At what enterprise value was ALVEST acquired in 2025?

During the acquisition of ALVEST by PAI PARTNERS / ADIA in 2025, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Industry & Manufacturing industry currently tracks an average EBITDA multiple of 11.4x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of ALVEST when it was acquired by PAI PARTNERS / ADIA?

The estimated EV/EBITDA multiple for ALVEST is in the range of 15x - 25x. For comparison, the Industry & Manufacturing sector currently shows an average EBITDA multiple of 11.4x. Join our community for free to access full valuation data and industry trends.

When was ALVEST acquired by PAI PARTNERS / ADIA?

ALVEST was acquired by PAI PARTNERS / ADIA in 2025.

What was the revenue of ALVEST at the time of the deal?

The revenue of ALVEST at the time of the deal is estimated to be in the range of 500M - 1b EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of ALVEST during the acquisition?

ALVEST's EBITDA is estimated to be in the range of 100M - 200M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the ALVEST acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the ALVEST deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://capitalfinance.lesechos.fr/deals/lbo/pai-debourse-pres-de-2mdeur-pour-soffrir-alvest-2146054

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Home Database Industry & ManufacturingALVEST

01/2025

ALVEST acquired by PAI PARTNERS & ADIA

FRANCE Aerospace, Naval & Defense EV 1b - 4b EUR

Context

PAI Partners and ADIA completed the acquisition of a majority stake in Alvest from Ardian. The incumbent sponsor, Ardian, retains a minority stake, and the founders and management team significantly reinvested in the transaction. This new ownership structure is designed to fund Alvest's next expansion phase, with a heavy emphasis on technological innovation: accelerating the deployment of electric GSE fleets, developing autonomous ground vehicles, and expanding high-margin services such as predictive maintenance and leasing solutions.

ALVEST, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Industry & Manufacturing sector (11.4x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

-> Deep-dive in Industry & Manufacturing market trends

Target

Headquartered in France, Alvest is the global market leader in the design, manufacture, and distribution of airport Ground Support Equipment (GSE) and technical adhesive solutions. Through its flagship brand TLD, the group provides a comprehensive range of equipment including aircraft tugs, loaders, baggage tractors, and air conditioning units. With 11 factories and over 4,000 employees serving customers in 170 countries, Alvest is at the forefront of the "Green Aviation" transition, pioneering electric and autonomous ground handling solutions to reduce airport CO2 emissions.

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12/2023	HENSOLDT GROUP	ESG ELEKTRONIKSYSTEM- UND LOGISTIK	GERMANY	Aerospace, Naval & Defense	HENSOLDT Group has signed a definitive agreement to acquire 100 % of ESG Elektroniksystem- und Logistik‑GmbH from an investment vehicle managed by Armira Beteiligungen GmbH & Co. KG. The transaction includes an earn‑out linked to ESG’s performance targets through the end of 2024 and is subject to customary regulatory approvals, with completion anticipated in the first half of 2024
04/2023	ADAGIA PARTNERS	ADHETEC	FRANCE	Aerospace, Naval & Defense	Adagia Partners and Bpifrance entered exclusive negotiations to acquire ADHETEC from Alvest. The transaction aims to support management in its international expansion and to transform ADHETEC into a consolidation platform for customized protection and decoration products in the aerospace sector
12/2022	IXO PRIVATE EQUITY / BNP PARIBAS DEVELOPPEMENT	AIR SUPPORT	FRANCE	Aerospace, Naval & Defense	Air Support has completed a leveraged buyout (LBO) transaction with iXO Private Equity, an existing shareholder, and BNP Paribas Développement, which is joining the company's capital to support a new phase of growth for the aerospace maintenance specialist

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 500M - 1b EUR

EBITDA range: 100M - 200M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of ALVEST by PAI PARTNERS / ADIA are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: alvest

Acquirer: pai partners / adia