The firm hopes to enter a joint venture with existing stakeholder Lur Berrie, which has held a majority stake in the business since 2012.
LFF had a turnover of about €750m in the financial year ending June 2013, and employed more than 4,000 people at that stage.
PAI partner Frédéric Stévenin said, “PAI Partners’ past experience in the French and European food industry, through its investments in Yoplait and Panzani Lustucru in France and through United Biscuits and R&R Ice Cream in the UK, has allowed us to identify the strong potential for the further development of Labeyrie.
“The company is founded on a unique expertise across the whole value chain of its products, from purchasing to marketing through to production.”
Earlier this month it emerged PAI was nearing a second close for its latest buyout fund, which is targeting a hard cap of €3bn.
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