The management of Michel Thierry, Europe's largest supplier of car seat fabrics, has done so well from the buy-out PAI led in 2000 that it has bought out PAI's stake without resorting to external equity investors.

Société Générale provided debt finance for the acquisition, but the equity is now solely in management's hands. Although terms of the disposal have not been disclosed, Michel Thierry has sales of €300m ($343m) and earnings before interest, tax and depreciation of €45m. Analysts said they would value such an enterprise at around €300m, and sources at PAI said it was sold at a small premium to other companies in the automotive sector.