PAI makes 10x return on Panzani sale

The sale of Panzani, a French dry pasta and sauces producer, represents an exit PAI Europe III. Ebro Puleva approached PAI in February with regards to acquiring the company, and paid E337m for it along with E302m in assumed debt.

PAI bought the business in December 1997 as part of an E800m LBO on Danone’s dry grocery business, which also included Amora Maille and William Saurin. PAI provided some expansion funding in April 2000, and in September 2002, it backed Panzani’s acquisition of Lustucru, a French fresh pasta and rice company.