Business · Companies · 2 hrs ago
PAI hires JPMorgan and RBC to assess a possible sale of Áreas
PAI Partners hired JPMorgan and RBC to assess a possible sale of Áreas.
Áreas is a Spanish operator of restaurants for travelers, running outlets at airports, highways and service stations under long-term contracts.
The company could be valued at €3.5 billion to €4 billion if a sale goes ahead.
Its latest financial year brought record net sales of more than €3 billion and EBITDA above €320 million.
PAI bought Áreas in 2019 and has completed its investment cycle, though it could choose to invest again; infrastructure funds have also shown interest in the company.
PAI is expected to decide in January whether to start seeking a new shareholder, with any process planned for early next year if economic conditions allow.
PAI Partners has hired JPMorgan and Royal Bank of Canada as financial advisers to assess a possible sale of Áreas.
The travel food-service operator could be valued at €3.5 billion to €4 billion, according to market sources cited by Expansión.
PAI is expected to decide in January whether to begin a sale process, which could reach the market early next year if economic conditions allow.
The possible sale follows record results for Áreas in its latest financial year.
PAI could also reinvest in the company rather than sell its stake.
- Who
- PAI Partners has hired JPMorgan and Royal Bank of Canada to advise on Áreas.
- What
- The advisers will assess a possible sale or search for a new shareholder.
- When
- PAI is expected to decide in January whether to start a sale process.
- Where
- Áreas is a Spanish travel food-service operator headquartered in Barcelona.
- Why
- PAI has completed its investment cycle, and Áreas reported record results in its latest financial year.
This story does not have two clearly opposing sides.
PAI acquired Áreas.
Áreas' latest financial year ended after record results, according to the article.
Expansión reported that PAI had hired JPMorgan and RBC to assess a possible sale.
PAI is expected to decide whether to activate a sale process.
- Potential valuation
- €3.5 billion to €4 billion
- Latest financial year sales
- More than €3 billion
- Latest financial year EBITDA
- More than €320 million
- Adjusted EBITDA
- More than €350 million
- 2026/2027 revenue forecast
- Around €3.1 billion
- 2026/2027 EBITDA forecast
- €380 million to €390 million