Secondaries Investor reported in April that the Paris-headquartered buyout firm had appointed Evercore to look at restructuring options for PAI Europe V in a deal that could be worth as much as €1.8 billion. The fund has two remaining assets, with Froneri, the world’s third-largest ice cream manufacturer, accounting for a large majority of remaining net asset value.
Froneri was formed in 2016 as a joint venture between PAI portfolio company R&R Ice Cream and units owned by Swiss conglomerate Nestlé. It generated revenue of €2.6 billion in 2018, according to its annual report.
PAI Europe V raised €2.67 billion by final close in 2008 against a €2.5 billion target, according to PEI data. Investors include Canada Pension Plan Investment Board, Florida State Board of Administration and Ilmarinen Mutual Pension Insurance Company.
This is the second single-asset deal carried out by PAI. In July last year, Secondaries Investor reported that the firm was exploring options for its 2004-vintage Fund IV. Landmark Partners was lead investor on the deal, which involved Swedish chemicals maker Perstorp being moved into a separate vehicle managed by PAI and backed by secondaries capital. It is understood to have not used an advisor.
PAI Partners, HarbourVest, AlpInvest, Goldman Sachs and Evercore declined to comment.
– This story was updated to reflect that the deal is being co-led by HarbourVest, AlpInvest and Goldman.