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.