M&A Deal Summary

Goldman Sachs Merchant Banking Acquires B&B Hotels

On May 20, 2019, private equity firm Goldman Sachs Merchant Banking acquired leisure company B&B Hotels from PAI Partners

Acquisition Highlights
  • This is Goldman Sachs Merchant Banking’s 1st transaction in the Leisure sector.
  • This is Goldman Sachs Merchant Banking’s 6th transaction in France.

M&A Deal Summary

Date 2019-05-20
Target B&B Hotels
Sector Leisure
Buyer(s) Goldman Sachs Merchant Banking
Sellers(s) PAI Partners
Deal Type Secondary Buyout

Target

B&B Hotels

Paris, France
B&B Hotels is a budget hotels chain in Europe operating a network of more than 486 budget hotels, across 12 countries with a total of 42,832 rooms. B&B is at the "high-end" of the budget hotel segment, offering high quality at a competitive price, to meet the needs of both business and leisure travelers. B&B Hotels was founded in 1990 and is based in Paris, France.

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Buyer(S) 1

Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 160 of 189
Sector: Leisure M&A 1 of 2
Type: Secondary Buyout M&A Deals 56 of 68
Country: France M&A 6 of 6
Year: 2019 M&A 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-17 Aston Lark

London, United Kingdom

Aston Lark is an independent insurance broker specializes in commercial insurance, private client insurance, and employee benefits advice, and operates from 27 regional offices, serving over 100,000 customers and placing in excess of £350 million of the annual premium. Aston Lark was formed in 2017 and is based in London.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-03 Capital Vision Services

Vienna, Virginia, United States

Capital Vision Services manages independently owned optometry practices which operate under the trade name MyEyeDr. and are recognized leaders in full scope optometry and personalized optical services. Capital Vision Services is the nation’s largest and most experienced practice management services company with the goal of protecting independent optometry. Capital Vision Services was founded in 2001 and is based in Vienna, Virginia.

Buy -

Seller(S) 1

SELLER

PAI Partners

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 28.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

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.


DEAL STATS #
Overall 41 of 52
Sector: Leisure M&A 1 of 2
Type: Secondary Buyout M&A Deals 22 of 26
Country: France M&A 22 of 24
Year: 2019 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-10 Ecotone

Saint Genis Laval, France

Ecotone is a multinational food company focused on providing sustainable and organic food to people with operations in Europe and North America. Ecotone was formed in 1765 and is based in Saint Genis Laval, France.

Buy €885M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-01 Zahneins

Hamburg, Germany

Zahneins is a dental company with 80 locations throughout the country. As an innovative nationwide dental network with state-of-the-art technology and treatment methods, Zahneins ensures professional practice solutions for the optimal care of patients. Zahneins offers its partner practices a wide range of support in everyday administration, recruiting, marketing, practice management and quality assurance, as well as training efforts across the network. Zahneins was founded in 2016 and is based in Hamburg, Germany.

Buy -