Axa Private Equity has arranged a €220m unitranche facility for PAI Partners’ acquisition of industrial supplies distributor IPH, representing the largest financing of its kind in Europe to date.
France-based IPH was sold to Parisian buyout house PAI Partners in December 2012 by Bahrain-based private equity firm Investcorp for an undisclosed sum. IPH had revenues of about €900m in 2011.