Linklaters advises PAI Partners on its €1.54billion acquisition of Areas

Linklaters has advised leading European private equity firm, PAI Partners, on the acquisition of Areas, a global leader in the travel and catering market, from Elior Group for €1.54billion.

Areas is one of the leading global travel catering companies with operations across 13 countries, throughout Europe as well as in the USA, Mexico and Chile, and over 1,900 points of sale globally. Areas welcomes 340 million customers each year, meeting the specific needs and expectations of domestic and international travellers in airports, motorway service plazas, railway stations, as well as in exhibition centres and leisure parks.

This deal is the biggest primary LBO, in the form of a carve-out, announced on the French market so far this year.

The Linklaters team was led by Corporate partner Fabrice de La Morandière, based in the firm’s Paris office with a multi-jurisdictional team including corporate partners Alejandro Ortiz and Carmen Burgos in Madrid and lawyers in London, Milan and New York. Linklaters also advised on the financing for the acquisition, with a team led by Banking partners Edward Aldred and Oliver Sceales.

The financial sponsors team at Linklaters regularly advise on the biggest and most complex deals in the market. Since 2012 we have advised on over 335 European buyouts with a value over $200bn+. We provide clients with a full-service offering and significant geographical reach, routinely advising top-tier sponsors on every entry and exit point of a deal and seamlessly bringing together international teams of best in class sector experts. This deal follows a number of other high-profile matters recently, including the firm advising Apax Partners on the sale of INSEEC U. Group (INSEEC), a group of management and business schools located in France, Europe, the USA and China, to Cinven, the largest education acquisition in France over the past five years. Linklaters also recently advised private equity firm Carlyle Group as it will acquire a stake in Compañía Española de Petróleos, S.A.U (Cepsa) from Mubadala. Headquartered in Madrid, Spain, Cepsa is Europe’s largest privately-owned integrated oil & gas company.