PAI Partners sells Kwik-Fit for £637m

PAI Partners had already sold the insurance branch of Kwik-Fit to Fortis UK in 2010 for £215m. The sale allowed Kwik-Fit to reduce its net debt, which stood at £811m at the end of 2009, to the current £457m.

The French private equity house acquired Kwik-Fit from CVC in 2005 for £800m. It also injected £20m into the business in 2009 to avoid a breach of the company's banking covenants. The sale should therefore enable PAI to reap a modest return on its original investment.

PAI will keep busy on the exit front as it is receiving bids for its 50% stake in French Yoghurt maker - valued at more than €1.4bn - and recently put French mortgage insurance services company CEP on the block, a deal which could be worth up to €1bn.

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• Topics
• UK / Ireland
• Exits
• Consumer
• Trade sale
• PAI Partners