PAI Partners’ Acquisition of a Majority Stake in Euro Ethnic Foods

Willkie, Linklaters and PwC Société d’Avocats represented PAI Partners in the transaction. Hogan Lovells represented Euro Ethnic Foods.

PAI Partners announced the acquisition of a majority stake in Euro Ethnic Foods (EEF), the company that owns and operates the grocery section of leading food retailer Grand Frais. PAI Partners will hold a 60% stake in EEF with the company’s founders Léo and Patrick Bahadourian continuing to own the remaining 40% of the business.

Founded by the Bahadourian family, EEF operates the grocery section of the Grand Frais stores located in France, Belgium and Luxembourg. In addition, EEF supplies grocery products to independent shops as well as networks of organic and bulk-purchase stores, using its sizeable distribution platform. This strategy has led to a significant increase in revenues over the last ten years to reach €450 million in 2020. The business model has proven particularly resilient in the current environment.

The acquisition of a majority stake by PAI Partners will enable EEF to accelerate its growth plans, both organically and externally. PAI Partners will provide support to the company as it further expands through the opening of new Grand Frais stores and continues to develop its B2B operations, both in France and internationally. PAI Partners will also back the company’s objective of implementing selective vertical integration, which will allow EEF to cover its entire value chain, from production to sales in store, as well as the ability to transform its most strategic products.

The Willkie team advising PAI Partners was led by partner Christophe Garaud (corporate; Picture) and included associates Hugo Nocerino, Mathilde Vannson, Charlène Jouët, Camille Barrabino, Brice Trevisan and Louis Jambu-Merlin (corporate), Faustine Viala, David Kupka and Maud Boukhris (antitrust), special European counsel Philippe Grudé and Lucille Villié (tax), and Paul Lombard (finance).

PwC Société d’Avocats assisted PAI Partners with Xavier Etienne, Arielle Ohayon-Cohen and Julie Givernaud (tax).

Hogan Lovells assisted PAI Partners with Stéphane Huten, Paul Leroy, Alexandre Jeannerot Fanny Périé, Alexander Premont, Guergana Zabounova, Ouassila El Asri, Ludovic Geneston, Adrian Gaina, Eric Paroche, Victor Levy.

The Linklaters team included Edward Aldred, Kathryn Merryfield,  Neeloferr Roy, Alexis Faou.

Involved fees earner: Ouassila El Asri – Hogan Lovells; Adrian Gaina – Hogan Lovells; Ludovic Geneston – Hogan Lovells; Stéphane Huten – Hogan Lovells; Alexandre Jeannerot – Hogan Lovells; Paul Leroy – Hogan Lovells; Victor Levy – Hogan Lovells; Eric Paroche – Hogan Lovells; Fanny Périé – Hogan Lovells; Alexander Premont – Hogan Lovells; Guergana Zabounova – Hogan Lovells; Edward Aldred – Linklaters; Alexis Faou – Linklaters; Kathryn Merryfield – Linklaters; Roy Neeloferr – Linklaters; Xavier Etienne – PWC Société d’Avocats; Julie Givernaud – PWC Société d’Avocats; Arielle Ohayon-Cohen – PWC Société d’Avocats; Camille Barrabino – Willkie Farr & Gallagher; Maud Boukhris – Willkie Farr & Gallagher; Christophe Garaud – Willkie Farr & Gallagher; Philippe Grudé – Willkie Farr & Gallagher; Louis Jambu Merlin – Willkie Farr & Gallagher; Charlène Jouët – Willkie Farr & Gallagher; David Kupka – Willkie Farr & Gallagher; Paul Lombard – Willkie Farr & Gallagher; Hugo Nocerino – Willkie Farr & Gallagher; Brice Trevisan – Willkie Farr & Gallagher; Mathilde Vannson – Willkie Farr & Gallagher; Faustine Viala – Willkie Farr & Gallagher; Lucille Villié – Willkie Farr & Gallagher;

Law Firms: Hogan Lovells; Linklaters; PWC Société d’Avocats; Willkie Farr & Gallagher;

Clients: Léo Bahadourian; PAI Partners; Patrick Bahadourian;