PAI, Suala complete €254m Spanish recap

The equity firms have undertaken one of the largest recapitalisations in the Spanish private equity market, refinancing existing debt in metal food can manufacturer Mivisa.

PAI Partners, the Paris-headquartered private equity house, and Spanish firm Suala Capital Partners have completed a €253.5 ($314.2 million) leveraged recapitalisation of Mivisa Envases, a Spanish manufacturer of metal food cans.

The recap, one of the largest in the Spanish private equity market, took the form of a refinancing of existing debt and a dividend to shareholders, representing what a press release described “a substantial proportion” of the initial investment. BNP Paribas and The Royal Bank of Scotland co-arranged the financing on the deal.

PAI and Suala acquired 50 percent each of the share capital of Mivisa in November 2001. The deal was reportedly valued at approximately €300 million ($372 million), the largest private equity transaction in Spain in 2001.

PAI Partners made its original investment from PAI Europe III, a €1.8 billion leveraged buyout fund closed in September 2002.

The firm, led by Amaury de Seze, manages dedicated buyout funds as well as a portfolio of direct investments owned by its former parent BNP Paribas. The assets have a  combined equity value in excess of €5 billion.

Suala Capital Partners, set up in 2001, is one of the largest private equity funds in Spain, with total funds under management of €215 million.