April 20, 2014 1:24 PM ET

Capital Markets

Company Overview of PAI Partners

Company Overview

PAI Partners is a private equity firm specializing in leveraged buyouts, buyins, and mature companies transactions. The firm seeks to make controlling investments in leveraged buyouts acquiring majority stakes in mid to large size companies. The firm typically invests in following sectors: food and consumer goods; business services; capital goods; general industrials; healthcare; and retail and distribution. Within the services sector, it focuses its investment activity on the consumer retail industry; professional distribution; building materials, contracting, construction and activities; media; energy sector; electronics, information technology; telecoms sectors; and the business services ...

232 rue de Rivoli

CEDEX 01

Paris,  75054

France

Founded in 1993

Phone:

33 1 43 16 63 00

Fax:

33 1 43 16 63 89

Key Executives for PAI Partners

Partner
Age: 59
Partner
Age: 56
Partner and Chief Financial Officer
Compensation as of Fiscal Year 2013.

PAI Partners Key Developments

R&R Reportedly Plans IPO

PAI Partners is considering taking R&R Ice Cream Plc public in later 2014, according to two of the ice cream manufacturer's bondholders. "They're looking for an exit and they seem to be leaning towards an IPO," one of them said. "I don't see it happening until September or October though." The PIK toggle allowed PAI to keep R&R's existing £350 million 2017 senior secured bond in place, limiting the amount of new debt that had to be raised. The Triple-C rated deal was issued in May 2013 with a 9.25% coupon. While the first and last coupons have to be paid in cash, the rest can be paid with more debt if the company is unable to pay the coupon. Notably, the PIK has short call protection of just one year, meaning it is easier to repay the debt after its first year. As a result, the second bondholder said, some investors have recently bought into PAI's PIK note in anticipation of the IPO. "They're approaching an IPO and the PIK's well covered," he said, adding that it was more attractive than a newly issued PIK, which would have more volatility and a less certain exit.

Nuance Group Reportedly Plans IPO

PAI Partners is close to appointing banks to explore an initial public offering of The Nuance Group AG that could value it at more than CHF 1.2 billion, three sources told Reuters. PAI Partners owns 50% stake in Nuance Group. Banks have been invited to take part in a so-called beauty parade to advise on the possible IPO, which could be launched later this year, two of the sources said, who asked not to be named as the matter is not public. Credit Suisse and UBS are tipped as likely front runners to win the mandates, one of the sources said. It is also possible that Dufry AG (SWX:DUFN) could pre-empt a stock market listing with an offer, another source said. While a stock market listing of a minority stake of Nuance will provide an exit opportunity for buyout group PAI, Gruppo PAM S.p.A. owning 50% stake in Nuance, is not expected to sell out, a third source said. The group would likely be able to fetch a multiple of 10-12 its operating earnings or CHF 1.2-1.4 billion in a potential IPO, one of the sources said. According to Reuters, The Nuance Group, PAI Partners Dufry, UBS and Credit Suisse declined to comment and GruppoPam could not immediately be reached for comment.

PAI Partners Eyes Australasian Food Group

PAI Partners has emerged as a potential buyer of Australasian Food Group Pty Ltd from private equity ownership.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
April 3, 2014
Custom Sensors & Technologies, Inc.
Merger/Acquisition
May 13, 2013
FTE automotive GmbH
Merger/Acquisition
April 29, 2013
R&R Ice Cream Plc
 

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