PAI sells coffee machine maker Saeco to Royal Philips for EUR200m
According to reports, PAI Partners has sold Italian portfolio company Saeco International Group SpA, a manufacturer of coffee machines, to Royal Philips Electronics NV for an estimated EUR200m.
The transaction sees PAI lose control of the company it originally acquired in May 2004 in an EUR825m buyout. The completion of the transaction is largely contingent on an agreement with Saeco's creditors, BNP Paribas Private Equity and JP Morgan, on the company's EUR500m debt.
Philips could invest a further EUR60m into the business going forward.
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