SABENA TECHNICS acquired by SAGARD & BPIFRANCE

Adagia Partners and Bpifrance entered exclusive negotiations to acquire ADHETEC from Alvest. The transaction aims to support management in its international expansion and to transform ADHETEC into a consolidation platform for customized protection and decoration products in the aerospace sector.

OpenGate Capital has completed the acquisition of ScioTeq from the American aerospace conglomerate TransDigm Group. This transaction follows a strategic decision by the seller to refocus on its core aerospace components. The carve-out allowed ScioTeq to become an autonomous entity after years of integration within larger groups (Barco, then Esterline, then TransDigm). The strategic rationale was based on restoring the operational agility of the Belgian specialist while maintaining its privileged access to the US market via its Georgia facilities. Following the acquisition, a value creation plan was implemented to accelerate product innovation in mission displays and optimize the cost structure, positioning ScioTeq as an ideal consolidation platform within the European defense electronics landscape.

The Carlyle Group signed a binding agreement to acquire 100% of Forgital from the family (83%) and Fondo Italiano d’Investimento (17%). The valuation reflects the group's critical position in the aerospace supply chain. The transaction allowed NB Aurora to generate a significant capital gain, receiving ~EUR50M from a carrying value of EUR21M. The deal was subject to Antitrust and Golden Power approvals in Italy and France due to the strategic nature of Forgital's technology.

Ardian acquired a majority stake in Revima from Argos Wityu, which had held the company since 2017 and reinvested a portion of its proceeds to remain a minority shareholder. The management team also increased its stake. The financing package included a unitranche debt provided by Permira and Tikehau IM, with a leverage slightly exceeding 4.0x EBITDA. The strategic roadmap includes the construction of a new site in Thailand and the finalization of two bolt-on acquisitions in engine part repair and predictive maintenance.

Omnes Capital and Andera Partners entered into exclusive negotiations to acquire a majority stake in Spherea, outbidding Argos Wityu and Sagard. The transaction allows historical investors ACE Management (now Tikehau Ace) and IRDI to exit partially. A senior debt of over EUR40M, provided by LCL and HSBC, supports the deal. The strategic goal is to accelerate Spherea's diversification into railway and energy sectors and pursue larger-scale build-up operations.

Tikehau Capital invested €114 million in Nexteam Group to support its ambitious "2023" strategic roadmap. This minority investment, made alongside the existing management team, provides the group with the financial resources to accelerate its international development and consolidate its market position. The strategic goal is to transform Nexteam into a global leader with over €500 million in revenue through a combination of organic growth and targeted acquisitions. The partnership leverages Tikehau's deep understanding of the aerospace supply chain and its international office network to assist Nexteam in capturing new development opportunities.

Argos Soditic took a 60% controlling stake in Revima to resolve a long-standing shareholder dispute between the president and the other two owners. The latter two retained 40% of the capital and partnered with Argos. The deal aimed to unlock a major investment plan ("tens of millions of euros") to expand Revima's industrial footprint globally, specifically by establishing maintenance sites in Asia and America, and developing a trading business for second-hand aircraft parts (USM).

The investment in Aernnova Aerospace by TowerBrook Capital Partners, Torreal, and Península is a strategic move to support the company's growth and development in the aerospace sector. The deal requires regulatory approval from Spain, the U.S., and the European Union, and is subject to certain conditions being met. The investment will provide Aernnova with the necessary resources to drive its strategic vision and objectives, and will enable the company to capitalize on opportunities for further development and expansion in the global aerospace industry. The transaction is TowerBrook's first investment in Spain since the firm opened an office in Madrid last year, and marks a significant commitment to the Spanish market. With a strong management team in place, led by President Iñaki López Gandásegui, Aernnova is well-positioned to achieve its objectives and drive growth in the aerospace sector.

The acquisition of Aernnova by Springwater Capital and the company's management team is a strategic move to support the company's continued growth and development. The investment is expected to provide Aernnova with the resources and expertise needed to expand its presence in the global aerospace industry, and to pursue new opportunities for growth and innovation. The deal is also expected to provide a strong return on investment for Springwater Capital, and to support the firm's strategy of investing in leading companies in the aerospace industry. The acquisition is the result of a complex process involving multiple stakeholders, and required significant negotiation and strategic planning to complete. The deal is expected to have a positive impact on Aernnova's customers, employees, and suppliers, and to support the company's continued success in the aerospace industry.

MBO Partners has finalized the acquisition of an 80% controlling majority stake in LMB from the American industrial conglomerate Honeywell, executing a strategic cross-border carve-out transaction. The transaction capital structure was financed via a conservative mid-leverage model, utilizing a senior debt package representing slightly under 2.5x EBITDA alongside a balanced debt-to-equity ratio of approximately 1:1. The investment thesis centers on a classic primary buyout framework that transitions the company back to domestic ownership. Under the post-closing governance structure, the internal management team executed a strategic rollover to take a 20% equity stake, strongly aligning operational incentives with the new sponsor. The strategic rationale focuses on accelerating LMB's international expansion and scaling its global market share.