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04/2023100%

Aubert & Duval acquired by Tikehau Capital, Safran & Airbus

FRANCE Chemicals & Materials / Material Transformation / Metallurgy / Foundry EV €50–150M

Context

Airbus, Safran, and Tikehau Capital have completed the acquisition of Aubert & Duval from the Eramet group, marking a landmark transaction for the European critical metals industry. This deal is part of a joint investment vehicle established by Airbus, Safran, and Tikehau Capital, with the support of public authorities, to secure the industrial sovereignty of the aerospace and defense sectors. The acquisition comes at a time when Aubert & Duval was facing operational challenges, including industrial difficulties and deteriorating financial performance, prior to the takeover.

Aubert & Duval, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of [members only].

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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

€50–150M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2022
€450–900M
[members only]
[members only]
2021
€450–900M
[members only]
[members only]

Other operations with Aubert & Duval

Other operations with Aubert & Duval
DateAcquirerTargetCountrySector
06/2026AIRBUS / SAFRANAUBERT & DUVALFRANCEMetallurgy / Foundry

Other operations with Tikehau Capital / Safran / Airbus

Other operations with Tikehau Capital / Safran / Airbus
DateAcquirerTargetCountrySector
06/2026AIRBUS / SAFRANAUBERT & DUVALFRANCEMetallurgy / Foundry
07/2025SAFRANCOLLINS AEROSPACE (ACTUATION & FLIGHT CONTROL BUSINESS)UNITED STATESEngines & Systems
06/2025TIKEHAU CAPITALSCIOTEQBELGIUMElectronics
06/2024SAFRANPRELIGENSFRANCEDefense & Aerospace
04/2022TIKEHAU CAPITAL / BPIFRANCE / SOCIETE GENERALE CAPITAL PARTENAIRESCROUZETFRANCESensors & Optics
10/2021TIKEHAU CAPITALGROUPE STERNEFRANCERoad Freight
09/2021FRENCH FOOD CAPITAL / BPIFRANCE / TIKEHAU CAPITALMARKALFRANCEFood Products
05/2018TIKEHAU CAPITALNEXTEAMFRANCEAerostructures
07/2012TIKEHAU CAPITAL / IDIA CAPITAL INVESTISSEMENTLMB AEROSPACEFRANCEEngines & Systems

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REFERENCES

Valuation range: EV €50–150M

Revenue range: €450–900M

EV/Revenue range: below 1.5x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Aubert & Duval by Tikehau Capital / Safran / Airbus are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: aubert & duval

FAQ

What transaction does this page cover?

This page covers the acquisition of 100% of Aubert & Duval, a French company specialised in Material Transformation, by Tikehau Capital, Safran and Airbus in 2023. Ownership has since evolved, leading to a subsequent transaction with Airbus / Safran in June 2026 (see the dedicated deal page for details).

How was the acquisition of Aubert & Duval by Tikehau Capital valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €50–150M band and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What was Aubert & Duval’s revenue at the time of the deal?

At the time of the transaction, Aubert & Duval’s annual revenue was estimated within the €450–900M range (FY 2022). Detailed financial figures are available to members.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.