieved 2024-01-28.
  29. "Commission approves acquisition of joint control of the Apave Group by PAI Partners and Association Gapave". Practical Law. Retrieved 2024-01-28.
  30. Kingston, Charles (2020-12-15). "Apleona sold to French private equity group PAI for €1.6bn". REFIRE. Retrieved 2024-01-28.
  31. ""New era" for Areas as PAI Partners completes acquisition". The Moodie Davitt Report. 2019-07-01. Retrieved 2024-01-28.
  32. Bucak, Selin. "PAI Partners to acquire Blackstone's Armacell in €1.4bn deal". www.penews.com. Retrieved 2024-01-28.
  33. "PAI Partners acquires a majority stake in Asmodee from Eurazeo - Private Equity Executive Search". The MBS Group. Retrieved 2024-01-28.
  34. Coyne, Andy (2020-11-12). "What's PAI Partners' game plan in buying two UK food groups at once?". Just Food. Retrieved 2024-01-28.
  35. "Euro Ethnic Foods allocates €465M buyout loan; terms". www.spglobal.com. Retrieved 2024-01-28.
  36. "HKA". Bridgepoint Corporate2022. Retrieved 2024-01-28.
  37. "PAI Partners to acquire Pasubio from CVC Capital Partners VI". CVC. Retrieved 2024-01-28.
  38. "SGD Pharma to be sold to private equity firm". Glass International. Retrieved 2024-01-28.
  39. "PAI to buy Stella Group in €600m deal | Unquote". www.unquote.com. 2018-11-20. Retrieved 2024-01-28.
  40. Mattinson, Alec (2021-10-06). "Addo and Winterbotham Darby merged as Compleat Food Group after PAI acquisitions". The Grocer. Retrieved 2024-01-28.
  41. "Sale of Theramex by CVC to Carlyle and PAI Partners completes". www.taylorwessing.com. 2022-08-17. Retrieved 2024-01-28.
  42. Devlin, Ed (2021-08-04). "PepsiCo sells Tropicana and Naked juice brands to PAI Partner for $3.3bn". The Grocer. Retrieved 2024-01-28.
  43. "Nordic Capital agrees to sell Veonet to Ontario Teachers' and PAI Partners". Nordic Capital. Retrieved 2024-01-28.
  44. "A consortium of Carlyle and PAI Partners to acquire Theramex from CVC Funds | Carlyle". www.carlyle.com. Retrieved 2024-01-28.
  45. "Willkie | Willkie Advises Amplitude Surgical and PAI Partners on Sale of Novastep". www.willkie.com. Retrieved 2024-01-28.
  46. "PAI Partners buys stake in Spanish fish company Angulas Aguinaga". www.foodprocessing-technology.com. Retrieved 2024-01-28.
  47. Mattinson, Alec (2023-04-21). "Nestlé agrees European frozen pizza joint venture with PAI PArtners". The Grocer. Retrieved 2024-01-28.
  48. Mathieu, Henry (2023-02-20). "PAI Partners snaps up La Compagnie des Desserts". Just Food. Retrieved 2024-01-28.
  49. "PAI Partners Acquires A Majority Stake In The Interflora Group". www.goodwinlaw.com. Retrieved 2024-01-28.
  50. "CVC Credit supports the acquisition of Scrigno by PAI Partners". CVC. Retrieved 2024-01-28.
  51. "PAI Partners takes control of BM Supermercados". www.investinspain.org. Retrieved 2024-01-28.
  52. "ALBEA: Takeover by French investment company PAI Partners complete | Plasteurope.com". www.plasteurope.com. Retrieved 2024-01-28.
  53. "Welcome to Atos Medical - Atos Medical". www.atosmedical.com. Retrieved 2024-04-05.
  54. Figari, Luciano (2016-05-31). "EQT exits Atos Medical to PAI Partners - Real Deals". Real Deals. Retrieved 2018-01-25.
  55. http://www.hotel-bb.com/en/home.htm B&B Hotels
  56. "BRIEF-PAI Partners enters exclusive negotiations to buy B&B Hotels". Reuters. 2015-12-15. Retrieved 2018-01-25.
  57. https://www.domusvi.com/ DomusVi
  58. Figari, Luciano (2017-06-08). "PAI Partners to sell DomusVi stake to ICG - Real Deals". Real Deals. Retrieved 2018-01-23.
  59. Langworth, Hannah (2017-05-12). "PAI acquires diagnostics business Elitech from Ergon - Real Deals". Real Deals. Retrieved 2018-01-25.
  60. Langworth, Hannah (2017-05-12). "PAI acquires diagnostics business Elitech from Ergon - Real Deals". Real Deals. Retrieved 2018-01-25.
  61. "Ethypharm Buying Martindale Pharma". Genetic Engineering & Biotechnology News. 2017-01-19. Retrieved 2021-09-30.
  62. "PAI to buy drugmaker Ethypharm from Astorg for about $855 million: sou". Reuters. 2016-05-06. Retrieved 2018-01-25.
  63. "France's PAI Partners to buy Euro Media Group". Reuters. 2014-04-24. Retrieved 2018-01-25.
  64. "The Carlyle Group and PAI Partners Enter into Exclusive Discussions with Schneider Electric for the Acquisition of a Majority Stake in Custom Sensors & Technologies, a Specialist in Designing and Manufacturing Sensing, Control and Motion Products | The Carlyle Group". www.carlyle.com. Retrieved 2018-01-25.
  65. Riordan, Darragh (2017-12-14). "Carlyle, PAI sell Crouzet to LBO France - Real Deals". Real Deals. Retrieved 2018-01-25.
  66. "PAI Partners acquires a 40% stake in Grupo Konecta - Nearshore Americas". Nearshore Americas. 2015-10-06. Retrieved 2018-01-25.
  67. Bray, Chad (16 June 2014). "PAI Partners Plans Joint Venture to Control Labeyrie Fine Foods". DealBook. Retrieved 2018-01-25.
  68. "PAI Partners acquires M Group Services from First Reserve". Private Equity Wire. May 21, 2018.
  69. 0to9 (2018-03-15). "PAI Partners and bcIMC to acquire Refresco". AXECO Corporate Finance. Retrieved 2024-01-28.{{cite web}}: CS1 maint: numeric names: authors list (link)
  70. Bobeldijk, Yolanda. "PAI Partners buys Dutch holiday park business" . Retrieved 2018-01-25.
  71. https://www.fnlondon.com/articles/cvc-agrees-to-split-cortefiel-with-pai-and-permira-20050722%7Ctitle=CVC agrees to split Cortefiel with PAI and Permira|last=Dewson|first=Andrew|accessdate=2018-01-25
  72. 1 2 Dewson, Andrew. "CVC agrees to split Cortefiel with PAI and Permira" . Retrieved 2018-01-25.
  73. "PAI Partners acquires VPS Holdings from TDR Capital - PE Hub". PE Hub. 2014-06-25. Retrieved 2018-01-25.
  74. "A.S. Adventure Group becomes Yonderland following restructuring". RetailDetail EU. 2021-05-03. Retrieved 2024-01-28.
  75. Riordan, Darragh (2017-07-17). "PAI Partners sells ADB Safegate to Carlyle - Real Deals". Real Deals. Retrieved 2018-01-25.
  76. "Private equity firm PAI sells out of". Reuters. 2015-02-25. Retrieved 2018-01-25.
  77. Espinoza, Javier (2017-01-22). "Cerba Healthcare sold to Partners Group and PSP Investments". Financial Times. Retrieved 2018-01-25.
  78. "Nestlé and R&R to create Froneri, an ice cream and frozen food joint venture". www.nestle.com. 27 April 2016. Retrieved 2018-01-25.
  79. "Carlyle's Hunkemöller acquisition approved". RetailDetail. 2016-02-08. Retrieved 2018-01-25.[ permanent dead link ]
  80. White, Lucy (2017-06-12). "Advent wraps up IPH deal to create €2.1bn industrials business". Archived from the original on 2018-01-26. Retrieved 2018-01-25.
  81. "Kiloutou sold by PAI Partners - XPERTS COUNCIL". XPERTS COUNCIL (in French). 2017-12-07. Archived from the original on 2018-01-26. Retrieved 2018-01-25.
  82. "Italian eyewear maker Marcolin sold to private equity". Reuters. 2012-10-15. Retrieved 2018-01-25.
  83. Gopinath, Swetha; David, Ruth; Tse, Crystal (25 October 2023). "PAI-Backed Eyewear Maker Marcolin Considers Sale" . Bloomberg .
  84. Bray, Chad (2015-07-30). "PAI Partners to Sell Swissport International for $2.8 Billion". The New York Times. ISSN   0362-4331 . Retrieved 2018-01-25.
  85. "Dufry buys Nuances's duty free shops for 1.55 billion Swiss francs". bebeez.it. 5 June 2014. Retrieved 2018-01-25.
  86. "PAI Partners and Goldman sell Xella to buyout group Lone Star". Reuters. 2016-12-01. Retrieved 2018-01-25.
  87. "PAI Partners sell 25.7 pct of Chr Hansen to Novo A/S". Reuters. 2012-01-11. Retrieved 2018-01-25.
  88. "PAI uncorks sale of French bottle-top maker Global Closure Systems - s". Reuters. 2015-10-28. Retrieved 2018-01-25.
  89. "Kaufman & Broad: Un fonds de PAI Partners cède 17% du capital". Challenges (in French). Retrieved 2018-01-25.
  90. "Itochu says to buy Kwik Fit for £637 million". Reuters . 2023-08-14. Retrieved 2023-08-14.
  91. "PAI takes hit as lenders wrestle control of Monier". Reuters. 2009-07-06. Retrieved 2018-01-25.
  92. Chimie, Info (24 October 2005). "Perstorp tombe dans le giron du Français PAI Partners - Info Chimie". www.industrie.com. Retrieved 2018-01-25.
  93. "PAI Partners agrees sale of Perstorp to Petronas Chemicals Group". 17 May 2022. Retrieved 15 August 2023.
  94. Cauchi, Marietta. "PAI Partners sells Spie for $2.1 billion". MarketWatch. Retrieved 2018-01-25.
  95. "Blackstone and PAI Partners agree sale of United Biscuits to Yildiz Holding - FoodBev Media". www.foodbev.com. Retrieved 2018-01-25.