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02/2026Minority

Luxempart invests in Kestrel Vision

FRANCE Industrial Equipment / Special Machinery / Instrumentation & Measurement EV €500M–1.5bn

Context

Luxempart has acquired a 26% minority stake in Kestrel Vision for €110M. The transaction follows a competitive process involving funds such as Capza, Towerbrook, and IK Partners. The capital injection serves three purposes: a capital increase to strengthen the balance sheet, a partial cash-out for management, and the refinancing of a bridge loan provided by Caravelle for the acquisition of US-based Filtec in late 2022. Despite a valuation exceeding €500M, the majority shareholder Caravelle opted for a minority opening instead of a full exit due to current debt market constraints. The group remains backed by a €150M unitranche facility from Barings to support its external growth strategy.

Kestrel Vision, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average currently observed in the Industry & Manufacturing sector (11.7x in 2026).

-> Deep-dive in Industry & Manufacturing market trends

Target

Kestrel Vision is a global leader in high-speed vision inspection and quality control solutions for the packaging industry, with a historical core expertise in glass containers. Through major North American acquisitions (Pressco and Filtec), the group has diversified into inspection systems for the pharmaceutical and cosmetics sectors. It operates as a technology provider ensuring the integrity of packaging lines for global manufacturers.

Ent. Value

€500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2023
€250–500M
€25–50M
[members only]
2022
€250–500M
€25–50M
[members only]

Other operations with Luxempart

Other operations with Luxempart
DateAcquirerTargetCountrySector
10/2023LUXEMPARTALPHACAPSGERMANYNutrition & Dietary Supplements

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REFERENCES

Valuation range: EV €500M–1.5bn

Revenue range: €250–500M

EBITDA range: €25–50M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Kestrel Vision by Luxempart 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

Acquirer: luxempart

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in Kestrel Vision, a French company specialised in Special Machinery, by Luxempart in 2026.

How was the acquisition of Kestrel Vision by Luxempart valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €500M–1.5bn band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Kestrel Vision’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Kestrel Vision generated annual revenue estimated in the €250–500M range and EBITDA in the €25–50M bracket (FY 2023). Detailed financial figures are available to members.

How does the valuation of Kestrel Vision compare to benchmarks in the Industry & Manufacturing sector?

With an estimated multiple range of 10x - 18x, the transaction stands directly in line with historical averages for the Industry & Manufacturing sector (11.7x in 2026).

What sources support the information on this transaction?

Information on this transaction is supported by three corroborating sources: an official corporate announcement published by the parties, independent reporting from specialized financial publications, as well as a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

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