Aljo acquired by PHI Industrial

By taking control of the German lightweight construction supplier Aljo GmbH & Co. KG, the Madrid-based private equity fund PHI Industrial captures €50–100M in additional annual revenues while significantly strengthening its industrial presence across the European aerospace and defense sectors. Executed as a 100% majority stake acquisition, this transaction marks the second successful corporate buyout finalized by the financial sponsor in 2026, directly following its previous acquisition of Verot. Crucially, this cross-border leveraged buyout serves as the inaugural transaction marking the official launch of the buyer's newest investment vehicle, PHI Fund IV, which is structurally expected to reach a total capitalization of €150 million. The definitive share purchase agreement successfully orchestrates the total exit of the target's historical founding owners, the Jonuscheit family, transitioning the manufacturing asset into an institutional holding structure. The strategic business plan underpinning this investment aims to radically scale the target's operations, projecting an aggressive evolution from a qualified component supplier into a fully integrated systems partner for major European industrial groups over a strict six-year horizon. Financial modeling associated with this expansion thesis anticipates doubling the target's current workforce and targets an ambitious revenue milestone of €150 million by the 2032 fiscal year. To support the acquisition mechanics and fund future capital expenditures, the buyer secured comprehensive debt financing directly from Commerzbank Aktiengesellschaft. The execution of this transaction required extensive multijurisdictional coordination and a robust advisory consortium. On the buy-side, the acquiring private equity firm retained Commerzbank to act as lead M&A financial advisor, while a specialized Noerr legal team, led by partners Michael Schuhmacher and Pinar Turkac-Christmann alongside Inken Rüdebusch and Moritz Ulbrich, structured the debt financing and acquisition parameters. Furthermore, Pérez-Llorca provided supplementary legal counsel for the Spanish parent entity. Conversely, the exiting family shareholders and the target company were advised financially by Enomyc and legally by CMS throughout the competitive negotiation process.