PAI Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, PAI Partners has acquired 15 companies.

PAI Partners’ most common sectors for investment are food (20%) and retail (8%). The Firm’s most common investment types include secondary buyout (43%) and buyout (lbo, mbo, mbi) (42%). 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 3 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 Activity107
    • M&A Buy Activity68
    • M&A Sell Activity39
  • Total Sectors Invested 32
  • 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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (3.2/yr) # 52 1 5 3 7 - 68
vol $24.3B $997M $1.8B $27.1B
Sell (1.8/yr) # 30 6 - 2 1 - 39
vol $28.1B $28.1B
  107

Most Recent M&A

Company Date Value Type
Interflora France SA 2020-12-23 - Secondary Buyout
Paris, France · www.interflora.fr
Apleona GmbH 2020-12-06 1.8B EUR Secondary Buyout
Neu-Isenburg, Germany · www.apleona.com
Grand Frais 2020-11-20 - Secondary Buyout
Lyon, France · www.grandfrais.fr
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
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 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
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
Perstorp AB 2005-10-19 Perstorp Oxo Belgium AB 2017-03-06 2
Perstorp, Sweden · www.perstorp.com Evergem, Belgium
Ethypharm SA 2016-05-06 Martindale Pharmaceuticals Ltd. 2017-01-19 1
SaintCloud, France · www.ethypharm.com Brentwood, United Kingdom · www.martindalepharma.co.uk
VPS Holdings Ltd. 2014-06-25 Evander Glazing & Locks Ltd. 2016-03-02 2
Borehamwood, United Kingdom · www.vpspecialists.com Norwich, United Kingdom · www.evander.com
ADB Airfield Solutions NV 2013-03-04 Safegate International AB 2016-02-26 1
Zaventem, Belgium · www.adb-airfield.com Malmö, Sweden · www.safegate.com
Labeyrie Fine Foods PLC 2014-06-16 PERE OLIVE SA/NV 2016-02-26 2
St-Vincent-de-Tyrosse, France · www.labeyrie-fine-foods.com Charleroi, Belgium · www.pereolive.com

M&A by Sector

Sector Current # Value All-time # Value
Food 6 (20%) 997M (10%) 13 (19%) 4.9B (18%)
Retail 3 (10%) 764M (8%) 5 (7%) 2.0B (7%)
Apparel/Textiles 1 (3%) 2.0B (21%) 4 (6%) 4.0B (15%)
Business Services 1 (3%) - 4 (6%) 1.8B (7%)
Medical Products 3 (10%) 958M (10%) 3 (4%) 958M (4%)
Life Science 1 (3%) 845M (9%) 3 (4%) 935M (3%)
Consumer Products - - 3 (4%) 917M (3%)
Building Materials - - 2 (3%) 1.8B (7%)
Plastics - - 2 (3%) 1.1B (4%)
Chemicals 2 (7%) 1.1B (11%) 2 (3%) 1.1B (4%)
Packaging 1 (3%) - 2 (3%) 316M (1%)
Electrical Equipment 1 (3%) 234M (2%) 2 (3%) 234M (1%)
Consumer Services 1 (3%) - 2 (3%) -
Leisure - - 2 (3%) -
Utilities 1 (3%) - 2 (3%) -
Communications - - 1 (1%) 3.1B (11%)
Real Estate 1 (3%) 1.8B (18%) 1 (1%) 1.8B (7%)
Electronics 1 (3%) 900M (9%) 1 (1%) 900M (3%)
Distribution - - 1 (1%) 524M (2%)
Automotive - - 1 (1%) 415M (2%)
Media 1 (3%) 225M (2%) 1 (1%) 225M (1%)
Aerospace - - 1 (1%) -
Construction 1 (3%) - 1 (1%) -
Digital Media 1 (3%) - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Engineering - - 1 (1%) -
Healthcare Services - - 1 (1%) -
Information Technology 1 (3%) - 1 (1%) -
Insurance - - 1 (1%) -
Manufacturing 1 (3%) - 1 (1%) -
Safety/Security 1 (3%) - 1 (1%) -
Transportation 1 (3%) - 1 (1%) -
Total 30 $9.8B 68 $27.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
France 14 (47%) 1.1B (11%) 34 (50%) 7.7B (30%)
  Pennsylvania - - 1 (1%) -
United Kingdom 5 (17%) - 9 (13%) 5.3B (21%)
Spain 3 (10%) 2.3B (24%) 5 (7%) 2.7B (11%)
Germany 2 (7%) 1.8B (18%) 4 (6%) 2.2B (9%)
Netherlands 1 (3%) 997M (10%) 4 (6%) 1.3B (5%)
Sweden 2 (7%) 2.0B (21%) 2 (3%) 2.0B (8%)
Belgium 2 (7%) 685M (7%) 2 (3%) 685M (3%)
United States 1 (3%) 900M (9%) 2 (3%) 1.3B (5%)
  California 1 (3%) 900M (9%) 1 (1%) 900M (4%)
  Minnesota - - 1 (1%) 406M (2%)
Switzerland - - 2 (3%) 1.2B (5%)
Italy - - 2 (3%) 917M (4%)
Denmark - - 1 (1%) -
Luxembourg - - 1 (1%) -
Domestic 14 (47%) 1.1B (11%) 34 (50%) 7.7B (30%)
Cross-border 16 (53%) 8.8B (89%) 34 (50%) 17.6B (70%)
Total 30 $9.8B 68 $25.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 20 (67%) 5.4B (55%) 29 (43%) 11.2B (41%)
Buyout (LBO, MBO, MBI) 4 (13%) 2.6B (26%) 28 (41%) 11.9B (44%)
Divestiture 2 (7%) 900M (9%) 5 (7%) 3.0B (11%)
Going Private 2 (7%) 997M (10%) 2 (3%) 997M (4%)
Stake Purchase 1 (3%) - 2 (3%) -
Growth Capital - - 1 (1%) -
Joint Venture 1 (3%) - 1 (1%) -
Total 30 $9.8B 68 $27.1B

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 9 $17.5B
$100M to $1B 17 $9.5B
< $100M 1 $90M
TOTAL $27.1B
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
Investor(s)
43%
29 (43%)
Strategic(s)
6%
4 (6%)
Exited to
Investor(s)
59%
23 (59%)
Strategic(s)
36%
14 (36%)

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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