This outsourcing trend in the Business Services industry across Europe has led to a professionalisation of many business services companies and strong consolidation opportunities as companies seek to build critical mass and scale by acquiring smaller, regional operators.

These themes have characterised PAI's buyout experience in the sector which include Kiloutou (the #2 equipment rental company in France), Swissport (the worldwide #1 provider of aviation ground-handling and cargo services), Spie (a multi technical services company specialising in engineering and energy and communication networks), Saur (a major player in water distribution, sanitation and waste management in France) and Elis (a European leader in textile rental). The firm also has general sector expertise through the management of Paribas' investments in the contract catering business (Sogeres and Elior), and in the transportation and logistics sector (STEF-TFE and Via GTI/Keolis).

PAI has also developed expertise in IT Services, as the founding shareholder of two very large IT Services groups, Atos Origin and Sema Group. PAI is currently the largest shareholder in Atos.