Willkie Advises PAI Partners on the GP-led Transaction of its Participation in Perstorp

October 4, 2018

The Paris office represented PAI Partners on the GP-led transaction of its participation in Perstorp, a global leader in specialty chemicals.

Willkie assisted PAI Partners on the closing of a continuation vehicle managed by PAI Partners with Landmark Partners as lead investor, alongside other co-investors for Perstorp. New investors have agreed to commit approximately €700 million for investment activities to further advance Perstorp’s growth strategy. The firm also advised PAI Partners on the restructuring of its participation in Perstorp from PAI Europe IV to the continuation vehicle.

Perstorp employs 1,500 people across manufacturing units in Asia, Europe and North America. In 2017, the Company’s sales amounted to SEK 13.6 billion, and EBITDA excluding non-recurring items increased by 20 percent to record-high SEK 2.1 billion. The positive development continued in 2018, with LTM EBITDA of June 2018, amounting to SEK 2.3 billion.

PAI Partners is a leading European private equity firm with offices in Paris, London, Luxembourg, Madrid, Milan, Munich, New York and Stockholm. PAI manages €12.3 billion of dedicated buyout funds. Since 1994, the company has completed 65 transactions in 11 countries, representing close to €50 billion in transaction value. PAI is characterized by its industrial approach to ownership combined with its sector-based organization.

The Willkie team was led by partner Nathalie Duguay with the assistance of associates Raphaël Bloch and Maxime Hemled on the fundraising aspects and led by partner Cédric Hajage and national partner Grégoire Finance with the assistance of associate Hugo Nocérino on the corporate aspects.