French-based private equity firm PAI partners has announced the launch of Akkadia, a firm established to manage and advise funds that will acquire significant minority stakes in listed mid
French-based private equity firm PAI partners has announced the launch of Akkadia, a firm established to manage and advise funds that will acquire significant minority stakes in listed mid-cap companies, with former Deutsche Bank executive Philippe Guez.
Akkadia will seek to identify listed companies that offer substantial value upside and actionable catalysts and acquire, through a friendly approach, significant minority stakes on a long-term basis in order to work with management teams to implement-value enhancing catalysts.
The business will be run by a team of experienced investment professionals led by Guez, who over 12 years with Deutsche Bank held various positions including head of global investment banking in France and head of equities in France and Italy. He was previously an equity analyst and then head of equity sales at Warburg.
‘We have known Philippe for a long time,’ says PAI chairman and chief executive Dominique Mégret. ‘He has an outstanding knowledge of the stock markets and is renowned for the acuteness of its market analysis. We are delighted to support this new venture; we like the concept and very much believe it is good timing to start this activity.’
Says Guez, who becomes managing partner of Akkadia: ‘Over the past years, PAI has demonstrated sound investment experience through an impressive track record. Its success relies on high-quality professionals as well as a unique industrial approach. Bringing together these skills with the equity market intelligence of Akkadia’s team will offer a competitive advantage.’
PAI, which has offices in Paris, London, Madrid, Milan, Munich and Luxembourg, manages and advises dedicated buyout funds with an aggregate equity value of more than EUR11bn. Since 1998, the firm has completed 34 leveraged buyout deals in nine European countries, representing a total transaction value of more than EUR28bn.
Its high-profile European acquisitions have included natural food ingredients specialist Chr. Hansen (EUR1.1bn); Spanish clothing retailer Cortefiel (EUR1.5bn); hygiene services provider Elis (EUR1.5bn); French house builder Kaufman & Broad (EUR1.4bn); automobile servicing group Kwik-Fit (EUR1.2bn); coffee machine manufacturer Saeco (EUR825m); and food producer United Biscuits (EUR2.4bn).
