PAI Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, PAI Partners has acquired 13 companies.

PAI Partners’ most common sectors for investment are food (20%) and apparel/textiles (7%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (44%) and secondary buyout (40%). In total, PAI Partners has invested in 2 US states and 12 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 9 companies. The Firm’s most common exit type is secondary buyout (57%). 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 Activity104
    • M&A Buy Activity65
    • M&A Sell Activity39
  • Total Sectors Invested 31
  • Total Countries Invested 12
  • M&A Buy/Sell Connections 33
  • M&A Advisors 17

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (3.6/yr) # 47 5 1 5 3 4 65
vol $22.1B $1.8B $997M $24.9B
Sell (2.2/yr) # 28 2 6 - 2 1 39
vol $28.1B $28.1B
  104

Most Recent M&A

Company Date Value Type
Angulas Aguinaga S.A. 2020-11-09 - Secondary Buyout
Gipuzkoa, Spain · www.angulas-aguinaga.es
Addo Food Group 2020-11-09 - Secondary Buyout
Nottingham, United Kingdom · www.addofoodgroup.com
Winterbotham Darby & Co. Ltd. 2020-11-09 - Secondary Buyout
Redhill, United Kingdom · www.winterbothamdarby.com
Amplitude Surgical SA 2020-07-30 - Going Private
Valence, France · www.amplitude-ortho.com
Roompot Vakanties BV 2020-06-18 - Secondary Buyout
Kamperland, Netherlands · www.roompotparken.nl
Armacell Enterprise GmbH 2019-12-04 - Secondary Buyout
Münster, Germany · www.armacell.com
Groupe B&B Hotels Sas 2019-05-20 - Secondary Buyout
Cedex, France · www.hotel-bb.com
Wessanen Nederland Holding B.V. 2019-04-10 997M EUR Going Private
Amsterdam, Netherlands · www.wessanen.com
Elior Group - Catering Activities 2019-03-21 - Divestiture
Paris, France
Konecta Group 2019-02-05 - Secondary Buyout
Madrid, Spain · www.grupokonecta.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Stella.Group 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 Littlelunch GmbH 2020-11-06 2
Amsterdam, Netherlands · www.wessanen.com Augsburg, Germany · www.littlelunch.de
Wessanen Nederland Holding B.V. 2019-04-10 Danival SAS 2020-07-21 1
Amsterdam, Netherlands · www.wessanen.com Andiran, France · www.danival.fr
Albéa, Inc. 2018-03-26 Albéa, Inc. - Dispensing Business 2020-01-27 1
Gennevilliers, France · www.albea-group.com Gennevilliers, France
M Group Services Ltd. 2018-05-18 KH Engineering Services Ltd. 2019-08-13 2
Hertfordshire, United Kingdom · www.mgroupservices.com Kent, United Kingdom · www.khengineeringservices.co.uk
M Group Services Ltd. 2018-05-18 Antagrade Electrical Ltd. 2019-07-01 1
Hertfordshire, United Kingdom · www.mgroupservices.com Cheshire, United Kingdom · www.antagrade.co.uk
Euro Media Group 2014-04-24 Global Production S.r.l. 2019-06-14 3
Bry-sur-Mame, France · www.euromediagroup.com Leini TO, Italy · www.globalproduction.it
Stella.Group 2018-11-26 CRH plc - Shutters & Awnings 2019-04-24 1
Labège, France · www.stella.group , Ireland
Perstorp AB 2005-10-19 Perstorp AB - CapaTM Caprolactone Division 2018-12-10 3
Perstorp, Sweden · www.perstorp.com Perstorp, Sweden
Euro Media Group 2014-04-24 On Rewind 2017-10-19 2
Bry-sur-Mame, France · www.euromediagroup.com Bidart, France · www.onrewind.com

M&A by Sector

Sector Current # Value All-time # Value
Food 6 (22%) 997M (12%) 13 (20%) 4.5B (18%)
Apparel/Textiles 1 (4%) 2.0B (25%) 4 (6%) 4.0B (16%)
Retail 2 (7%) 764M (9%) 4 (6%) 2.0B (8%)
Business Services 1 (4%) - 4 (6%) 1.8B (7%)
Medical Products 3 (11%) 958M (12%) 3 (5%) 958M (4%)
Life Science 1 (4%) 845M (11%) 3 (5%) 935M (4%)
Consumer Products - - 3 (5%) 917M (4%)
Building Materials - - 2 (3%) 1.8B (7%)
Plastics - - 2 (3%) 1.1B (4%)
Chemicals 2 (7%) 1.1B (14%) 2 (3%) 1.1B (4%)
Packaging 1 (4%) - 2 (3%) 316M (1%)
Electrical Equipment 1 (4%) 234M (3%) 2 (3%) 234M (1%)
Leisure - - 2 (3%) -
Utilities 1 (4%) - 2 (3%) -
Communications - - 1 (2%) 3.1B (12%)
Electronics 1 (4%) 900M (11%) 1 (2%) 900M (4%)
Distribution - - 1 (2%) 524M (2%)
Automotive - - 1 (2%) 415M (2%)
Media 1 (4%) 225M (3%) 1 (2%) 225M (1%)
Aerospace - - 1 (2%) -
Construction 1 (4%) - 1 (2%) -
Consumer Services - - 1 (2%) -
Digital Media 1 (4%) - 1 (2%) -
Energy Services and Equipment - - 1 (2%) -
Engineering - - 1 (2%) -
Healthcare Services - - 1 (2%) -
Information Technology 1 (4%) - 1 (2%) -
Insurance - - 1 (2%) -
Manufacturing 1 (4%) - 1 (2%) -
Safety/Security 1 (4%) - 1 (2%) -
Transportation 1 (4%) - 1 (2%) -
Total 27 $8.0B 65 $24.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
France 12 (44%) 1.1B (13%) 32 (49%) 7.7B (31%)
  Pennsylvania - - 1 (2%) -
United Kingdom 5 (19%) - 9 (14%) 5.3B (21%)
Spain 3 (11%) 2.3B (29%) 5 (8%) 2.7B (11%)
Netherlands 1 (4%) 997M (12%) 4 (6%) 1.3B (5%)
Germany 1 (4%) - 3 (5%) 2.2B (9%)
Sweden 2 (7%) 2.0B (25%) 2 (3%) 2.0B (8%)
Belgium 2 (7%) 685M (9%) 2 (3%) 685M (3%)
United States 1 (4%) 900M (11%) 2 (3%) 900M (4%)
  California 1 (4%) 900M (11%) 1 (2%) 900M (4%)
  Minnesota - - 1 (2%) -
Switzerland - - 2 (3%) 1.2B (5%)
Italy - - 2 (3%) 917M (4%)
Denmark - - 1 (2%) -
Luxembourg - - 1 (2%) -
Domestic 12 (44%) 1.1B (13%) 32 (49%) 7.7B (31%)
Cross-border 15 (56%) 7.0B (87%) 33 (51%) 17.2B (69%)
Total 27 $8.0B 65 $24.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (15%) 2.6B (32%) 28 (43%) 11.5B (46%)
Secondary Buyout 17 (63%) 3.6B (44%) 26 (40%) 9.4B (38%)
Divestiture 2 (7%) 900M (11%) 5 (8%) 3.0B (12%)
Going Private 2 (7%) 997M (12%) 2 (3%) 997M (4%)
Stake Purchase 1 (4%) - 2 (3%) -
Growth Capital - - 1 (2%) -
Joint Venture 1 (4%) - 1 (2%) -
Total 27 $8.0B 65 $24.9B

Exits by Deal Type

Type Total # Value
Secondary Sale 23 (59%) 16.2B (58%)
Trade Sale - Public Company 9 (23%) 5.9B (21%)
Trade Sale 5 (13%) 5.9B (21%)
IPO 1 (3%) -
Merger 1 (3%) -
Total 39 $28.1B

Top M&A Advisors

Financial Deals
Rothschild Global Advisory
 5
J.P. Morgan Securities LLC
 4
Credit Suisse Investment Banking
 3
Legal Deals
Willkie Farr & Gallagher LLP
 5
Simpson Thacher & Bartlett LLP
 1
Ropes & Gray LLP
 1

Deal Values

buy # Total
> $1B 8 $15.7B
$100M to $1B 16 $9.1B
< $100M 1 $90M
TOTAL $24.9B
Largest United Biscuits (UK) Ltd.
$3.5B (2006-10-25)
sell # Total
> $1B 10 $24.2B
$100M to $1B 5 $3.9B
< $100M 1 $7M
TOTAL $28.1B
Largest Vivarte SAS
$3.7B (2007-03-01)

M&A Connections

Deals %
Acquired from
PE Firm(s)
90%
38 90%
Strategic(s)
10%
4 10%
Exited to
PE Firm(s)
72%
36 72%
Strategic(s)
28%
14 28%

Investor Summary

Size

Mega

PE Assets

16.2B EUR

Established

1998

Specialist/Generalist

Generalist

Leadership

Frédéric Stévenin

Managing Partner

Michel Paris

Managing Partner

Richard Howell

Managing Partner

Christian Atherton

Managing Director

Franck Temam

Managing Director

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