M&A Deal Summary

PAI Partners Acquires Alphia

On August 24, 2023, private equity firm PAI Partners acquired food company Alphia from J.H. Whitney Capital Partners

Acquisition Highlights
  • This is PAI Partners’ 18th transaction in the Food sector.
  • This is PAI Partners’ 4th transaction in the United States.
  • This is PAI Partners’ 1st transaction in Colorado.

M&A Deal Summary
Date 2023-08-24
Target Alphia
Sector Food
Buyer(s) PAI Partners
Sellers(s) J.H. Whitney Capital Partners
Deal Type Secondary Buyout
Advisor(s) Goldman Sachs (Financial)
Gibson, Dunn & Crutcher (Legal)

Target

Alphia

Denver, Colorado, United States
website
Alphia manufactures natural, functional, and organic foods and treats for dogs, cats, fish, and reptiles. With multiple, state-of-the-art manufacturing facilities centrally located in the heart of America’s breadbasket, it serves domestic and international markets with products of the quality standards available. Alphia was founded in 1985 and is based in Denver, Colorado.

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Buyer(S) 1

Buyer

PAI Partners

Paris, France

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1998
PE ASSETS 16.2B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

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.

DEAL STATS #
Overall 89 of 91
Sector (Food) 18 of 18
Type (Secondary Buyout) 43 of 45
State (Colorado) 1 of 1
Country (United States) 4 of 4
Year (2023) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-14 ECF Group

Grigny, France

ECF Group is a supplier of small equipment, hygiene products, furniture, and heavy equipment for food service professionals. The Group operates in France (with its brands Chomette, Ecotel, Noveo, Cobal and Coldis), Australia (Reward Hospitality), Italy (CHS), and the United Arab Emirates (Restofair). ECF Group founded in 1880 and is based in Grigny, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-27 ELITech Group

Puteaux, France

ELITech Group provides a fully integrated diagnostics platform developing equipment and reagents with strong positions in niche and growing sub-segments of molecular diagnostics, microbiology, and clinical chemistry. It has developed a razor-razorblade model through the placement of diagnostic instruments which provide a resilient revenue stream from reagents, consumables, spare parts, and services. ELITech Group was founded in 1987 and is based in Puteaux, France.

Sell -

Seller(S) 1

SELLER

J.H. Whitney Capital Partners

New Canaan, Connecticut, United States

website

Category Private Equity Firm
Founded 1946
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

J.H. Whitney & Co. is a private equity firm focused on small and middle-market buyouts and recapitalizations of US-based, growth-oriented companies. The Firm targets companies with $50 to $500 million in revenue and looks to invest $20 to $125 million per transaction. Industries of interest include consumer, healthcare, specialty manufacturing, and business services. J.H. Whitney & Co. was formed in 1946 and is based in New Canaan, Connecticut.

DEAL STATS #
Overall 26 of 27
Sector (Food) 1 of 1
Type (Secondary Buyout) 14 of 14
State (Colorado) 1 of 1
Country (United States) 25 of 26
Year (2023) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-27 Firebirds Wood Fired Grill

Charlotte, North Carolina, United States

Firebirds International is a contemporary-polished casual restaurant with 48 locations throughout the U.S. Firebirds Wood Fired Grill offers guests a unique dining experience featuring an exposed kitchen with its signature wood-burning grill. Firebirds International was founded in 2000 and is based in Charlotte, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-13 WANHO

Cheshire, Connecticut, United States

WANHO is a global manufacturer, sourcing and logistics fulfillment solution provider of telecom infrastructure components for wireless applications. WANHO was founded in 2004 and is based in Cheshire, Connecticut.

Sell -
Mergr

Product

Company

Legal