LATOUR CAPITAL & BPIFRANCE take majority stake in CERBAIR
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 LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Industry & Manufacturing sector (11.2x).
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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.
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REFERENCES
Revenue range: 10M - 30M EUR
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Target: cerbair
Acquirer: bpifrance / latour capital