PAI Partners

hideThis article has multiple issues. Please help or discuss these issues on the talk page. (Learn how and when to remove these template messages) This article needs additional citations for verification. Please help by adding citations to reliable sources. Unsourced material may be challenged and removed. Find sources:  –  ·  ·  · scholar · JSTOR (August 2016) (Learn how and when to remove this template message) This article includes a list of general references, but it remains largely unverified because it lacks sufficient corresponding inline citations. Please help to improve this article by introducing more precise citations. (August 2016) (Learn how and when to remove this template message) (Learn how and when to remove this template message)

PAI Partners SAS

Type	Private
Industry	Private equity
Founded	1998; 23 years ago (1998)
Headquarters	Paris, France
Key people	Michel Paris (chief executive officer) Frédéric Stevenin (chief information officer)
Products	Private equity funds
Total assets	€13.5 billion[1]
Number of employees	62
Website	www.paipartners.com

PAI headquarters in Paris, rue de Rivoli Copyright PAI LdB

PAI Partners is a European private equity firm based in Paris, France. It is one of the oldest firms in the sector, with its origins dating back to Paribas Affaires Industrielles, the historical principal investment activity of Paribas, which started operations in 1872.

PAI manages €13.5 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,^[2][3] the historical principal investment activity 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.^[4] In 1993, 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,^[5][6] at that time the largest leveraged buyout ever completed in France.^{[citation needed]} 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.

History of private equity and venture capital
Early history
(origins of modern private equity)
The 1980s
(leveraged buyout boom)
The 1990s
(leveraged buyout and the venture capital bubble)
The 2000s
(dot-com bubble to the credit crunch)
v t

In September 2009, Lionel Zinsou became CEO and Chairman of the firm.^[7][8] In 2015, became CEO after Lionel Zinsou stepped down to become prime minister in Benin.^[9][10]

In March 2015, PAI raised its fifth LBO fund, PAI Europe VI, reaching €3.3 billion, above the initial target of €3 billion.^[11] In March 2018, PAI closed their PAI Europe VII fund.^[12][13]

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:

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), (cured ham – Spain), (rice – Spain) and helped them consolidate their respective sector. PAI has completed a large number of leveraged buyouts of market leading European companies in recent years including several of the most significant in Europe. The most recent transactions in consumer goods and services, healthcare as well as general industrial companies are highlighted below:

PAI VI investments[]

PAI V investments[]

PAI IV investments[]

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
• : Textile rental, hygiene services
• : 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

Notes and references[]

External links[]

• Official website
• PAI partners BusinessWeek Profile
• "Builder To Sell Water Unit." New York Times, November 16, 2004
• Timmons, Heather, Private Equity Investors Are Reshaping the Landscape of European Business. The New York Times, May 5, 2005
• IPH shareholders