PAI Partners prepara la venta de Áreas tras unos resultados récord

PAI Partners, a French risk capital manager, is preparing the sale of Áreas, a leading Spanish travel catering company, following record results in its latest fiscal year of 2025/2026, according to multiple sources. Once the investment cycle is complete, PAI Partners and current executives plan to meet with key investment banks to select a financial advisor who will initiate the process of finding a new shareholder to accompany Áreas in the next growth phase.

The decision to proceed with the sale is expected to be made in January, with the transaction unlikely to enter the market until early next year, provided the economic environment supports it. PAI Partners and Áreas declined to comment on the matter. There is a possibility that PAI Partners may reinvest in Áreas through a hypothetical continuation fund, prolonging its investment in the Spanish multinational acquired in mid-2019.

However, some sources predict a competitive process, given the company's growing interest among infrastructure funds. For instance, infrastructure funds from Blackstone and EQT recently acquired Urbaser for €5.6 billion, another asset that could be classified as infra-like. With over 2,200 outlets in airports, train stations, and highway service areas across 12 countries in Europe and America, Áreas is the third global operator in the sector, behind Swiss Avolta and British SSP.

Founded in 1968 and headquartered in Barcelona, Áreas is the market leader in Spain and Portugal, France, and Mexico, and the second largest in the U.S., U.K., and Italy. In its latest fiscal year, ending in September, Áreas reported net sales above €3 billion and EBITDA exceeding €350 million, with adjusted EBITDA nearing €800 million.

These record figures contrast with Áreas' pre-acquisition earnings of €1.8 billion and EBITDA of nearly €200 million under its previous owner. The sales and EBITDA figures represent nearly a 70% increase and an 80% rise, respectively, despite the company facing COVID-19 closures that nearly eliminated revenue. Áreas' net debt stands at around €1.7 billion.

When PAI Partners acquired the company in 2019 for €1.542 billion (including debt), the valuation could now be more than doubled, ranging between €3.5 billion and €4 billion. Áreas operates primarily in a "land and air" model, generating 60% of its revenue from airports, 23% from highways, and 17% from train stations. The company's three largest markets—U.S., France, and Iberia (Spain and Portugal)—account for 75% of its revenue, with similar weight in each.

Future growth is expected mainly in the U.S., where Áreas holds only a 6% market share. The company anticipates revenue of €3.1 billion by 2027. Áreas specializes in food concessions in high-traffic spaces like airports, highways, and train stations, using both its own brands and third-party brands. Notable brands include DeliandCia, La Pausa, COMO, Airea, StrEAT, Farine, Café Café, The Market, and Sibarium, covering various formats from fast-food restaurants to convenience stores and gastronomic spaces.

The group also operates third-party brands under franchise, licensing, or commercial collaboration agreements, such as Burger King, Starbucks, Rodilla, Santagloria, Paul, MásQMenos, and Bold&uacute. Áreas' 2026/2027 budget projects a 70% increase in organic revenue to around €3.1 billion, driven by expansion in the U.S., where the company currently holds a 6% market share. The company recently acquired the British TRGC, expanding its footprint into the U.K. market.