PAI partners-backed Saeco could be sold to Philips

Reports suggest that PAI partners' portfolio company Saeco, manufacturer of coffee machines, could be sold to Dutch giant Philips. It is understood that PAI partners and Saeco approached the banks with a debt restructuring proposal which was rejected. The banks are awaiting a second proposal which should be put forth over the next week. Meanwhile, Saeco has retained Lazard and Alvarez & Marsal as advisers for the sale.

PAI partners acquired Saeco in early 2004 in a deal announced at EUR825m including EUR540m debt (senior and mezz).

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