Methal acquired by Arcole / Benalu-Legras

FRANCE Chemicals & Materials / Material Transformation / Metallurgy / Foundry EV €10–30M

Context

This transaction involves the carve-out of Bodycote's French heat treatment operations, a UK-listed group, as part of a strategy to refocus on its core activities. The deal comprises the sale of ten French industrial sites, consolidated under a new entity called Methal, to an investment structure combining the Arcole fund, which holds a majority stake, and the Benalu-Legras industrial group, which takes a strategic minority interest. This partnership brings together financial capital and industrial expertise to support the creation of a new, independent heat treatment player in France. The acquired scope includes all industrial assets from the ten sites, production equipment, operational teams, and the associated customer portfolio. The goal is to ensure seamless operational continuity, with no disruption to customers or employees, while maintaining existing contracts, local organizations, and service standards. This transaction is driven by a logic aimed at securing the continuity of a strategic activity while allowing it to be repositioned under new governance.

Methal, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of below 5x, representing a discount to the average observed in the Industry & Manufacturing sector (11.3x in 2025).

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Target

Methal is a French industrial group specializing in metal heat treatment, formed through the carve-out of ten industrial sites previously operated by Bodycote, a global leader in heat treatment. The group now operates as an independent industrial platform with a network of ten sites across France, including strategic locations in Amiens, Beaugency, Billy-Berclau, Condé-sur-Noireau, Lagny-sur-Marne, and other regional hubs. Methal's business focuses on modifying the mechanical properties of metal components through thermal treatment and surface finishing processes, including vacuum treatment, nitriding, hardening, and induction. These processes enhance the strength, durability, and performance of components used in demanding industrial environments. The group serves a highly diversified customer base of over 2,500 clients across various sectors, such as automotive, industrial equipment, aerospace, defense, medical devices, and consumer goods. This sectoral diversification helps reduce dependence on a single industry cycle, although the automotive sector remains a significant outlet.

Ent. Value

€10–30M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

below 5x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2024

2023

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REFERENCES

Valuation range: EV €10–30M

Revenue range: €25–50M

EBITDA range: €5–25M

EV/Revenue range: below 1.5x

EV/EBITDA range: below 5x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Methal by Arcole / Benalu-Legras 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: methal

Acquirer: arcole / benalu-legras

FAQ

What transaction does this page cover?

This page covers the acquisition of 100% of Methal, a French company specialised in Material Transformation, by Arcole and Benalu-Legras in 2025.

How was the acquisition of Methal by Arcole valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €10–30M band, its EV/EBITDA multiple within the below 5x range, and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What were Methal’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Methal generated annual revenue estimated in the €25–50M range and EBITDA in the €5–25M bracket (FY 2024). Detailed financial figures are available to members.

How does the valuation of Methal compare to benchmarks in the Industry & Manufacturing sector?

The estimated multiple of below 5x sits below the sector median of 11.3x recorded in 2025, indicating an attractive entry multiple for Arcole or reflecting specific complexities. The descriptive comparison is based on 15 transactions with available EV/EBITDA multiples from differences in size, growth, profitability that may affect comparability.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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