PAI leads the pack for Elior's concession catering brand Areas - sources [Reuters]
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Source: Reuters
PAI leads the pack for Elior's concession catering brand Areas: sources | Reuters 2 Min Read LONDON/PARIS (Reuters) - European private equity fund PAI Partners has emerged as the frontrunner in the auction for the concession catering business of France’s Elior Group, four sources familiar with the matter told Reuters. Paris-based PAI has made it to the final stages of the process to buy the business, known as Areas. The auction began toward the end of last year drawing interest from private equity funds and some industry players. Areas handles railway and motorway catering services in 13 countries spanning Europe, the United States, Mexico and Chile. The sale, led by Morgan Stanley and BNP Paribas, is being wrapped up and could be worth 1 billion euros to 1.5 billion euros ($1.13 billion to $1.70 billion), the sources said. PAI is vying with U.S. investment firm Lone Star and Swiss airline caterer Gategroup, part of Chinese conglomerate HNA Group, the sources said. U.S. buyout fund Ca
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