LONDON and PARIS, 12 June, 2017 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, announced today that it has agreed to acquire IPH, a European industrial supplies distributor, from PAI Partners, a leading European private equity firm.

IPH distributes industrial supplies for maintenance and production applications in Europe. It offers power transmission products, machining solutions, industrial supply solutions and product-related services. IPH serves a range of industries, including heavy industry, chemical and pharmaceutical, food-processing, energy, transport, automotive, petrochemicals, and mechanical engineering industries. In 2016, IPH generated revenues of €1.3 billion.

Advent, which took private Brammer Limited (“Brammer”) from the London Stock Exchange earlier this year, intends to combine IPH with Brammer, to create a leading European distributor of industrial supplies, with over €2.1 billion in revenues. The complementary geographic coverage, product knowledge, and breadth of offering will further strengthen the value proposition for customers and suppliers.

Shonnel Malani, Managing Director, Advent International, said, “We are pleased to  undertake a positive strategic step in the industry by bringing together two leading companies – Brammer and IPH – and are committed to investing in their combined success.”

Nicolas Holzman, partner at PAI, said, “During our investment period, IPH has transformed into a leading pan European platform. Since 2013, IPH has concluded more than 50 acquisitions with the entry in 5 new countries and an improved product offering. These achievements have enabled IPH to double in size. We wish now all possible success to IPH, Brammer and Advent.”

Pierre Pouletty, Chief Executive Officer, Groupe IPH, added, “We at IPH are very pleased to join with Brammer, and with the support of Advent, commence an exciting new chapter for our growth. As allied companies, IPH and Brammer will offer customers and suppliers great benefits from the enhanced value proposition our combined businesses.”

Hermann Maier, Chief Executive Officer, Brammer, added, “This marks an important step for Brammer. I have no doubt the combination with IPH will help us become an even better distribution partner and employer. As a combined group we are now able to move forward from a position of great strength.”

The transaction is subject to antitrust and regulatory clearance.