M&AConsumerRUMOURED
PAI Appoints JPMorgan and RBC to Advise on Sale of Areas
Target
Areas
PAI Partners is reportedly preparing to sell Areas, a Spanish catering giant, and has hired JPMorgan and RBC to advise on the process. The company is expected to launch a search for a new shareholder in January, following record fiscal year results.
✦ Meridian Analysis
PAI Partners, the French private‑equity house that acquired the Spanish travel‑retail operator Areas in 2019, is reportedly preparing a sale process that will be launched in January. The firm has retained JPMorgan and the Royal Bank of Canada as financial advisers, the same banks that helped broker Areas’ recent acquisition of TRGC to enter the UK market. The transaction is still at the rumour stage; a decision on whether to start a formal sale will be taken after the company’s fiscal year ends on 30 September, and any launch will depend on macro‑economic conditions.
Areas, which now generates over €3 billion in revenue and EBITDA of more than €350 million, has turned a €1.8 billion turnover at acquisition into a market‑leading position across Spain, Portugal, France, Mexico, the United States and the United Kingdom. Its long‑term concession contracts and high barriers to entry make it attractive to investors looking for stable, traffic‑driven cash flows.
What remains undisclosed are the exact valuation expectations, the final composition of the financing package and the identity of any shortlisted bidders. Meridian will watch for the formal launch timetable, the potential involvement of infrastructure funds that have shown interest in similar “infra‑like” businesses, and any updates on whether PAI decides to retain a foothold in Areas as part of a reinvestment strategy.
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