PAI Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, PAI Partners has acquired 20 companies. It has also invested in 1 other.

PAI Partners’ most common sectors for investment arefood (19%) and business services (8%) . The Firm’s most common investment types include secondary buyout (47%) and buyout (lbo, mbo, mbi) (37%). In total, PAI Partners has invested in 3 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 (52%). 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 Activity128
    • M&A Buy Activity81
    • M&A Sell Activity47
  • Total Sectors Invested 32
  • Total Countries Invested 12
  • M&A Buy/Sell Connections 40
  • M&A Advisors 29

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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (5.2/yr) # 55 5 3 8 8 2 81
vol $26.0B $997M $1.8B $28.8B
Sell (2.0/yr) # 37 1 2 1 4 2 47
vol $29.1B $5.2B $2.6B $36.9B
  128

Most Recent M&A

Company Date Value Type
Perstorp Holding AB 2022-05-17 2.6B EUR Add-on Acquisition
Malmo, Sweden · www.perstorp.com
HKA Global Ltd. 2022-04-30 - Secondary Buyout
Warrington, United Kingdom · www.hka.com
Theramex HQ UK Ltd. 2022-03-28 - Secondary Buyout
London, United Kingdom · www.thermamex.com
Refresco Gerber B.V. 2022-02-22 - Secondary Buyout
Rotterdam, Netherlands · www.refresco.com
Uvesco SA 2021-12-22 - Buyout (LBO, MBO, MBI)
Gipuzkoa, Spain · www.uvesco.es
Asmodee Group 2021-12-15 2.8B USD Add-on Acquisition
Guyancourt, France · www.asmodee.com
Veonet GmbH 2021-12-03 - Secondary Buyout
Munich, Germany · www.veonet-group.com
Atos Medical AB 2021-11-08 2.5B EUR Add-on Acquisition
Malmö, Sweden · www.atosmedical.com
Addo Food Group 2021-10-08 - Merger
Nottingham, United Kingdom · www.addofoodgroup.com
Winterbotham Darby & Co. Ltd. 2021-10-08 - Merger
Redhill, United Kingdom · www.winterbothamdarby.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Marcolin S.p.A. 2012-12-01 Tom Ford International LLC 2022-11-15 1
Longarone, Spain · www.marcolin.com New York, New York · www.tomford.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 2021-09-06 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 2022-03-21 1
Paris, 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
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 Danival SAS 2020-07-21 2
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&A by Sector

Sector Current # Value All-time # Value
Food 6 (18%) 997M (15%) 15 (18%) 4.9B (17%)
Business Services 3 (9%) - 6 (7%) 1.8B (6%)
Apparel/Textiles 2 (6%) 2.0B (31%) 5 (6%) 4.0B (14%)
Retail 3 (9%) 764M (12%) 5 (6%) 2.0B (7%)
Life Science 3 (9%) 881M (14%) 5 (6%) 971M (3%)
Building Materials 1 (3%) - 3 (4%) 1.8B (6%)
Chemicals 1 (3%) - 3 (4%) 1.1B (4%)
Medical Products 2 (6%) - 3 (4%) 958M (3%)
Consumer Products - - 3 (4%) 917M (3%)
Packaging 2 (6%) - 3 (4%) 316M (1%)
Leisure 1 (3%) - 3 (4%) -
Real Estate 2 (6%) 1.8B (28%) 2 (2%) 1.8B (6%)
Plastics - - 2 (2%) 1.1B (4%)
Aerospace - - 2 (2%) 234M (1%)
Beverages 1 (3%) - 2 (2%) 2M (< 1%)
Consumer Services 1 (3%) - 2 (2%) -
Healthcare Services 1 (3%) - 2 (2%) -
Utilities 1 (3%) - 2 (2%) -
Communications - - 1 (1%) 3.1B (11%)
Construction - - 1 (1%) 1.7B (6%)
Test/Measurement Equipment - - 1 (1%) 900M (3%)
Distribution - - 1 (1%) 524M (2%)
Automotive - - 1 (1%) 415M (1%)
Media - - 1 (1%) 225M (1%)
Digital Media - - 1 (1%) -
Electrical Equipment - - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Engineering - - 1 (1%) -
Information Technology 1 (3%) - 1 (1%) -
Insurance - - 1 (1%) -
Manufacturing 1 (3%) - 1 (1%) -
Transportation 1 (3%) - 1 (1%) -
Total 33 $6.5B 82 $28.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
France 14 (42%) 845M (13%) 37 (45%) 7.7B (30%)
  Pennsylvania - - 1 (1%) -
United Kingdom 6 (18%) - 13 (16%) 5.3B (21%)
Spain 4 (12%) 2.3B (36%) 6 (7%) 2.7B (10%)
Germany 3 (9%) 1.8B (28%) 5 (6%) 2.2B (9%)
Netherlands 1 (3%) 997M (15%) 5 (6%) 1.3B (5%)
Italy 2 (6%) - 4 (5%) 917M (4%)
United States 1 (3%) - 3 (4%) 1.3B (5%)
  Illinois 1 (3%) - 1 (1%) -
  California - - 1 (1%) 900M (4%)
  Minnesota - - 1 (1%) 406M (2%)
Sweden - - 3 (4%) 2.0B (8%)
Belgium 1 (3%) 451M (7%) 2 (2%) 685M (3%)
Switzerland - - 2 (2%) 1.2B (5%)
Brazil 1 (3%) 36M (1%) 1 (1%) 36M (< 1%)
Denmark - - 1 (1%) -
Domestic 14 (42%) 845M (13%) 37 (45%) 7.7B (30%)
Cross-border 19 (58%) 5.6B (87%) 45 (55%) 17.7B (70%)
Total 33 $6.5B 82 $25.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 22 (67%) 3.1B (48%) 38 (46%) 11.2B (41%)
Buyout (LBO, MBO, MBI) 4 (12%) 2.4B (37%) 30 (37%) 11.9B (44%)
Divestiture 2 (6%) - 6 (7%) 3.0B (11%)
Going Private 2 (6%) 997M (15%) 3 (4%) 999M (4%)
Stake Purchase 2 (6%) - 3 (4%) -
Growth Capital - - 1 (1%) -
Joint Venture 1 (3%) - 1 (1%) -
Total 33 $6.5B 82 $27.1B

Exits by Deal Type

Type Total # Value
Secondary Sale 25 (53%) 17.3B (47%)
Trade Sale - Public Company 11 (23%) 11.2B (30%)
Trade Sale 6 (13%) 8.5B (23%)
Merger 3 (6%) -
IPO 1 (2%) -
Unknown 1 (2%) -
Total 47 $36.9B

Top M&A Advisors

Financial Deals
Rothschild Global Advisory
7
J.P. Morgan Securities LLC
5
Goldman Sachs Investment Banking Division
3
Legal Deals
Willkie Farr & Gallagher LLP
8
Linklaters LLP
2
Weil Gotshal & Manges LLP
2

Deal Values

buy # Total
> $1B 10 $19.2B
$100M to $1B 17 $9.5B
< $100M 3 $128M
TOTAL $28.8B
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)
46%
38 (46%)
Strategic(s)
6%
5 (6%)
Exited to
Investor(s)
53%
25 (53%)
Strategic(s)
40%
19 (40%)

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