PAI Partners are to sell SPIE

French private equity firm PAI Partners are to sell SPIE.

SPIE provides electrical and mechanical engineering and HVAC services, energy and communication systems, The company helps local and regional authorities and companies design, build, operate and maintain energy-efficient facilities.

PAI have granted an exclusivity agreement to a consortium led by Clayton, Dubilier & Rice together with AXA Private Equity and Caisse de dépôt et placement du Québec, for a total consideration of EUR 2.1 billion

In compliance with French law, SPIE management will now begin a consultation process with its works councils.

Olivier de Vregille, a PAI partner, commented: “Five years after PAI partners acquired SPIE, the company has grown dramatically – it has acquired more than 50 companies across Europe and its workforce has increased from 23,000 to almost 29,000 -; its operational profit has doubled. PAI partners selected the best acquisition proposal thereby ensuring that the interests and values of the company and its employees were at the heart of its new project.”

SPIE has 28,600 employees working from around 400 locations in 31 countries, in 2010 SPIE generated operating profit on ordinary activities of EUR192.3 million on turnover of EUR3.75 billion.

France, Paris

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