PAI, BNP Paribas' private equity group, and Suala Capital Advisers have landed Spain's biggest deal of the year to date with its acquisition of family-owned Mivisa Envases, a packaging manufacturer.

The deal is split down the middle between PAI, investing from its PAI Europe III fund, and Suala Capital Advisers, drawing on its €200m ($176.5m) fund established at the start of the year. Suala's fund is focused on the Spanish middle market. Mivisa is Spain's largest manufacturer of metal packaging containers for the food industry, mainly fish and vegetable canners. In 2000, Mivisa sales were €200m and earnings were €39m, before interest, tax, depreciation and amortisation. Mivisa's sales have been growing at 14% annually since 1996. The company exports 45% of its production, mostly to France and Portugal.