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.

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.