June 19, 2014
PAI Partners signs agreement with French food cooperative Lur Berri to acquire a stake in gourmet food group Labeyrie following the exit of LBO France.
Willkie client PAI Partners, through its funds PAI Europe VI – 1 and PAI Europe VI – 2, signed an agreement with French food cooperative Lur Berri to acquire a stake in gourmet food group Labeyrie Fine Foods following the exit of LBO France, which has held 35% of the company’s share capital since 2012. Upon completion of the transaction, which is subject to certain conditions (i.e., European Commission approval), PAI and Lur Berri will hold 82% of the share capital, with the remaining shares being held by Labeyrie’s management.
Founded in southwestern France in 1946, Labeyrie operates in France and Britain, distributing its products to more than 40 countries. With 4,500 employees, Labeyrie reported a turnover of €753 million for 2012. PAI is a major European private equity firm and is the largest private equity investor headquartered in France. The firm advises dedicated private equity funds with a total equity value of €4.3 billion.
The Willkie deal team, led by partner corporate partner Christophe Garaud, included: corporate – national partner Grégoire Finance and associates Virginie Sayag and Hugo Nocerino; tax – special European counsel Philippe Grudé; antitrust – partner David Tayar and associate Clémence Hardy and finance – national partner Paul Lombard.
