PAI and ICG are set to exit StellaGroup, the French maker of shutters, sun protection, and access products, after VKR Holding, the owner of the VELUX and DOVISTA groups, offered to buy the business.
For PAI, the sale would close out an investment made at the start of 2019. The firm agreed in November 2018 to buy Stella Group from ICG and became majority shareholder on 31 January 2019, taking 61% of the shares. ICG and the management team kept minority stakes. Stella Group was the second investment made by PAI Europe VII, a €5.1bn fund that closed in March 2018.
At the time, Stella Group was a largely French business, the market leader in roller shutters, operating five brands including La Toulousaine and Profalux. Under PAI and ICG, turnover has more than doubled.
Source: PE Insights · Summarized by HeadlinesBriefing