mynth
06/2026

LATOUR CAPITAL & BPIFRANCE take majority stake in CERBAIR

FRANCE Aerospace, Naval & Defense / Electronics REV 10M - 30M EUR

Context

Latour Capital has acquired a majority stake in Cerbair through the first investment made by its Emergence Defense fund, launched at the beginning of 2026 to support the growth of strategic companies in the French and European defense sectors. Bpifrance is also participating in the transaction as a minority investor through the Defense Innovation Fund. The deal follows a competitive process that attracted several specialized investors in the defense and critical technologies sectors, resulting in a complete restructuring of Cerbair's capital with the exit of its historical investors, including several business angels who had been involved since the company's early stages. MBDA, a defense group that has been a shareholder since 2018, will retain a minority stake. The investment is based on a strong conviction in the potential of the anti-drone market, driven by the increasing use of civilian and military drones, the evolution of modern conflicts, and the growing regulatory requirements for protecting sensitive infrastructure. Cerbair has experienced a highly favorable dynamic, with annual growth of nearly 30% over the past four years and a commercial presence in around 30 countries. The new shareholders aim to accelerate the company's technological development, particularly in areas such as artificial intelligence applied to threat detection, advanced jamming systems, and interception solutions. The project also includes strengthening the group's commercial capabilities in France and internationally, as well as exploring external growth opportunities to expand its technological portfolio and geographical presence.

CERBAIR, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Industry & Manufacturing sector (11.6x).

-> Deep-dive in Industry & Manufacturing market trends

Target

Founded in 2015 by Lucas Le Bell within the deeptech studio Technofounders, Cerbair is a French specialist in counter-drone technology and electronic warfare. The company develops solutions designed to detect, identify, characterize, and neutralize unauthorized drones in sensitive environments, addressing growing security and sovereignty concerns. Positioned at the intersection of defense technologies, cybersecurity, and advanced signal processing, Cerbair leverages its recognized expertise in electronic warfare and algorithmic analysis of radio communications. Its solutions now integrate artificial intelligence technologies to enhance detection and adaptation capabilities in response to the rapid evolution of threats. The company serves both military and civilian clients, with its systems being deployed by armed forces, internal security agencies, correctional facilities, and operators of critical infrastructure. Cerbair is also involved in several strategic French programs related to the protection of sensitive sites and the security of low-altitude airspace.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
2024

Similar deals in Aerospace, Naval & Defense

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
07/2026THE CARLYLE GROUPSecturion SystemsUNITED STATESElectronics
07/2026THALESEXAIL TECHNOLOGIESFRANCENaval
06/2026EMZ PARTNERS / BPIFRANCE / AMUNDI PRIVATE EQUITYNEXTEAMFRANCEAerostructures
06/2026BAIN CAPITALEverllenceGERMANYEngines & Systems
06/2026KRAKEN ROBOTICSCOVELYA GROUPUNITED KINGDOMNaval
06/2026MDA SPACEBLUE CANYON TECHNOLOGIESUNITED STATESAerospace, Naval & Defense
06/2026FJORD DEFENCE GROUPPARTNERTECH KARLSKOGA AKTIEBOLAGSWEDENWeaponry & Ammo
06/2026SOCIETE GENERALE CAPITAL PARTENAIRES / IXO PRIVATE EQUITY / BNP PARIBAS DEVELOPPEMENTAIR SUPPORTFRANCEMRO (Maintenance, Repair & Overhaul)
05/2026PAI PARTNERSMECAER AVIATION GROUPITALYEngines & Systems
05/2026ABENEX / BPIFRANCETETHYSFRANCEElectronics

REFERENCES

Revenue range: 10M - 30M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of CERBAIR by LATOUR CAPITAL / BPIFRANCE 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.

Target: cerbair

Acquirer: bpifrance / latour capital