PAI Partners is pursuing a multi-asset continuation vehicle (CV) which will include testing, inspection, and certification (TIC) provider Apave Group, according to three sources familiar with the matter.

The France-headquartered company is being marketed with an adjusted EBITDA of around EUR 170m-EUR 180m, one of the sources said. The multi-asset CV will also house another company, the three sources said.

PAI acquired a stake in Apave in 2021 as part of an internationalisation plan, per a press release.

Its 2021-2025 strategic plan concluded with revenue nearly doubling to EUR 1.9bn as of the end of 2025, supported by average annual organic growth of 7%, per a company statement.

Between those years, Apave completed 29 acquisitions, 60% of which were outside France while international revenue increased fourfold, per the statement.

Apave is now targeting a turnover of EUR 3bn by 2030 and average organic growth of 6.5% annually, the statement says.

The company this month announced two Norwegian TIC acquisitions – Synfaring and ExTek – which will expand its capabilities in the market, per a press announcement.

Pan-European sponsor PAI is also set to start raising its ninth flagship fund in late 2026, as previously reported.

The GP, which manages EUR 25bn in AUM, has completed three CVs, as per its website. The first was in 2018 to house Perstorp; a second in 2019 for its Froneri and Marcolin holdings; and a third in 2025 to continue its investment in Froneri.

Its upcoming CV – PAI Strategic Partnerships III – was registered in Luxembourg earlier in July.

PAI declined to comment.