AUBERT & DUVAL acquired by AIRBUS / SAFRAN
Context
Tikehau Capital has entered into an agreement to divest its stake in Aubert & Duval to its two industrial co-shareholders, Airbus and Safran, marking the end of a four-year partnership that saw a significant restructuring of the metallurgical equipment manufacturer. In 2022, Airbus, Safran, and Tikehau each acquired approximately one-third of the group through an investment vehicle established to support the aerospace industry following the COVID-19 crisis. At the time, the company was facing substantial operational challenges, including disorganized production and significant losses, which directly impacted its major industrial clients. Since the takeover, a major industrial transformation plan has been implemented, focusing on modernizing production facilities, rationalizing sites, and strategically refocusing on titanium alloys and critical materials. This restructuring has been accompanied by a gradual improvement in financial performance, with revenue nearly doubling. Tikehau's exit is a logical move, with Airbus and Safran acquiring the stake on a parity basis, thereby consolidating their industrial control over a strategic supplier to the European aerospace chain. This transaction is part of a broader strategy to secure critical supply chains and strengthen industrial sovereignty in a sector marked by persistent material shortages.
It is worth noting that the fund Tikehau Capital / Safran / Airbus took control of Aubert & Duval through an LBO in 2023.
AUBERT & DUVAL, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Industry & Manufacturing sector (11.6x).
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Target
Aubert & Duval is a French company that designs, produces, and transforms complex metallic materials, including special steels, superalloys, titanium, and aluminum, for critical sectors such as aerospace, defense, energy, and medical. The company has a recognized expertise across the entire value chain, from material design to forged part manufacturing. Aubert & Duval employs approximately 4,400 people across ten industrial sites, with eight locations in France. The company's activities are focused on providing high-quality products to its clients, including Airbus and Safran, and it has recently shifted its focus towards titanium parts. Aubert & Duval's production apparatus has been heavily modernized and rationalized, allowing the company to achieve significant improvements in its operations. The company's customer base includes major players in the aerospace and defense industries, and it plays a crucial role in the French and European industrial sovereignty.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with AUBERT & DUVAL
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 04/2023 | TIKEHAU CAPITAL / SAFRAN / AIRBUS | AUBERT & DUVAL | FRANCE | Metallurgy / Foundry |
REFERENCES
Revenue range: 500M - 1b EUR
EBITDA range: 100M - 200M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
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Target: aubert & duval