CROUZET
Acquired by
LBO FRANCE
CROUZET acquired by LBO FRANCE
Target
CROUZET
Acquirer
LBO FRANCE
Context
LBO France has entered into a definitive agreement to acquire Crouzet from InnoVista Sensors (formerly Custom & Sensors Technologies). This operation marks a further reduction in the perimeter of InnoVista Sensors, which is controlled by PAI Partners and Carlyle. The transaction is structured as a leveraged buyout, with the financing supported by an unitranche facility provided by Apollo and BlueBay. Crouzet, which has been under the management of David Aragon for approximately eighteen months, is being carved out to become a standalone entity. The strategic rationale for LBO France centers on the company's unique market positioning in medium-series production for critical systems across aeronautics, energy, and infrastructure. By acquiring a company with a strong international presence and specialized technical capabilities, the acquirer intends to capitalize on the stability and niche market protection that Crouzet enjoys relative to larger competitors. The operation is expected to close in early 2018, marking a significant milestone in the target's independence after years of being a subsidiary within a larger sensor portfolio.
CROUZET, which reported an EBITDA margin of LOGIN in 2016, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 13.0x average currently observed in the TMT (Tech, Media, Telecom) sector.
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Target
Crouzet is a nearly century-old manufacturer specializing in sensors and automation systems for critical applications. The organization operates through three primary production centers located in France, Morocco, and China. It addresses diverse professional markets, with aeronautics serving as a flagship sector where it provides position sensors and cockpit controls to aircraft manufacturers. Beyond aerospace, the business provides access control solutions for transport, as well as specialized components for energy and infrastructure sectors. The company has established a strategic niche in producing medium-sized series for critical systems, a positioning that shields it from direct competition with global giants or low-cost actors. With a strong international footprint, a significant majority of its commercial activity is generated outside of its home market. Its expertise lies in technical differentiation and reliability, ensuring a stable presence in high-stakes industrial environments.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with CROUZET
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 04/2022 | TIKEHAU CAPITAL / BPIFRANCE / SOCIETE GENERALE CAPITAL PARTENAIRES | CROUZET | FRANCE | Sensors & Optics | Tikehau Ace Capital, in partnership with Bpifrance and Société Générale Capital Partenaires, entered into exclusive negotiations with LBO France to acquire 100% of the capital of Crouzet. This operation marks a new stage in the development of the industrial player, following a period under LBO France characterized by the integration of the Garos activity and a rationalization of the industrial tool. The transaction is structured as a secondary LBO, with the acquisition debt provided by Barings via a unitranche facility. The management team, led by David Arragon, reinvested in the operation to maintain a minority stake. The post-acquisition strategy focuses on accelerating external growth in a still highly fragmented market for electrical and electronic components. The group also plans to strengthen its positions on next-generation aerospace programs and diversify into electrification markets. The new shareholders provide financial power to support operational deployment in key geographic areas while securing the strategic nature of this supplier for the defense and transport industries. |
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