PAI Partners has agreed to buy Porsche and BMW leather provider Pasubio from private equity giant CVC Capital in a deal AltAssets understands values the business at about €600m.
CVC bought into Italy-based Pasubio four years ago using its hefty €10.5bn sixth fund.
The company provides premium and luxury leather for car interiors. Its other clients include Rolls Royce, Bentley, VW, Lamborghini and Maserati.
CVC said that under its ownership Pasubio had evolved from a “local champion” into a “multinational industry leader” through organic growth and strategic acquisitions.
PAI said it would support Pasubio’s management team in its future growth plans, which include further consolidating the fragmented global automotive leather market and diversifying the company’s offering into other premium automotive interior materials.
The private equity house said it was using its €5bn PAI Europe VII fund for the deal.
The deal is expected to close in October.
Earlier this year PAI surged past both its target and hard cap for its debut mid-market fund to reach almost €1bn at final close.
The private equity firm had been hoping to collect €700m for PAI Mid-Market Fund, but despite an entirely virtual raise due to Covid-19 soared beyond that total to reach about €920m after just eight months in the market.
Recent deals from CVC include a buyout of holiday park business Away Resorts that AltAssets understands valued the business at about £250m.
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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/pai-buys-porsche-bmw-luxury-car-leather-maker-pasubio-from-cvc-valuation-believed-to-be-e600m.html
