The Nuance Group is jointly and equally owned by GECOS/Gruppo PAM SpA and PAI Partners.

GECOS/Gruppo PAM SpA (www.gruppopam.it)

GECOS/Gruppo PAM is one of the leaders in Italian food retailing, with an annual turnover of some EUR 2.2 billion and more than 10'600 employees. The group also controls a restaurant business and is a co-investor in multiplex cinemas. The company was founded in Venice, Italy, in 1958 as a supermarket operator and has grown over the years both organically and through acquisitions; it has also expanded into further segments of the food retail market such as hypermarkets and hard discounts.

PAI Partners (www.paipartners.com)

PAI Partners is a leading European private equity firm with offices in Paris, Copenhagen, London, Luxembourg, Madrid, Milan and Munich. PAI manages and advises dedicated buyout funds with an aggregate equity value of EUR 7 billion. Since 1998, PAI has completed 37 LBO transactions in 9 European countries, representing over EUR 34 billion in transaction value. PAI is characterised by its operational approach to ownership combined with industrial and sector expertise. PAI provides portfolio companies with the financial and strategic support required to pursue their development and enhance strategic value creation.