M&A Deal Summary

PAI Partners, Ardian and Idinvest Partners Acquire Kwik-Fit

On June 24, 2005, private equity firms PAI Partners, Ardian and Idinvest Partners acquired retailer Kwik-Fit from CVC Capital Partners for 800M GBP

Acquisition Highlights
  • This is PAI Partners’ 2nd, Ardian’s 3rd and Idinvest Partners’ 1st transaction in the Retail sector.
  • This is PAI Partners’ 9th, Ardian’s 33rd and Idinvest Partners’ largest (disclosed) transaction.
  • This is PAI Partners’ 1st, Ardian’s 1st and Idinvest Partners’ 1st transaction in the United Kingdom.
Investment Fate
  • Kwik-Fit was sold to a publicly-traded strategic buyer in 2011 for 637M GBP.

M&A Deal Summary
Date 2005-06-24
Target Kwik-Fit
Sector Retail
Buyer(s) PAI Partners
Ardian
Idinvest Partners
Sellers(s) CVC Capital Partners
Deal Type Secondary Buyout
Deal Value 800M GBP

Target

Kwik-Fit

Herts, United Kingdom
Kwik-Fit, established in 1971, is an independent tire retailer with Europe’s largest service point network comprising 1,218 directly-managed tire fitting centres in the UK, France and Holland.

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Buyer(S) 3

Buyer

PAI Partners

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 16.2B 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 20 of 92
Sector (Retail) 2 of 6
Type (Secondary Buyout) 2 of 46
Country (United Kingdom) 1 of 15
Year (2005) 5 of 9
Size (of disclosed) 9 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-01 FTE Automotive

Ebern, Germany

FTE automotive, headquartered in Germany, is a producer of clutch and gear actuators. Its product portfolio and customer base are highly complementary to Valeo’s. The company has 3,700 employees and a diversified industrial footprint in eight countries, including Germany, the Czech Republic, Slovakia, Mexico and China.

Buy €368M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-01 Chr. Hansen A/S

Horsholm, Denmark

Chr. Hansen Holding A/S develops, produces and markets unique and innovative savory solutions (the non-sweet taste spectrum), including flavors, seasoning compounds and functional ingredients for the food industry, with special emphasis on the fields of processed meat and convenience food.

Buy -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.

DEAL STATS #
Overall 27 of 418
Sector (Retail) 3 of 15
Type (Secondary Buyout) 4 of 137
Country (United Kingdom) 1 of 26
Year (2005) 9 of 19
Size (of disclosed) 33 of 67
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-17 Larivière SAS

Angers, France

Larivière is France’s second largest distributor of roofing materials.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-01 Chr. Hansen A/S

Horsholm, Denmark

Chr. Hansen Holding A/S develops, produces and markets unique and innovative savory solutions (the non-sweet taste spectrum), including flavors, seasoning compounds and functional ingredients for the food industry, with special emphasis on the fields of processed meat and convenience food.

Buy -
Buyer

Idinvest Partners

Paris, France
Category Private Equity Firm
Founded 1997
PE ASSETS 7.6B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Idinvest Partners is a European investment firm focused on investing in small to mid-sized companies at various stages of development. Idinvest segments its investment activity into three groups. These include venture and growth capital, private debt, and dedicated portfolios/funds. Idinvest's venture and growth capital group looks to invest directly in early stage companies with high growth potential. Idinvest's private debt group seeks to provide senior or subordinated debt to small and mid-sized companies pursuing growth objectives. Idinvest's dedicated portfolio/funds group looks to invest in private equity funds, acquire secondary fund positions, and directly co-invest alongside other private equity firms in established companies. Idinvest Partners was formed in 1997 and is based in Paris.

DEAL STATS #
Overall 6 of 78
Sector (Retail) 1 of 2
Type (Secondary Buyout) 1 of 7
Country (United Kingdom) 1 of 4
Year (2005) 2 of 4
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-01 Impeto Medical

Paris, France

Impeto Medical manufactures and markets devices designed for the non-invasive assessment of eccrine sweat gland activity. Impeto Medical specializes in the research, development, production, and sales of innovative medical devices, especially in the field of detection and monitoring of peripheral neuropathies. Impeto Medical was founded in 2005 and is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-17 IntegraGen

Evry, France

IntegraGen is a company specializing in precision medicine for the treatment of cancer and other genetic diseases. IntegraGen is based in Evry, France.

Buy -

Seller(S) 1

SELLER

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.

DEAL STATS #
Overall 46 of 173
Sector (Retail) 3 of 15
Type (Secondary Buyout) 10 of 42
Country (United Kingdom) 17 of 33
Year (2005) 12 of 17
Size (of disclosed) 24 of 54
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-01 Vendor International B.V.

Tilburg, Netherlands

Vendor is a supplier of hygiene solutions. Vendor is a washroom hygiene specialist, with a total service concept for a wide range of business segments, including industry, logistics, leisure and education.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-01 Post Danmark A/S

Copenhagen, Denmark

Post Danmark is the national postal operator in Denmark carrying out a host of different services: collecting and delivering letters and parcels, distributing newspapers and magazines, handling inbound and outbound international postal traffic, and operating high-street post office branches.

Buy -
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