The transaction involves the acquisition of a controlling interest in Mecaer Aviation Group (MAG) by the French private equity firm PAI Partners from Fondo Italiano d’Investimento and Stellex Capital Management. The exit follows a highly successful five-year holding period during which the target achieved record financial performance, including 219.3 million EUR in revenue for 2024. The strategic rationale for the deal centers on scaling MAG’s international operations, particularly in North America, and supporting its diversification into fixed-wing and UAV segments. The transaction structure envisions Fondo Italiano d’Investimento reinvesting for a minority stake to ensure continuity and alignment with national industrial interests. This move is a classic example of a "National Champion" transitioning from a domestic-led growth phase to a large-scale international private equity platform. For PAI Partners, the acquisition represents a strategic entry into the aerospace systems sector, leveraging MAG’s Tier-1 supplier status and its substantial R&D pipeline. The deal highlights the strong demand for high-precision European aerospace assets and suggests a forthcoming period of intensified M&A activity as the group seeks to consolidate specialized niche players in the global aero-structures and components market.

MECAER AVIATION GROUP, 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 (10.9x).

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