Clearwater advised B&B’s Management on the sale from Carlyle to PAI.
Global alternative asset manager The Carlyle Group and Montefiore Investment entered into exclusive negotiations with private equity firm PAI Partners for the acquisition by PAI of Groupe B&B Hotels alongside B&B’s management team. The equity for the transaction would be provided by PAI Europe VI, PAI’s latest €3.3bn fund.
Founded in Brittany, France in 1990, B&B operates a network chain of 343 budget hotels as of 30 September 2015 with a total of 28,503 rooms across France, Germany, Italy, Spain, Poland, Czech Republic and Morocco. B&B is at the “high-end” of the budget hotel segment, serving business and leisure travellers. PAI intends to continue investing in the growth of the B&B platform by accelerating the hotel opening pace across Europe and beyond.
Clearwater helped the Management team to play a central role in the sale process but also for the future of the company, taking into account the diversity of the bidders (investment funds, international trade buyer) leading to different approaches in terms of development plan, governance, investment horizon, liquidity, etc.
