Embracer Group to Acquire Asmodee from PAI Partners

PAI Partners Agrees to Acquire Majority Stake in ECF Group

June 14, 2023

Logistics & Distribution

PAI Partners has made a binding offer to acquire a majority stake in ECF Group from French private equity firm Naxicap Partners, with Naxicap remaining a minority investor alongside management. ECF is an omnichannel B2B distributor of equipment, consumables and hygiene products for hospitality and care professionals, headquartered in Grigny, France (~1,750 employees, ~€760m revenue); PAI intends to accelerate growth organically and via acquisitions to consolidate the fragmented market.

PAI Partners to Acquire Majority Stake in Infra Group

July 6, 2023

Infrastructure

PAI Partners has agreed to acquire a majority stake in Infra Group, a Belgium-headquartered multi-disciplinary network infrastructure services provider. The investment will make PAI the largest shareholder alongside existing investors ICG, Andera Partners and the management team, and will support Infra Group's growth strategy to accelerate expansion organically and via complementary acquisitions.

PAI Partners to Acquire The Looping Group

May 9, 2023

Media & Entertainment

PAI Partners has made a binding offer to acquire The Looping Group from Mubadala Capital’s Private Equity business and Bpifrance. The Paris-headquartered operator runs 18 regional leisure parks across eight European countries and will partner with Looping’s management team to drive further organic growth and add to the group’s portfolio.

PAI Partners Joins Hg as Co-Controlling Investor in Azets Group

June 19, 2023

Accounting & Tax

PAI Partners has agreed to invest in Azets Group, taking an equal, co-controlling stake alongside existing investor Hg. The recapitalization will support Azets’ next phase of growth — accelerating organic expansion and strategic M&A across Europe — while enabling liquidity for existing investors; Azets operates ~7,600 professionals, serves ~93,000 clients and generates ≈£700m in revenue.

PAI Partners Acquires European Camping Group

October 5, 2021

Consumer Products

PAI Partners has completed the acquisition of European Camping Group (ECG) from Carlyle, Ontario Teachers' Pension Plan and Montefiore Investment. Headquartered in Aix-en-Provence, France, ECG operates over 22,000 units across more than 310 premium campsites in Europe; PAI says it will support ECG’s next phase of organic growth and M&A to reinforce its leadership in outdoor accommodation.

IK Partners Acquires Majority Stake in Ascora Group

December 18, 2025

Insurance

IK Partners’ Small Cap IV fund has acquired a majority stake in Ascora Group in a management buyout that supports founder Stéphane Henry’s succession. The deal strengthens Ascora’s buy-and-build strategy across France—particularly in Real Estate and Property & Casualty—while enabling CEO Bruno Deschamps and the management team to increase their ownership and accelerate investments in sales and digital tools.