Willkie Helps PAI Partners Buy 60% Euro Grocery Business Stake

Willkie Farr & Gallagher said it represented French private equity firm PAI Partners on its acquisition of a 60% stake in Euro Ethnic Foods, a grocery business with ambitions to expand across Europe.

Hogan Lovells said in a statement that it advised the founders of the Euro Ethnic Foods, Léo and Patrick Bahadourian, who were also co-founders in the Grand Frais store chain, within which EEF operates the grocery sections, in France, Belgium and Luxembourg. PwC Société d’Avocats said it did tax due diligence work for PAI Partners on the deal. The sale price wasn’t disclosed.

London-based Linklaters said it advised PAI on financial aspects of the deal. PAI said the Bahadourians will continue to hold a 40% stake in EEF, which, via its distribution network, also supplies grocery products to independent shops as well as networks of organic and bulk-purchase stores. In the last 10 years, EEF’s sales have increased fivefold to reach 450 million euros ($540 million) in 2020, PAI said.

Gaëlle d’Engremont, partner and head of food & consumer at PAI Partners, said, “PAI is committed to providing its expertise and international network to enable EEF to reinforce its strengths and develop the full potential of its model.”