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PAI Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, PAI Partners has acquired 12 companies.

PAI Partners’ most common sectors for investment arefood (21%) and business services (8%) . The Firm’s most common investment types include secondary buyout (49%) and buyout (lbo, mbo, mbi) (32%). In total, PAI Partners has invested in 4 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 5 companies. The Firm’s most common exit type is secondary buyout (51%). 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 Activity144
    • M&A Buy Activity93
    • M&A Sell Activity51
  • Total Sectors Invested 33
  • Total Countries Invested 13
  • M&A Buy/Sell Connections 42
  • M&A Advisors 32

PAI Partners

PAI Partners SAS

23 rue de la Paix,
Paris, 75002
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, Beverages, Building Materials, Business Services, Chemicals, Communications, Construction, Consumer Products, Consumer Services, Distribution, Electrical Equipment, Electronics, Energy Services and Equipment, Engineering, Environmental, Financial Services, Food, Healthcare Services, Information Technology, Infrastructure, Insurance, Leisure, Life Science, Manufacturing, Media, Medical Products, Packaging, Plastics, Real Estate, Renewable Energy, Retail, Transportation, Utilities

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

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

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 (4.2/yr) # 72 9 3 5 4 - 93
vol $28.8B $900M $29.7B
Sell (1.8/yr) # 42 4 2 1 1 1 51
vol $29.1B $5.2B $2.6B $36.9B
  144
+42090100110120130140801501600

Most Recent M&A

Company Date Value Type
Apleona GmbH 2025-02-14 - Secondary Sale
Neu-Isenburg, Germany · www.apleona.com
VAMED - Post Acute Business 2024-09-30 - Divestiture
, Austria
Nutripure SAS 2024-07-25 - Secondary Buyout
Donneville, France · www.nutripure.fr
M Group Services Ltd. 2024-06-27 - Secondary Sale
Stevenage, United Kingdom · www.mgroupservices.com
Audiotonix Holdings Ltd. 2024-04-23 - Secondary Buyout
Chessington, United Kingdom · www.audiotonix.com
Beautynova S.p.A. 2024-03-18 - Secondary Buyout
Milan, Italy · www.beautynovaelite.com
ELITech Group 2023-12-27 - Trade Sale
Puteaux, France · www.elitechgroup.com
European Pizza Group 2023-11-01 - Joint Venture
, Germany
Alphia, Inc. 2023-08-24 - Secondary Buyout
Denver, Colorado · www.alphia.com
ECF SAS 2023-06-14 - Secondary Buyout
Grigny, France · www.ecfgroup.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
NovaTaste Austria GmbH 2022-12-20 McClancy Foods & Flavors 2024-12-10 1
Salzburg, Austria · www.novataste.com Fort Mill, South Carolina · www.mcclancy.com
Euro Media Group 2014-04-24 Gravity Media Group Ltd. 2024-01-11 5
Saint Denis, France · www.euromediagroup.com Watford, United Kingdom · www.gravitymedia.com
Marcolin S.p.A. 2012-12-01 ic! berlin brillen GmbH 2023-11-10 2
Longarone, Spain · www.marcolin.com Berlin, Germany · www.ic-berlin.de
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 2021-10-05 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 SAS 2022-03-21 1
Lyon, France · www.interflora.fr Lyon, France · www.renaud-distribution.com
Zahneins GmbH 2019-12-01 KonfiDents GmbH 2021-10-25 1
Hamburg, Germany · www.zahneins.com Bensheim, Germany · www.konfidents.de
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

M&A by Sector

Sector Current # Value All-time # Value
Food 10 (24%) 1.9B (33%) 19 (20%) 5.8B (20%)
Business Services 4 (10%) - 7 (7%) 1.8B (6%)
Retail 4 (10%) 2.8B (48%) 6 (6%) 4.0B (14%)
Consumer Products 2 (5%) - 5 (5%) 917M (3%)
Apparel/Textiles 1 (2%) - 4 (4%) 2.0B (7%)
Life Science 2 (5%) 845M (15%) 4 (4%) 935M (3%)
Healthcare Services 3 (7%) - 4 (4%) -
Leisure 2 (5%) - 4 (4%) -
Building Materials 1 (2%) - 3 (3%) 1.8B (6%)
Chemicals 1 (2%) - 3 (3%) 1.1B (4%)
Medical Products 1 (2%) - 3 (3%) 958M (3%)
Packaging 2 (5%) - 3 (3%) 316M (1%)
Real Estate 1 (2%) - 2 (2%) 1.8B (6%)
Construction 1 (2%) - 2 (2%) 1.7B (6%)
Plastics - - 2 (2%) 1.1B (4%)
Distribution 1 (2%) - 2 (2%) 524M (2%)
Aerospace - - 2 (2%) 234M (1%)
Beverages 1 (2%) - 2 (2%) 2M (< 1%)
Consumer Services 1 (2%) - 2 (2%) -
Utilities - - 2 (2%) -
Communications - - 1 (1%) 3.1B (10%)
Test/Measurement Equipment - - 1 (1%) 900M (3%)
Automotive - - 1 (1%) 415M (1%)
Media 1 (2%) 225M (4%) 1 (1%) 225M (1%)
Digital Media - - 1 (1%) -
Electrical Equipment - - 1 (1%) -
Electronics 1 (2%) - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Engineering - - 1 (1%) -
Information Technology - - 1 (1%) -
Insurance - - 1 (1%) -
Manufacturing 1 (2%) - 1 (1%) -
Transportation 1 (2%) - 1 (1%) -
Total 42 $5.8B 94 $29.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
France 17 (40%) 2.1B (36%) 41 (44%) 8.7B (33%)
  Pennsylvania - - 1 (1%) -
United Kingdom 7 (17%) - 15 (16%) 5.3B (20%)
Spain 5 (12%) 2.3B (41%) 7 (7%) 2.7B (10%)
Germany 3 (7%) - 6 (6%) 2.2B (8%)
Italy 3 (7%) - 5 (5%) 917M (4%)
United States 2 (5%) - 4 (4%) 1.3B (5%)
  Colorado 1 (2%) - 1 (1%) -
  Florida 1 (2%) - 1 (1%) -
  California - - 1 (1%) 900M (3%)
  Minnesota - - 1 (1%) 406M (2%)
Netherlands - - 4 (4%) 300M (1%)
Belgium 2 (5%) 451M (8%) 3 (3%) 685M (3%)
Sweden - - 3 (3%) 2.0B (8%)
Austria 2 (5%) 900M (16%) 2 (2%) 900M (3%)
Switzerland - - 2 (2%) 1.2B (5%)
Luxembourg 1 (2%) - 1 (1%) -
Denmark - - 1 (1%) -
Domestic 17 (40%) 2.1B (36%) 41 (44%) 8.7B (33%)
Cross-border 25 (60%) 3.7B (64%) 53 (56%) 17.5B (67%)
Total 42 $5.8B 94 $26.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 27 (64%) 1.3B (22%) 46 (49%) 11.2B (41%)
Buyout (LBO, MBO, MBI) 5 (12%) 2.6B (45%) 30 (32%) 11.9B (44%)
Divestiture 4 (10%) 900M (16%) 8 (9%) 3.0B (11%)
Stake Purchase 2 (5%) - 4 (4%) -
Going Private 1 (2%) 997M (17%) 2 (2%) 999M (4%)
Joint Venture 2 (5%) - 2 (2%) -
Consolidation 1 (2%) - 1 (1%) -
Growth Capital - - 1 (1%) -
Total 42 $5.8B 94 $27.1B

Exits by Deal Type

Type Total # Value
Secondary Sale 28 (55%) 18.0B (49%)
Trade Sale - Public Company 11 (22%) 10.5B (28%)
Trade Sale 6 (12%) 8.5B (23%)
Merger 3 (6%) -
IPO 1 (2%) -
Stake Sale 1 (2%) -
Unknown 1 (2%) -
Total 51 $36.9B

Top M&A Advisors

Financial Deals
Rothschild Global Advisory
 8
J.P. Morgan Securities
 5
Goldman Sachs
 3
Legal Deals
Willkie Farr & Gallagher
 9
Weil Gotshal & Manges
 4
Latham & Watkins
 3

Deal Values

buy # Total
> $1B 10 $19.2B
$100M to $1B 18 $10.4B
< $100M 2 $92M
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)
50%
47 (50%)
Strategic(s)
7%
7 (7%)
Exited to
Investor(s)
53%
27 (53%)
Strategic(s)
39%
20 (39%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

28.0B 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

FAQ

When was PAI Partners founded?

PAI Partners was founded in 1998.

What type of investor is PAI Partners?

PAI Partners is a private equity firm.

Where is PAI Partners headquartered?

PAI Partners is headquartered in Paris, France.

How much capital does PAI Partners have under management?

PAI Partners has 28.0B EUR under management.

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