# PAI Partners

PAI Partners is a French private equity firm based in Paris. It is one of the oldest firms in the sector, with its origins dating back to Paribas Affaires Industrielles, historically the principal investment arm of Paribas, which started operations in 1872.
PAI manages €25.4 billion of dedicated buyout funds. Since 1994, PAI has completed 65 LBO transactions in 11 European countries, representing over €48 billion in transaction value. PAI has 62 agents from 10 countries and teams in Paris, London, Luxembourg, Madrid, Milan, Munich, Stockholm and New York City.

## History

PAI was formerly known as Paribas Affaires Industrielles, and was historically the principal investment arm of Paribas. PAI LBO Fund, established in 1998, was the first PAI investment vehicle managing third party capital. Prior to 1998, PAI invested exclusively on the balance sheet of BNP Paribas.
Paribas merged with Banque Nationale de Paris in 2000. In 1993, Amaury de Sèze joined Paribas Affaires Industrielles as chairman and chief executive officer. Under his leadership, PAI developed a strategy in private equity that capitalized on the team's familiarity with industrial sectors.
Paribas Affaires Industrielles led the €610 million buyout of Danone’s pasta and condiment unit in 1997, at that time the largest leveraged buyout ever completed in France. The following year, the firm finalized fundraising for its first third party investment fund, raising €650 million of investor commitments. PAI completed a full spinout from BNP in 2000 and the following year raised a new €1.8 billion private equity fund.
In September 2009, Lionel Zinsou became CEO and Chairman of the firm. In 2015, Michel Paris became CEO after Lionel Zinsou stepped down to become prime minister in Benin.
In March 2015, PAI raised its fifth LBO fund, PAI Europe VI, reaching €3.3 billion, above the initial target of €3 billion. In September 2017, PAI announced the raising of a seventh investment vehicle: PAI Europe VII. In March 2018, PAI closed their PAI Europe VII fund.

## Investment funds
### Funds

Prior to 1998, PAI made investments via the Paribas Portfolio. The Paribas Portfolio was funded directly from Paribas’ balance sheet, largely unleveraged and comprising 51 investments, all of which have now been realised. Reflecting the broader investment remit of PAI at the time, it included control and non-control investments. Since 1998, PAI has raised five private equity funds, as detailed below:
PAI buyout funds since inception :
| Fund name | Vintage | Total commitment | Focus | Status |
| PAI LBO Fund | 1998 | €650 million | Buyout | Liquidated |
| PAI Europe III | 2001 | €1.8 billion | Buyout | Liquidated |
| PAI Europe IV | 2005 | €2.7 billion | Buyout | Liquidated |
| PAI Europe V | 2008 | €2.7 billion | Buyout | Exit phase |
| PAI Europe VI | 2015 | €3.3 billion | Buyout | Exit phase |
| PAI Mid-Market | 2020 | €918 million | Buyout | Investment phase |
| PAI Europe VII | 2018 | €5.1 billion | Buyout | Investment phase |
| PAI Partners VIII | 2023 | €7.1 billion | Buyout | Investment phase |

## Detailed investments

Historically, PAI managed Paribas's stakes in large food and consumer goods companies across Europe: Royal Canin (European leader in dry pet food), Diana Ingredients (natural food ingredients), Evialis (animal feed), Saupiquet (ready meals), LDC (premium poultry), Navidul (cured ham – Spain), SOS Arana (rice – Spain) and helped them consolidate their respective sector. In 2021 PAI completed its largest ever investment with the $3.3 billion acquisition of Tropicana, Naked and other North American juice brands from PepsiCo. Previous transactions in consumer goods and services, healthcare as well as general industrial companies are highlighted below:

### PAI VII investments

| Entry | Exit | Company Name | Business description | Country |
| 2023 | Unrealised | Alphia | Pet food manudfacturer | United States |
| 2023 | Unrealised | Azets | Accounting, tax, pauroll, audit and advirosy services to SMEs | United Kingdom |
| 2023 | Unrealised | ECF | Hospitality and care equipment distributor | France |
| 2021 | Unrealised | European Camping Group | Outdoor accommodation | France |
| 2023 | Unrealised | Infra Group | Network infrastructure service provider | Belgium |
| 2023 | Unrealised | The Looping Group | Leisure parks | France |
| 2023 | Unrealised | NovaTaste | Taste innovation and ingredients | Austria |

### PAI VII investments

| Entry | Exit | Company Name | Business description | Country |
| 2021 | Unrealised | Apave | Risk management | France |
| 2021 | Unrealised | Apleona | Facility management services | Germany |
| 2019 | Unrealised | Areas | Food and beverage travel retail | Spain |
| 2020 | Unrealised | Armacell | Insulation and engineered foam products | Luxembourg |
| 2018 | 2022 | Asmodee | Board, card and role playing game publisher and distributor | France |
| 2019 | Unrealised | Ecotone | Healthy and sustainable food | France |
| 2021 | Unrealised | Euro Ethnic Foods | Grocery products | France |
| 2021 | Unrealised | Euro Camping Group | Outdoor accommodation | France |
| 2022 | Unrealised | HKA | Risk mitigation consultancy | United Kingdom |
| 2021 | Unrealised | Pasubio | Premium leather for the automotive industry | Italy |
| 2021 | Unrealised | SGD Pharma | Primary glass packaging for the pharmaceutical industry | France |
| 2019 | Unrealised | Stella Group | Sun protection | France |
| 2021 | Unrealised | The Compleat Food Group | Chilled food platform | United Kingdom |
| 2022 | Unrealised | Theramex | Womens health parmaceuticals | United Kingdom |
| 2022 | Unrealised | Tropicana Brands Group | Global juices brand | United States |
| 2022 | Unrealised | Veonet | Ophthamology clinics platform | Germany |
| 2019 | Unrealised | Zahneins | Dental company | Germany |

### PAI Mid-Market investments

| Entry | Exit | Company Name | Business description | Country |
| 2020 | Unrealised | Amplitude Surgical | Global surgical technology for lower limg orthopaedics | France |
| 2020 | Unrealised | Angulas Aguinaga | Refrigerated fish and seafood ready meals | Spain |
| 2023 | Unrealised | European Pizza Group | Frozen pizza | Germany |
| 2023 | Unrealised | La Compagnie des Desserts | Frozen desserts supplier | France |
| 2021 | Unrealised | Interflora | European flower and gife digital platform | France |
| 2021 | Unrealised | Scrigno | Integrated opening solutions | Italy |
| 2022 | Unrealised | Uvesco | Spanish retail food sector | Spain |

### PAI VI investments

| Entry | Exit | Company Name | Business description | Country |
| 2018 | Unrealised | Albéa | Global packaging company | France |
| 2016 | 2022 | Atos Medical | Laryngectomy products | Sweden |
| 2016 | 2019 | B&B Hotels | Budget hotel chain | France |
| 2014 | 2017 | DomusVi | Elderly care | France |
| 2017 | Unrealised | ELITech | Diagnostic equipment | Italy |
| 2016 | Unrealised | Ethypharm | Specialty pharmaceuticals | France |
| 2014 | Unrealised | EuroMediaGroup | Technical services to the audiovisual industry | France |
| 2014 | 2018 | InnoVista Sensors (formerly CST) | Sensors and control products | United States |
| 2015 | 2019 | Grupo Konecta | Business process outsourcing and contact centres | Spain |
| 2014 | Unrealised | Labeyrie Fine Foods | Gourmet food | France |
| 2018 | Unrealised | M Group Services | UK & Ireland infrastructure services | United Kingdom |
| 2018 | 2022 | Refresco | Bottler of beverages | The Netherlands |
| 2016 | 2020 | Roompot | Holiday parks | The Netherlands |
| 2017 | Unrealised | Tendam | Apparel retailer | Spain |
| 2014 | Unrealised | VPS | Vacant property services | United Kingdom |
| 2015 | Unrealised | Yonderland | Outdoor equipment and fashion retailer | Belgium |
| 2018 | Unrealised | World Freight Company | Air cargo sales and services | France |

### PAI V investments

| Entry | Exit | Company Name | Business description | Country |
| 2013 | 2017 | ADB Safegate | Airfield ground lighting | Belgium |
| 2008 | 2015 | Atos | IT service provider | France |
| 2010 | 2017 | Cerba European Lab | Specialised biology laboratory | France |
| 2013 | Unrealised | Froneri (formerly R&R Ice Cream) | Take-home ice cream manufacturer | United Kingdom |
| 2011 | 2016 | Hunkemöller | Lingerie retailer | The Netherlands |
| 2013 | 2017 | Group IPH | Industrial supplies distributor | France |
| 2011 | 2017 | Kiloutou | Equipment rental services | France |
| 2012 | 2019 | Marcolin | Eyewear design and manufacturing | Italy |
| 2011 | 2016 | Swissport | Global ground and cargo aircraft handling services | Switzerland |
| 2011 | 2014 | The Nuance Group | Travel retail and duty-free industry | Switzerland |
| 2008 | 2017 | Xella | Aircrete blocks | Germany |

### PAI IV investments

| Entry | Exit | Company Name | Business description | Country |
| 2005 | 2012 | Chr. Hansen | Natural food ingredients | Denmark |
| 2005 | 2017 | Cortefiel | Apparel retailer | Spain |
| 2005 | 2016 | Global Closure Systems (aka GCS) | Plastic closures | France |
| 2007 | 2017 | Kaufman & Broad | Developer and builder of homes | France |
| 2005 | 2011 | Kwik-Fit | Automotive fast-fit | United Kingdom |
| 2007 | 2009 | Monier | Roofing products | France |
| 2005 | 2023 | Perstorp | Specialty chemical ingredients used for coatings | Sweden |
| 2006 | 2011 | Spie | Multitechnical services | France |
| 2006 | 2014 | United Biscuits | Biscuits and snacks | United Kingdom |

### Previous investments

* Amora Maille: Sauces and condiments; acquired from Danone in 1997 sold to Unilever in 1999
* Antargaz: Propane and butane provision; sold to UGI Corporation in 2004
* Carglass: vehicle glass repair and replacement group
* Elis SA: Textile rental, hygiene services
* Gerflor: PVC flooring
* Groupe Lapeyre: Distribution of construction material
* Ipsen: Pharmaceutical laboratory
* VIA-GTI (known as Keolis): Transport; acquired 1995 and sold in 1999 to SNCF
* Panzani-Lustucru: Pasta and pasta sauces; acquired in 1997 from Danone, sold to Puleva en 2005
* Point P: Construction material distributor;
* Provimi: Animal nutrition
* Royal Canin: Animal nutrition for dogs and cats, sold to Mars Incorporated in 2002
* SAUR: Water distribution, sanitation and waste management services
* Saeco: Coffee machine manufacturer
* Vivarte: Shoe and women wear retailer; sold in 2007 to Charterhouse Capital Partners
* William Saurin: Canned ready meals; sold to Financière Turenne Lafayette (FTL) in 2001
* Yoplait: 51% share: Fresh dairy products, sold to General Mills in 2011