Latest news with #PAIPartners
Bloomberg
03-06-2025
- Business
- Bloomberg
Haagen-Dazs Maker Froneri to Raise €4 Billion Debt as PAI Seeks to Keep Stake
Ice cream maker Froneri Ltd. is seeking around €4 billion ($4.6 billion) in debt to support a fund that would let co-owner PAI Partners hold onto its stake in the Nestle SA -backed joint venture and facilitate a dividend payment, according to people familiar with the matter. Banks are lining up financing for the UK-based maker of Haagen-Dazs after a request for proposals was sent out a few weeks ago, the people said, who asked not to be identified because the matter is private. The additional commitments would lift Froneri's total debt to about €9 billion, according to Bloomberg calculations.
Yahoo
28-03-2025
- Business
- Yahoo
Buyout firms mull option for Nestle's $5.4 billion water business, Bloomberg News reports
(Reuters) -PAI Partners and Bain Capital are among the buyout firms considering bidding for Swiss food giant Nestle's water business, which could be valued at about 5 billion euros ($5.38 billion) or more in a deal, Bloomberg News reported on Wednesday. Clayton Dubilier & Rice and KKR have also been studying the business, Bloomberg News said, citing people familiar with the matter. Nestle may retain a stake in the unit in any transaction, the report added. Bain Capital, Nestle, PAI Partners and CD&R declined to comment, while KKR did not immediately respond to a request for comment on the report. In November last year, the consumer product giant said it would carve out its 3.3 billion Swiss franc water business into a standalone global unit starting January 1, 2025, and is open to partnerships and deals. Nestle's water business has had interest for decades, including from private equity and strategic buyers, Sanjay Bahadur, head of group strategy and business development, told Reuters last year. The company also plans to boost advertising and marketing while reducing costs by at least $2.8 billion by 2027. This comes as shoppers are shifting towards cheaper, better-advertised or more innovative brands, eating into Nestle's market share. Rival Unilever, which has also fielded criticism for having too many brands, announced in March it planned to spin off its ice cream business and has signalled its willingness to sell weaker brands. ($1 = 0.9301 euros) Sign in to access your portfolio
Yahoo
11-03-2025
- Business
- Yahoo
Zydus Enters Exclusive Negotiations with PAI Partners and Other Shareholders to Acquire a Majority stake in Amplitude Surgical, France
Completion of the transaction to be followed by mandatory simplified tender offer Zydus has entered into exclusive negotiations to acquire a controlling shareholding in Amplitude Surgical, France, at a price of €6.25 per Amplitude Surgical share. Purchase consideration amounts to €256.8mn for 85.6% of the outstanding shares and voting rights of Amplitude Surgical1. Subject to closing of the controlling block acquisition, Zydus would file a mandatory simplified cash tender offer for all the remaining shares in Amplitude Surgical, at the same purchase price of €6.25 per Amplitude Surgical share. If the conditions are met at the end of the tender offer, Zydus intends to proceed with a compulsory acquisition of the remaining shares from the minority shareholders (squeeze-out) and to delist the Company. AHMEDABAD, India & VALENCE, France, March 11, 2025--(BUSINESS WIRE)--Regulatory News: Zydus Lifesciences Limited2 ("Zydus"), a global innovation-driven lifesciences company has entered into exclusive negotiations to purchase3 from PAI Partners and Amplitude Surgical's management, as well as two minority shareholders3, 85.6% of the share capital of Amplitude Surgical (ISIN: FR0012789667, Ticker: AMPLI, PEA-PME eligible) ("Amplitude Surgical" or the "Company"), at a price of €6.25 per Amplitude Surgical share (the "Block Acquisition"). The acquisition price represents a 80.6% premium over the last closing price as on 10/03/2025 and premia of 88.2% and 92.2% over the 3-month and 6-month volume-weighted average price of Amplitude Surgical respectively. Amplitude Surgical is a European MedTech leader in high-quality, lower-limb orthopaedic technologies. The Company provides numerous value-added innovations to best meet the needs of patients, surgeons and healthcare facilities. This includes the design and development of knee and hip prostheses, which are implanted in place of damaged or worn-out joints. Supported by PAI Partners, through its Mid-Market Fund, Amplitude Surgical has experienced significant growth over the last four years, driven by new product development, international growth, investments in manufacturing capabilities and R&D. In fiscal year ended June 30, 2024, Amplitude Surgical generated sales of €106.0mn and EBITDA of €27.1mn on a consolidated basis under IFRS. For the 6 months ended December 31, 2024, Amplitude Surgical's consolidated sales amounted to €51.5mn (a growth of 5% Y-o-Y at current exchange rates) with an EBITDA margin of approximately 25.4% (unaudited figures). Dr. Sharvil Patel, Managing Director, Zydus Lifesciences Limited, said: "Our legacy in science, health and innovation has enabled a deep understanding of patient journey and their care pathways. We believe this was a natural extension in the field of medical technology. Our commitment to quality excellence, continuous investments in R&D and expertise in manufacturing will guide our foray into highly specialised MedTech products, adding a new dimension to our operations. In Amplitude Surgical, we see several medium-term and long-term growth opportunities with respect to portfolio, capabilities, manufacturing and geographies." Medical Technology includes medical devices and related scientific infrastructure that directly contribute to the development of these products and solutions. The medical device market alone is estimated at over half a trillion dollars globally. This market is broadly divided into segments such as implants, equipment, consumables and in-vitro diagnostics. The Government of India (GoI) has recognised the medical device sector as a sunrise sector with strong growth potential. Zydus MedTech is focusing on high quality products and solutions for patients with cutting-edge research and innovation around design and engineering. The focus will also be on state-of-the-art manufacturing capabilities that will enable high quality solutions supported by a specialist team. The business currently markets interventional cardiology products. Olivier Jallabert, CEO and Founder, Amplitude Surgical, said: "The Amplitude Surgical team and I are delighted to join Zydus. This acquisition by a worldwide healthcare leader is a testament to the successful development of the Company over the last 25+ years, originally as a national orthopedics challenger and today as a European leader. I would like to thank PAI Partners for their trust and continuous support in our growth journey. We have demonstrated our resilience in periods of uncertainty while driving the transformation of the Company, developing our commercial, industrial, and technological capabilities." Stefano Drago, a Founding Partner of PAI Mid-Market Fund, PAI Partners, said: "We are delighted to have supported Amplitude Surgical's transformation into a European leader in lower-limb orthopaedics, with a particular focus on innovation. Over the last four years, the Company has reinforced its market position, delivered a strong financial performance based on continuous product development, successfully disposed of a non-core business and streamlined operational processes while developing a new state-of-the-art manufacturing facility in France and an innovative surgical robot. Thank you to Olivier Jallabert and his fantastic team for their partnership." Important transaction terms The transaction which remains subject to entering into definitive agreements for the Block Acquisition, will be submitted to Amplitude Surgical employee representative bodies. It will also be subject to customary conditions precedent, including the transaction being authorized by the French Minister of Economy as part of the control of foreign investments in France, the completion of the re-investment by Olivier Jallabert of a portion of his proceeds into the Amplitude group, as well as the absence of qualified material adverse events. The Board of Directors of Amplitude Surgical has favourably welcomed Zydus's proposal and has set up an ad hoc committee made up of 3 members, two of which are independent directors, and appointed Finexsi as the independent expert for the Board of Directors of Amplitude Surgical pursuant to the provisions of Article 261-1 I (including 2° and 4°) of the Autorité des Marchés Financiers ("AMF") General Regulation. On March 11, 2025, Amplitude Surgical and Zydus entered into a tender offer agreement under which Zydus undertook to file the tender offer (subject to completion of the Block Acquisition), and Amplitude Surgical undertook to cooperate with Zydus in this respect. It is expected that the Block Acquisition would be completed and the Offer would be filed with the AMF after the regulatory approvals are obtained by June 2025. The opening of the subsequent tender offer will then remain subject to the AMF's clearance decision. Olivier Jallabert, Founder and CEO of the Company, would remain involved in Amplitude Surgical moving forward. The trading of the stock will resume at the opening of the market on March 12, 2025. Advisors BNP Paribas is acting as exclusive financial advisor and Darrois Villey Maillot Brochier is acting as legal advisor to Zydus. Rothschild and Cie is acting as exclusive financial advisor and Willkie Farr & Gallagher is acting as legal advisor to PAI Partners. Finexsi has been appointed independent expert by the Board of Directors of Amplitude Surgical. ***** About Zydus Lifesciences Zydus Lifesciences Ltd. with an overarching purpose of empowering people with freedom to live healthier and more fulfilled lives, is an innovative, global lifesciences company that discovers, develops, manufactures, and markets a broad range of healthcare therapies. The group employs over 27,000 people worldwide, including 1,400 scientists engaged in R&D, and is driven by its mission to unlock new possibilities in lifesciences through quality healthcare solutions that impact lives. The group aspires to transform lives through path-breaking discoveries. For more details visit ***** About Amplitude Surgical Founded in 1997 in Valence, France, Amplitude Surgical is a leading French player in the global market for surgical technologies for lower limb orthopaedics. Amplitude Surgical develops and markets high-end products for orthopaedic surgery, covering the main pathologies affecting the hip and knee. Working in close collaboration with surgeons, Amplitude Surgical develops numerous high value-added innovations to best meet the needs of patients, surgeons and care facilities. A leading player in France, Amplitude Surgical is expanding internationally through its subsidiaries and a network of agents and exclusive distributors in over 30 countries. As of June 30, 2024, Amplitude Surgical employed 428 people and generated sales of nearly €106.0 million. ***** About PAI Partners PAI Partners is a pre-eminent private equity firm investing in market-leading companies across the globe. The firm has more than €27 billion of assets under management and, since 1994, has completed over 100 investments in 12 countries and realised more than €26 billion in proceeds from over 60 exits. PAI Partners has built an outstanding track record through partnering with ambitious management teams where its unique perspective, unrivalled sector experience, and long-term vision enable companies to pursue their full potential – and push beyond. Learn more about the PAI Partners story, the team and their approach at: ******* This press release must not be published, broadcast or distributed, directly or indirectly, in any countries in which the distribution of this information is subject to legal restrictions. Therefore, persons in countries where this press release is disseminated, published or distributed should inform themselves about and comply with any such restrictions. This release contains forward-looking statements that are based on assessments or assumptions that were reasonable at the date of the release, and which may change or be altered due, in particular, to random events or uncertainties and risks relating to the economic, financial , regulatory and competitive environment, the risks set out in the 2023/2024 Universal Registration Document, and any risks that are unknown or non-material to date that may subsequently occur. The Company undertakes to publish or disclose any adjustments or updates to this information as part of the periodic and permanent information obligation to which all listed companies are subject. This press release contains inside information within the meaning of Regulation No. 596/2014 of 16 April 2014 on market abuse. 1 Based on a total number of shares and theoretical voting rights of 48,020,841 as of 10/03/20252 Through its subsidiaries/affiliates3 Directly and indirectly through the acquisition of holding companies Auroralux, Ampliman 1, and Ampliman 2 View source version on Contacts Contact Information Zydus Lifesciences Limited Sujatha Rajesh Media Relations +91-9974051180 Arvind Bothra Investors +91-7045656895 Brunswick Media Relations zydus@ Hugues Boëton +33 6 79 99 27 15Christophe Menger +33 7 52 63 00 89Flora Marinho +33 6 07 46 34 35 Amplitude Surgical Amplitude Surgical Chief Financial Officer Dimitri Borchtch finances@ +33 4 75 41 87 41 NewCap Investor Relations Thomas Grojean amplitude@ +33 1 44 71 94 94 NewCap Media Relations Nicolas Merigeau amplitude@ +33 1 44 71 94 98 PAI Partners Dania +44 20 7297 4678 Sign in to access your portfolio
CNN
26-02-2025
- Business
- CNN
Tropicana is in big financial trouble
Florida has been blasted with stronger hurricanes than ever before. A prolific disease carried by insects continues to devastate orange groves. And, on top of all that, consumers are watching their sugar intake. It's adding up to a disaster for Tropicana orange juice. Tropicana, founded in 1947 by an immigrant from Sicily who developed a process for freezing concentrated orange juice, is in financial distress and could be headed for bankruptcy. Tropicana Brands Group, which owns Tropicana, Naked, KeVita and other juice drinks, has seen sales and profit deteriorate in recent years. The company's revenue slipped 4% last quarter and its income dropped 10%, according to Debtwire, a financial services publication. Actions from its owners paint a much more dire picture. PAI Partners, a European private equity firm that took a controlling ownership stake in the company four years ago from PepsiCo, recently provided a $30 million emergency loan to Tropicana, 'showing that they are a lender of last resort,' and are 'not confident any value remains from their initial investment,' said Tim Hynes, the head of credit research at Debtwire. PepsiCo, which still owns a minority stake in the company, also said that it wrote down the value of its investment by $135 million last quarter. 'Tropicana's financial difficulties have raised concerns about how the company will manage its balance sheet,' Hynes said. 'Tropicana faces an uphill battle.' Tropicana and PAI Partners did not respond to CNN's requests for comment. Supply shortages in top orange-growing areas — worsened by climate change-influenced disasters like more severe hurricanes in Florida and intense droughts in Brazil — plus higher prices, competition and changes in Americans' diets have hammered Tropicana. The Department of Agriculture expects this year's orange production to be the lowest in 88 years. Orange production has become so tough that Alico, a major supplier to Tropicana, ended its citrus-growing operations. The company said last month that 'growing citrus is no longer economically viable for us in Florida,' with disease and hurricanes reducing its production by 73% over the last decade. Consumer trends have also hurt OJ. Customers are replacing orange juice with teas, sparkling water, sports drinks, energy drinks and other beverages that claim to be healthier or offer functional benefits like improved immune systems or energy levels, analysts say. Within the orange juice market, Tropicana is getting squeezed on the lower end by Coca-Cola's cheaper Minute Maid brand and the higher end by Simply, which has similar prices to Tropicana's and is grabbing consumers willing to pay more for orange juice, said Duane Stanford, the publisher of Beverage Digest. Tropicana is facing a 'cornucopia of challenges,' he said. Hurricane Milton battered Florida last year with deadly tornadoes, historic rain and high winds — and the storm was supercharged by climate change, according to a scientific analysis. It also devastated Florida's orange industry. Florida accounts for the majority of the oranges produced in the United States. 'Milton came across the center of the state and really impacted probably 70% of the most productive citrus acreage in Florida,' Matt Joyner, CEO of Florida Citrus Mutual, an advocacy group for growers, said last year. And it's not just atmospheric disasters that have devastated the industry. Orange production in the United States has declined in recent years due to the spread of citrus greening disease, a bacterial infection that cuts off key nutrients to orange trees, which first hit Florida in 2005. Trees infected with the disease produce fewer, lower-quality oranges and eventually die. Orange production in the United States was forecast to drop 10% in 2024 to 2.2 million tons due to weather and disease problems, especially citrus greening in Florida, according to the USDA. Production in Florida was forecast to drop 33%, while production in California was expected to drop 1%. Even as people have stopped buying as much orange juice, supply issues have led OJ prices to soar regardless. Orange juice prices have nearly doubled compared to 2020, reaching record highs in late 2024. The average price of a 12-ounce bottle of orange juice was $4.50 in January, up from $2.30 in January 2020, according to the Bureau of Labor Statistics. And those high prices are turning off customers even more, said Stephanie Mattucci, an analyst at market research company Mintel. Only 19% of US consumers think orange juice is a good value, according to a Mintel survey of 2,000 consumers in April for a report on juice drinks. Rising orange juice prices have come as prices on other foods, such as eggs, have surged. Customers at dollar stores are abandoning orange juice more quickly than shoppers at grocery stores, warehouse club stores and big-box chains, said Chris Costagli, a vice president and the food insights lead at market research firm NIQ. Dollar stores typically cater to lower-income customers, and the pullback there is a sign that the most price-sensitive shoppers are dropping orange juice, he said. Recently, rather than raising prices, Tropicana tried to address rising costs by shrinking its bottle. But the move backfired. Tropicana ditched its distinctive carafe, with its circular shape, thinning neck, and crown-like bottle cap. Over the summer, it rolled out a more traditional-looking plastic bottle and downsized the bottle from 52 ounces to 46 ounces. Tropicana also narrowed the label to fit the more compact bottle. OJ fans were frustrated about the new look and protested that Tropicana was ripping them off by selling smaller bottles. Tropicana told CNN at the time that the company changed the bottle to address feedback from customers, including making it easier to pour and store while reducing plastic in the cap. Consumers' changing ideas of health have also hurt orange juice and other fruit juice, which are relatively high in sugar and calories. Today, fresh-pressed green juices, enhanced water and protein-packed beverages are considered healthier than OJ. Conscious of changing tastes, Tropicana has attempted to stay ahead. In 2023, Tropicana launched a zero-sugar line. Tropicana also released limited-edition bottles without the letters 'A' and 'I' in its name ('Tropcn') to bring attention to its natural ingredients. The marketing stunt was aimed at highlighting the 'fact that there is nothing artificial, and never has been anything artificial' in the brand's orange juice. Tropicana is also shifting into faster-growing drinks. Last year, the company introduced Tropicana Refreshers, a line of non-orange juice drinks, and a line of sparkling drinks. But Tropicana's brand is synonymous with orange juice. Shifting customers' association with Tropicana after nearly 80 years is difficult, said Stanford from Beverage Digest. 'When so much of your business is focused around 100% orange juice, it takes some time to diversify.'
CNN
26-02-2025
- Business
- CNN
Tropicana is in big financial trouble
Florida has been blasted with stronger hurricanes than ever before. A prolific disease carried by insects continues to devastate orange groves. And, on top of all that, consumers are watching their sugar intake. It's adding up to a disaster for Tropicana orange juice. Tropicana, founded in 1947 by an immigrant from Sicily who developed a process for freezing concentrated orange juice, is in financial distress and could be headed for bankruptcy. Tropicana Brands Group, which owns Tropicana, Naked, KeVita and other juice drinks, has seen sales and profit deteriorate in recent years. The company's revenue slipped 4% last quarter and its income dropped 10%, according to Debtwire, a financial services publication. Actions from its owners paint a much more dire picture. PAI Partners, a European private equity firm that took a controlling ownership stake in the company four years ago from PepsiCo, recently provided a $30 million emergency loan to Tropicana, 'showing that they are a lender of last resort,' and are 'not confident any value remains from their initial investment,' said Tim Hynes, the head of credit research at Debtwire. PepsiCo, which still owns a minority stake in the company, also said that it wrote down the value of its investment by $135 million last quarter. 'Tropicana's financial difficulties have raised concerns about how the company will manage its balance sheet,' Hynes said. 'Tropicana faces an uphill battle.' Tropicana and PAI Partners did not respond to CNN's requests for comment. Supply shortages in top orange-growing areas — worsened by climate change-influenced disasters like more severe hurricanes in Florida and intense droughts in Brazil — plus higher prices, competition and changes in Americans' diets have hammered Tropicana. The Department of Agriculture expects this year's orange production to be the lowest in 88 years. Orange production has become so tough that Alico, a major supplier to Tropicana, ended its citrus-growing operations. The company said last month that 'growing citrus is no longer economically viable for us in Florida,' with disease and hurricanes reducing its production by 73% over the last decade. Consumer trends have also hurt OJ. Customers are replacing orange juice with teas, sparkling water, sports drinks, energy drinks and other beverages that claim to be healthier or offer functional benefits like improved immune systems or energy levels, analysts say. Within the orange juice market, Tropicana is getting squeezed on the lower end by Coca-Cola's cheaper Minute Maid brand and the higher end by Simply, which has similar prices to Tropicana's and is grabbing consumers willing to pay more for orange juice, said Duane Stanford, the publisher of Beverage Digest. Tropicana is facing a 'cornucopia of challenges,' he said. Hurricane Milton battered Florida last year with deadly tornadoes, historic rain and high winds — and the storm was supercharged by climate change, according to a scientific analysis. It also devastated Florida's orange industry. Florida accounts for the majority of the oranges produced in the United States. 'Milton came across the center of the state and really impacted probably 70% of the most productive citrus acreage in Florida,' Matt Joyner, CEO of Florida Citrus Mutual, an advocacy group for growers, said last year. And it's not just atmospheric disasters that have devastated the industry. Orange production in the United States has declined in recent years due to the spread of citrus greening disease, a bacterial infection that cuts off key nutrients to orange trees, which first hit Florida in 2005. Trees infected with the disease produce fewer, lower-quality oranges and eventually die. Orange production in the United States was forecast to drop 10% in 2024 to 2.2 million tons due to weather and disease problems, especially citrus greening in Florida, according to the USDA. Production in Florida was forecast to drop 33%, while production in California was expected to drop 1%. Even as people have stopped buying as much orange juice, supply issues have led OJ prices to soar regardless. Orange juice prices have nearly doubled compared to 2020, reaching record highs in late 2024. The average price of a 12-ounce bottle of orange juice was $4.50 in January, up from $2.30 in January 2020, according to the Bureau of Labor Statistics. And those high prices are turning off customers even more, said Stephanie Mattuci, an analyst at market research company Mintel. Only 19% of US consumers think orange juice is a good value, according to a Mintel survey of 2,000 consumers in April for a report on juice drinks. Rising orange juice prices have come as prices on other foods, such as eggs, have surged. Customers at dollar stores are abandoning orange juice more quickly than shoppers at grocery stores, warehouse club stores and big-box chains, said Chris Costagli, a vice president and the food insights lead at market research firm NIQ. Dollar stores typically cater to lower-income customers, and the pullback there is a sign that the most price-sensitive shoppers are dropping orange juice, he said. Recently, rather than raising prices, Tropicana tried to address rising costs by shrinking its bottle. But the move backfired. Tropicana ditched its distinctive carafe, with its circular shape, thinning neck, and crown-like bottle cap. Over the summer, it rolled out a more traditional-looking plastic bottle and downsized the bottle from 52 ounces to 46 ounces. Tropicana also narrowed the label to fit the more compact bottle. OJ fans were frustrated about the new look and protested that Tropicana was ripping them off by selling smaller bottles. Tropicana told CNN at the time that the company changed the bottle to address feedback from customers, including making it easier to pour and store while reducing plastic in the cap. Consumers' changing ideas of health have also hurt orange juice and other fruit juice, which are relatively high in sugar and calories. Today, fresh-pressed green juices, enhanced water and protein-packed beverages are considered healthier than OJ. Conscious of changing tastes, Tropicana has attempted to stay ahead. In 2023, Tropicana launched a zero-sugar line. Tropicana also released limited-edition bottles without the letters 'A' and 'I' in its name ('Tropcn') to bring attention to its natural ingredients. The marketing stunt was aimed at highlighting the 'fact that there is nothing artificial, and never has been anything artificial' in the brand's orange juice. Tropicana is also shifting into faster-growing drinks. Last year, the company introduced Tropicana Refreshers, a line of non-orange juice drinks, and a line of sparkling drinks. But Tropicana's brand is synonymous with orange juice. Shifting customers' association with Tropicana after nearly 80 years is difficult, said Stanford from Beverage Digest. 'When so much of your business is focused around 100% orange juice, it takes some time to diversify.'
