PAI Partners is a European private equity firm that completed a management buy-out from the merger between Paribas and BNP in 2001. Today, PAI is owned by its partners as an independent firm and manages or advises dedicated buyout funds as well as BNP Paribas' portfolio of direct investments. PAI Partners typically invests in medium to large-size public or private companies in Europe and focuses particularly on businesses from five core sectors: business services, food, and consumer goods, industrials, retail and distribution, and healthcare. The firm has offices in Paris, London, Luxembourg, Madrid, Milan, Munich, New York, and Stockholm.