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 LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the average currently observed in the Industry & Manufacturing sector (10.6x).

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