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词条 PAI Partners
释义

  1. History

  2. Investment funds

      Funds  

  3. Detailed investments

     PAI VI investments  PAI V investments  PAI IV investments   Previous investments  

  4. Notes and references

  5. External links

{{Multiple issues|{{More citations needed|date=August 2016}}{{More footnotes|date=August 2016}}}}{{Infobox company
| logo = PAI partners.jpg
| name = PAI Partners SAS
| type = Private Ownership
| foundation = {{start date and age|1998}}
| location = Paris, France
| industry = Private Equity
| products = Private equity funds
| assets = €13.5 billion[1]
| key_people = Michel Paris (CEO), Frédéric Stevenin (CIO)
| num_employees = 62
| homepage = {{URL|http://www.paipartners.com/}}
}}

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. The firm is characterised by its industrial approach to ownership combined with its sector based organisation. PAI provides portfolio companies with the financial and strategic support required to pursue their development and enhance strategic value creation.{{clarify|date=January 2018}}

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, 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,[5][6] at that time the largest leveraged buyout ever completed in France.{{Citation needed|date=August 2018}} 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}}

In September 2009, Lionel Zinsou became CEO and Chairman of the firm.[7][8] In 2015 Michel Paris 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:

PAI buyout funds since inception
Fund nameVintageTotal commitmentFocusStatus
PAI LBO Fund1998€650 millionBuyoutLiquidated
PAI Europe III2001€1.8 billionBuyoutLiquidated
PAI Europe IV2005€2.7 billionBuyoutExit phase
PAI Europe V2008€2.7 billionBuyoutExit phase
PAI Europe VI2015€3.3 billionBuyoutInvestment phase
PAI Europe VII[14]2018€5.1 billionBuyoutFundraising

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. 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

Entry Exit Company Name Business description Country Ref.
2015UnrealisedAS Adventure [15]Outdoor equipment and fashion retailerBelgium[16]
2016UnrealisedAtos Medical [17]Laryngectomy productsSweden[18]
2016UnrealisedB&B Hotels [19]Budget hotel chainFrance[20]
2017UnrealisedCortefiel [21]Apparel retailerSpain[22]
20142017DomusVi[23]Elderly careFrance[24]
2017Unrealised[https://www.elitechgroup.com/ ELITech] [25]Diagnostic equipmentItaly[26]
2016Unrealised[https://www.ethypharm.com/ Ethypharm]Specialty pharmaceuticalsFrance[27]
2014UnrealisedEuroMediaGroupTechnical services to the audiovisual industryFrance[28]
20142017InnoVista Sensors (formerly CST)Sensors and control productsUnited States[29][30]
2015Unrealised[https://www.grupokonecta.com/en/ Konecta]Business process outsourcing and contact centresSpain[31]
2014UnrealisedLabeyrie Fine FoodsGourmet foodFrance[32]
2016Unrealised[https://www.roompot.com/ Roompot]Holiday parksThe Netherlands[33]
2014Unrealised[https://www.vpsgroup.com/ VPS]Vacant property servicesUnited Kingdom[34]

PAI V investments

Entry Exit Company Name Business description Country Ref.
20132017[https://adbsafegate.com/ ADB Safegate]Airfield ground lightingBelgium[35]
20082015[https://atos.net/en/ Atos]IT service providerFrance[36]
20102017Cerba European LabSpecialised biology laboratoryFrance[37]
2013UnrealisedFroneri (formerly R&R Ice Cream)Take-home ice cream manufacturerUnited Kingdom[38]
20112016HunkemöllerLingerie retailerThe Netherlands[39]
20132017IPHIndustrial supplies distributorFrance[40]
20112017[https://www.kiloutou-group.com/ Kiloutou]Equipment rental servicesFrance[41]
2012UnrealisedMarcolinEyewear design and manufacturingItaly[42]
20112016SwissportGlobal ground and cargo aircraft handling servicesSwitzerland[43]
20112014The Nuance GroupTravel retail and duty-free industrySwitzerland[44]
20082017XellaAircrete blocksGermany[45]

PAI IV investments

Entry Exit Company Name Business description Country Ref.
20052012Chr. HansenNatural food ingredientsDenmark[46]
20052017CortefielApparel retailerSpain[22]
20052016Global Closure Systems (aka GCS)Plastic closuresFrance[47]
20072017Kaufman & BroadDeveloper and builder of homesFrance[48]
20052011Kwik-FitAutomotive fast-fitUnited Kingdom[49]
20072009MonierRoofing productsFrance[50]
2005Unrealised[https://www.perstorp.com/ Perstorp]Specialty chemical ingredients used for coatingsSweden[51]
20062011SpieMultitechnical servicesFrance[52]
20062014United BiscuitsBiscuits and snacksUnited Kingdom[53]

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 : Textile rental, hygiene services ;
  • Gerflor: PVC Flooring ;
  • Groupe Lapeyre : Distribution of construction material ;
  • Ipsen : Pharmaceutical laboratory ;
  • VIA-GTI (known as Keolis) : Transport solutions ; 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

1. ^Funds raised since inception
2. ^{{Cite web|url=https://www.lesechos.fr/16/01/2017/lesechos.fr/0211697639602_pai-partners-fait-evoluer-sa-gouvernance.htm|title=PAI Partners fait évoluer sa gouvernance - Les Echos|website=www.lesechos.fr|language=fr|access-date=2018-08-24}}
3. ^{{Cite web|url=https://www.ft.com/content/604a97a4-c619-11dd-a741-000077b07658|title=PAI Partners face double deal hit {{!}} Financial Times|last=Arnold|first=Martin|date=9 December 2008|website=Financial Times|archive-url=|archive-date=|dead-url=|access-date=24 August 2018}}
4. ^{{Cite web|url=https://www.forexnewsnow.com/top-stories/10-largest-banks-assets/|title=10 largest banks in the world as measure by the total assets|website=www.forexnewsnow.com|language=en|access-date=2018-08-23}}
5. ^{{Cite news|url=http://www.groupe-panzani.fr/notre-histoire/|title=Notre histoire {{!}} Groupe Panzani|work=Groupe Panzani|access-date=2018-08-23|language=fr-FR}}
6. ^{{Cite web|url=https://www.lesechos.fr/10/10/1997/LesEchos/17498-028-ECH_danone-cede-son-epicerie-et-se-recentre-sur-trois-poles.htm#|title=Danone cède son épicerie et se recentre sur trois pôles - Les Echos|website=www.lesechos.fr|language=fr|access-date=2018-08-23}}
7. ^{{Cite web|url=https://blogs.wsj.com/privateequity/2015/06/19/pai-partners-chief-to-become-prime-minister-of-benin/|title=PAI Partners Chief To Become Prime Minister of Benin|last=Javed|first=Ayesha|date=2015-06-19|website=WSJ|language=en-US|access-date=2018-09-11}}
8. ^{{Cite web|url=https://www.theguardian.com/world/2015/aug/07/lionel-zinsou-benin-africa-prime-minister|title=Lionel Zinsou: from Paris to Benin with an action plan|last=Michel|first=Serge|date=2015-08-07|website=the Guardian|language=en|access-date=2018-09-11}}
9. ^{{Cite web|url=https://www.lemonde.fr/afrique/article/2015/06/19/le-banquier-lionel-zinsou-nomme-premier-ministre-du-benin_4657701_3212.html|title=Le banquier Lionel Zinsou devient premier ministre du Bénin|website=Le Monde.fr|language=fr-FR|access-date=2018-08-24}}
10. ^{{Cite web|url=https://www.lesechos.fr/21/06/2015/lesechos.fr/021152523427_michel-paris-devient-seul-maitre-a-bord-de-pai.htm|title=Michel Paris devient seul maître à bord de PAI - Les Echos|website=www.lesechos.fr|language=fr|access-date=2018-08-24}}
11. ^http://www.pemagazine.fr/MzcwNg/hard-cap-a-33-md-pour-pai-partners
12. ^{{Cite news|url=http://www.pionline.com/article/20180330/ONLINE/180339990/pai-partners-closes-latest-fund-at-83645-billion|title=PAI Partners closes latest fund at €5 billion|last=Jacobius|first=Arleen|date=2018-03-30|work=Pensions & Investments|access-date=2018-09-11|language=en-US}}
13. ^{{Cite news|url=https://www.penews.com/articles/pais-latest-fundraising-effort-closes-at-e5-billion-hard-cap-20180403|title=PAI’s Latest Fundraising Effort Closes at €5 Billion Hard Cap|last=staff|first=PEN|access-date=2018-09-11|language=en-GB}}
14. ^http://www.pionline.com/article/20180330/ONLINE/180339990/pai-partners-closes-latest-fund-at-83645-billion
15. ^https://www.asadventure.fr/?amc_cid=ps_b&gclid=EAIaIQobChMIr4TM_MDz2AIVkoF-Ch1_hgp3EAAYASAAEgIQCvD_BwE A.S. Adventure
16. ^{{Cite news|url=https://uk.reuters.com/article/uk-asadventure-m-a-paipartners/private-equity-firm-pai-buys-as-adventure-for-400-million-euros-idUKKBN0L813720150204|title=Private equity firm PAI buys AS Adventure for 400 million euros|last=Editorial|first=Reuters|work=U.K.|accessdate=2018-01-25}}
17. ^https://www.atosmedical.com/ Atos Medical
18. ^{{Cite news|url=https://realdeals.eu.com/news/2016/05/31/eqt-exits-atos-medical-to-pai-partners/|title=EQT exits Atos Medical to PAI Partners - Real Deals|last=Figari|first=Luciano|date=2016-05-31|work=Real Deals|accessdate=2018-01-25}}
19. ^http://www.hotel-bb.com/en/home.htm B&B Hotels
20. ^{{Cite news|url=https://www.reuters.com/article/idUSFWN14402K20151215|title=BRIEF-PAI Partners enters exclusive negotiations to buy B&B Hotels|date= 2015-12-15|work=Reuters|accessdate=2018-01-25}}
21. ^https://www.fnlondon.com/articles/cvc-agrees-to-split-cortefiel-with-pai-and-permira-20050722|title=CVC agrees to split Cortefiel with PAI and Permira|last=Dewson|first=Andrew|accessdate=2018-01-25
22. ^1 {{Cite news|url=https://www.fnlondon.com/articles/cvc-agrees-to-split-cortefiel-with-pai-and-permira-20050722|title=CVC agrees to split Cortefiel with PAI and Permira|last=Dewson|first=Andrew|accessdate=2018-01-25}}
23. ^https://www.domusvi.com/ DomusVi
24. ^{{Cite news|url=https://realdeals.eu.com/news/2017/06/08/pai-partners-sell-domusvi-stake-icg-srs/|title=PAI Partners to sell DomusVi stake to ICG - Real Deals|last=Figari|first=Luciano|date=2017-06-08|work=Real Deals|accessdate=2018-01-23}}
25. ^{{cite web|url=https://realdeals.eu.com/news/2017/05/12/pai-elitech-ergon/|title=PAI acquires diagnostics business Elitech from Ergon - Real Deals|last=Langworth|first=Hannah|date=2017-05-12|work=Real Deals|accessdate=2018-01-25}}
26. ^{{Cite news|url=https://realdeals.eu.com/news/2017/05/12/pai-elitech-ergon/|title=PAI acquires diagnostics business Elitech from Ergon - Real Deals|last=Langworth|first=Hannah|date=2017-05-12|work=Real Deals|accessdate=2018-01-25}}
27. ^{{Cite news|url=https://www.reuters.com/article/us-ethypharm-m-a-pai/pai-to-buy-drugmaker-ethypharm-from-astorg-for-about-855-million-sources-idUSKCN0XX29K|title=PAI to buy drugmaker Ethypharm from Astorg for about $855 million: sou|date=2016-05-06|work=Reuters|accessdate=2018-01-25}}
28. ^{{Cite news|url=https://www.reuters.com/article/us-pai-partners-acquisition/frances-pai-partners-to-buy-euro-media-group-idUSBREA3N0TJ20140424|title=France's PAI Partners to buy Euro Media Group|date=2014-04-24|work=Reuters|accessdate=2018-01-25}}
29. ^{{Cite web|url=https://www.carlyle.com/media-room/news-release-archive/carlyle-group-and-pai-partners-enter-exclusive-discussions|title=The Carlyle Group and PAI Partners Enter into Exclusive Discussions with Schneider Electric for the Acquisition of a Majority Stake in Custom Sensors & Technologies, a Specialist in Designing and Manufacturing Sensing, Control and Motion Products {{!}} The Carlyle Group|website=www.carlyle.com|accessdate=2018-01-25}}
30. ^{{Cite news|url=https://realdeals.eu.com/news/2017/12/14/carlyle-pai-crouzet-lbo-france/|title=Carlyle, PAI sell Crouzet to LBO France - Real Deals|last=Riordan|first=Darragh|date=2017-12-14|work=Real Deals|accessdate=2018-01-25}}
31. ^{{Cite news|url=http://www.nearshoreamericas.com/pai-partners-acquires-40-stake-grupo-konecta/|title=PAI Partners acquires a 40% stake in Grupo Konecta - Nearshore Americas|date=2015-10-06|work=Nearshore Americas|accessdate=2018-01-25}}
32. ^{{Cite news|url=https://dealbook.nytimes.com/2014/06/16/pai-partners-plans-joint-venture-to-control-labeyrie-fine-foods/|title=PAI Partners Plans Joint Venture to Control Labeyrie Fine Foods|last=Bray|first=Chad|work=DealBook|accessdate=2018-01-25}}
33. ^{{Cite news|url=https://www.fnlondon.com/articles/pai-partners-buys-dutch-holiday-park-business-roompot-vakanties-20160811|title=PAI Partners buys Dutch holiday park business|last=Bobeldijk|first=Yolanda|accessdate=2018-01-25}}
34. ^{{Cite news|url=https://www.pehub.com/2014/06/pai-partners-acquires-vps-holdings-from-tdr-capital/|title=PAI Partners acquires VPS Holdings from TDR Capital - PE Hub|date=2014-06-25|work=PE Hub|accessdate=2018-01-25}}
35. ^{{Cite news|url=https://realdeals.eu.com/news/2017/07/17/pai-partners-sells-adb-safegate-carlyle/|title=PAI Partners sells ADB Safegate to Carlyle - Real Deals|last=Riordan|first=Darragh|date=2017-07-17|work=Real Deals|accessdate=2018-01-25}}
36. ^{{Cite news|url=https://www.reuters.com/article/atos-shareholders/private-equity-firm-pai-sells-out-of-transformed-atos-idUSL5N0VZ4HB20150225|title=Private equity firm PAI sells out of|date=2015-02-25|work=Reuters|accessdate=2018-01-25}}
37. ^{{Cite web|url=https://www.ft.com/content/b763db80-e0ce-11e6-9645-c9357a75844a|title=Subscribe to read|website=Financial Times|accessdate=2018-01-25}}
38. ^{{Cite web|url=https://www.nestle.com/media/pressreleases/allpressreleases/nestle-rr-joint-venture-froneri|title=https://www.nestle.com/media/pressreleases/allpressreleases/nestle-rr-joint-venture-froneri|website=www.nestle.com|access-date=2018-01-25}}
39. ^{{Cite news|url=https://www.retaildetail.eu/en/news/carlyles-hunkem%C3%B6ller-acquisition-approved|title=Carlyle's Hunkemöller acquisition approved|date=2016-02-08|work=RetailDetail|accessdate=2018-01-25}}
40. ^{{Cite news|url=http://www.cityam.com/266463/advent-international-wraps-up-deal-buy-iph-and-create|title=Advent wraps up IPH deal to create €2.1bn industrials business|last=White|first=Lucy|date=2017-06-12|accessdate=2018-01-25}}
41. ^{{Cite news|url=https://xpertscouncil.com/kiloutou-sold-pai-partners/|title=Kiloutou sold by PAI Partners - XPERTS COUNCIL|date=2017-12-07|work=XPERTS COUNCIL|accessdate=2018-01-25|language=fr-FR}}
42. ^{{Cite news|url=https://www.reuters.com/article/us-marcolin-sale/italian-eyewear-maker-marcolin-sold-to-private-equity-idUSBRE89E0K720121015|title=Italian eyewear maker Marcolin sold to private equity|date=2012-10-15|work=Reuters|accessdate=2018-01-25}}
43. ^{{Cite news|url=https://www.nytimes.com/2015/07/31/business/dealbook/pai-partners-to-sell-swissport-international-for-2-8-billion.html|title=PAI Partners to Sell Swissport International for $2.8 Billion|last=Bray|first=Chad|date=2015-07-30|work=The New York Times|accessdate=2018-01-25|issn=0362-4331}}
44. ^{{Cite web|url=https://bebeez.it/en/2014/06/05/dufry-buys-nuancess-duty-free-shops-for-1-55-billion-swiss-francs/|title=Dufry buys Nuances's duty free shops for 1.55 billion Swiss francs|website=bebeez.it|accessdate=2018-01-25}}
45. ^{{Cite news|url=https://www.reuters.com/article/us-xella-m-a-lonestar/xella-says-owners-agree-sale-to-lone-star-idUSKBN13Q3MB|title=PAI Partners and Goldman sell Xella to buyout group Lone Star|date=2016-12-01|work=Reuters|accessdate=2018-01-25}}
46. ^{{Cite news|url=https://www.reuters.com/article/chrhansen-paipartners/pai-partners-sell-25-7-pct-of-chr-hansen-to-novo-a-s-idUSWEA761620120111|title=PAI Partners sell 25.7 pct of Chr Hansen to Novo A/S|date=2012-01-11|work=Reuters|accessdate=2018-01-25}}
47. ^{{Cite news|url=https://www.reuters.com/article/gcs-ma-pai/pai-uncorks-sale-of-french-bottle-top-maker-global-closure-systems-sources-idUSL8N12S5HR20151028|title=PAI uncorks sale of French bottle-top maker Global Closure Systems - s|date=2015-10-28|work=Reuters|accessdate=2018-01-25}}
48. ^{{Cite news|url=https://www.challenges.fr/finance-et-marche/kaufman-broad-un-fonds-de-pai-partners-cede-17-du-capital_473971|title=Kaufman & Broad: Un fonds de PAI Partners cède 17% du capital|work=Challenges|accessdate=2018-01-25|language=fr}}
49. ^{{Cite news|url=https://uk.reuters.com/article/uk-itochu/itochu-says-to-buy-kwik-fit-for-637-million-idUKTRE7220GT20110303|title=Itochu says to buy Kwik Fit for £637 million|last=Editorial|first=Reuters|work=U.K.|accessdate=2018-01-25}}
50. ^{{Cite news|url=https://www.reuters.com/article/monier-restructuring/pai-takes-hit-as-lenders-wrestle-control-of-monier-idUSL622863220090706|title=PAI takes hit as lenders wrestle control of Monier|date=2009-07-06|work=Reuters|accessdate=2018-01-25}}
51. ^{{Cite web|url=http://www.industrie.com/chimie/perstorp-tombe-dans-le-giron-du-francais-pai-partners,5419|title=Perstorp tombe dans le giron du Français PAI Partners - Info Chimie|website=www.industrie.com|accessdate=2018-01-25}}
52. ^{{Cite news|url=https://www.marketwatch.com/story/pai-partners-sells-spie-for-21-billion-2011-05-31|title=PAI Partners sells Spie for $2.1 billion|last=Cauchi|first=Marietta|work=MarketWatch|accessdate=2018-01-25}}
53. ^{{Cite web|url=https://www.foodbev.com/news/blackstone-and-pai-partners-agree-sale-of-united-biscuits-to-yildiz-holding/|title=Blackstone and PAI Partners agree sale of United Biscuits to Yildiz Holding - FoodBev Media|website=www.foodbev.com|accessdate=2018-01-25}}

External links

  • {{Official website}}
  • PAI partners BusinessWeek Profile
  • "[https://query.nytimes.com/gst/fullpage.html?res=9505E7D8153FF935A25752C1A9629C8B63 Builder To Sell Water Unit]." New York Times, November 16, 2004
  • Timmons, Heather, [https://www.nytimes.com/2005/05/05/business/worldbusiness/05europe.html Private Equity Investors Are Reshaping the Landscape of European Business]. The New York Times, May 5, 2005
  • IPH shareholders
{{private equity firms}}{{Largest private equity firms}}

3 : Private equity firms of France|Companies based in Paris|Companies established in 1998
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