PAI Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, PAI Partners has acquired 18 companies. It has also invested in 1 other.

PAI Partners’ most common sectors for investment arefood (20%) and business services (8%) . The Firm’s most common investment types include secondary buyout (50%) and buyout (lbo, mbo, mbi) (33%). 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 8 companies. The Firm’s most common exit type is secondary buyout (50%). 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 Activity141
    • M&A Buy Activity91
    • M&A Sell Activity50
  • Total Sectors Invested 33
  • Total Countries Invested 13
  • M&A Buy/Sell Connections 41
  • M&A Advisors 32

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, 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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (5.4/yr) # 64 8 9 3 4 3 91
vol $27.0B $1.8B $900M $29.7B
Sell (1.8/yr) # 41 1 4 2 1 1 50
vol $29.1B $5.2B $2.6B $36.9B
  141

Most Recent M&A

Company Date Value Type
Nutripure 2024-07-25 - Secondary Buyout
Deyme, 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
Alphia, Inc. 2023-08-24 - Secondary Buyout
Denver, Colorado · www.alphia.com
ECF 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 SAS 2023-02-16 - Secondary Buyout
Lezignan-Corbieres, France · www.compagniedesdesserts.com
NovaTaste Austria GmbH 2022-12-20 900M USD Divestiture
Salzburg, Austria · www.novataste.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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
Apleona GmbH 2020-12-06 Apleona Culinaress GmbH 2023-11-06 1
Neu-Isenburg, Germany · www.apleona.com Ottobrunn, Germany · culinaress.apleona.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 2021-10-05 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
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

M&A by Sector

Sector Current # Value All-time # Value
Food 9 (22%) 1.9B (25%) 18 (20%) 5.8B (20%)
Business Services 4 (10%) - 7 (8%) 1.8B (6%)
Retail 4 (10%) 2.8B (37%) 6 (7%) 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 (11%) 4 (4%) 935M (3%)
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%)
Healthcare Services 2 (5%) - 3 (3%) -
Real Estate 2 (5%) 1.8B (24%) 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 (3%) 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 41 $7.6B 92 $29.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
France 17 (41%) 2.1B (27%) 41 (45%) 8.7B (33%)
  Pennsylvania - - 1 (1%) -
United Kingdom 7 (17%) - 15 (16%) 5.3B (20%)
Spain 5 (12%) 2.3B (31%) 7 (8%) 2.7B (10%)
Germany 3 (7%) 1.8B (24%) 5 (5%) 2.2B (8%)
Italy 3 (7%) - 5 (5%) 917M (4%)
United States 2 (5%) - 4 (4%) 1.3B (5%)
  Florida 1 (2%) - 1 (1%) -
  Colorado 1 (2%) - 1 (1%) -
  California - - 1 (1%) 900M (3%)
  Minnesota - - 1 (1%) 406M (2%)
Netherlands - - 4 (4%) 300M (1%)
Belgium 2 (5%) 451M (6%) 3 (3%) 685M (3%)
Sweden - - 3 (3%) 2.0B (8%)
Switzerland - - 2 (2%) 1.2B (5%)
Austria 1 (2%) 900M (12%) 1 (1%) 900M (3%)
Luxembourg 1 (2%) - 1 (1%) -
Denmark - - 1 (1%) -
Domestic 17 (41%) 2.1B (27%) 41 (45%) 8.7B (33%)
Cross-border 24 (59%) 5.5B (73%) 51 (55%) 17.5B (67%)
Total 41 $7.6B 92 $26.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 28 (68%) 3.1B (41%) 46 (50%) 11.2B (41%)
Buyout (LBO, MBO, MBI) 5 (12%) 2.6B (34%) 30 (33%) 11.9B (44%)
Divestiture 3 (7%) 900M (12%) 7 (8%) 3.0B (11%)
Stake Purchase 2 (5%) - 4 (4%) -
Going Private 1 (2%) 997M (13%) 2 (2%) 999M (4%)
Consolidation 1 (2%) - 1 (1%) -
Growth Capital - - 1 (1%) -
Joint Venture 1 (2%) - 1 (1%) -
Total 41 $7.6B 92 $27.1B

Exits by Deal Type

Type Total # Value
Secondary Sale 27 (54%) 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 50 $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)
51%
47 (51%)
Strategic(s)
7%
6 (7%)
Exited to
Investor(s)
52%
26 (52%)
Strategic(s)
40%
20 (40%)

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 16.2B EUR under management.

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