Context
Sagard, in partnership with Bpifrance, won the competitive auction to acquire Sabena Technics from the Marchais family (TAT Group), outbidding Air France-KLM, TowerBrook, and Chequers Capital. The sale process was managed by Financiere de Courcelles and led by former Airbus CEO. The deal marks a strategic exit for the Marchais family after 13 years of ownership, while providing Sabena with the institutional backing to consolidate its position in the European MRO market.
SABENA TECHNICS, which reported an EBITDA margin of LOGIN in 2017, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Industry & Manufacturing sector (11.6x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
-> Deep-dive in Industry & Manufacturing market trends
Target
Founded in 1953, Sabena Technics is a leading independent provider of MRO (Maintenance, Repair, and Overhaul) services for both civil and military aircraft. The group operates globally with over 3,100 employees. Following the 2022 acquisition of Heli-Union, the company significantly expanded its helicopter maintenance division, which now accounts for one-third of its total revenue.
Ent. Value
LOGIN
Equity Value
LOGIN
Multiples
EV / Revenue
LOGIN
EV / EBITDA
LOGIN
EV / EBIT
LOGIN
Historical Financials (EUR)
Similar deals in Industry & Manufacturing
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 01/2019 | ARDIAN | REVIMA GROUP | FRANCE | Aerospace, Naval & Defense | 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 |
| 01/2019 | OMNES CAPITAL / ANDERA PARTNERS | SPHEREA | FRANCE | Aerospace, Naval & Defense | 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. |
| 05/2018 | TIKEHAU CAPITAL | NEXTEAM | FRANCE | Aerospace, Naval & Defense | 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 |
| 07/2017 | THE CARLYLE GROUP | ADB SAFEGATE | BELGIUM | Aerospace, Naval & Defense | PAI Partners has completed the sale of ADB SAFEGATE to Carlyle in a LBO ter, following a multi-year value creation and transformation phase. The deal represents PAI’s exit from the company after a period of international expansion and industrial consolidation. The sale process was run as a competitive auction for a mid-cap international industrial asset, involving both financial sponsors and strategic infrastructure and aviation players. Carlyle Europe Partners IV emerged as the successful bidder and will support management in the next phase of growth |
| 07/2017 | ARGOS WITYU | REVIMA GROUP | FRANCE | Aerospace, Naval & Defense | 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). |
| 06/2017 | TOWERBROOK / TORREAL / PENINSULA CAPITAL | AERNNOVA | SPAIN | Aerospace, Naval & Defense | 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 |
| 02/2016 | ADB SAFEGATE / PAI PARTNERS | SAFEGATE INTERNATIONAL | SWEDEN | Aerospace, Naval & Defense | In February 2016, PAI Partners, through its portfolio company ADB Airfield Solutions, agreed to acquire Safegate from Fairford Group, which had owned the business since 1991. The transaction was designed to combine two highly complementary airport technology providers and create a global leader in advanced airfield guidance and airport operational systems. The acquisition significantly expanded ADB’s capabilities beyond airfield lighting by adding Safegate’s aircraft docking guidance systems, gate management solutions and air traffic control technologies |
| 05/2015 | WÄRTSILÄ CORPORATION | L-3 MARINE SYSTEMS INTERNATIONAL | GERMANY | Aerospace, Naval & Defense | Wärtsilä has acquired L-3 Marine Systems International from L-3 Communications, with the transaction being funded through available cash reserves and existing credit lines. This move is expected to significantly strengthen Wärtsilä's Electrical & Automation business, a strategic segment that is gaining importance as ship technology becomes increasingly sophisticated. The integration of MSI will enable the Finnish group to expand its portfolio of solutions in automation, navigation, electrical systems, dynamic positioning, and underwater communications, while bolstering its international presence through the acquired company's 38 locations |
| 04/2015 | SPRINGWATER CAPITAL | AERNNOVA | SPAIN | Aerospace, Naval & Defense | 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 |
| 01/2015 | EXCHANGE INCOME CORPORATION | PAL AEROSPACE | CANADA | Aerospace, Naval & Defense | Exchange Income Corporation’s acquisition of Provincial Aerospace Ltd. marks a strategic entry into the specialized sovereign aerospace defense sector, acquiring an international maritime surveillance platform to complement its stable domestic regional aviation portfolio. The transaction represents a planned exit for the founding shareholders, capitalizing on the asset's mature multi-continental footprint while transferring ownership to an institutional sponsor equipped with the balance sheet capacity to fund large-scale aircraft acquisition and sensor integration programs |
REFERENCES
Valuation range: EV 300M - 700M EUR
Revenue range: 250M - 500M EUR
EBITDA range: 25M - 50M EUR
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of SABENA TECHNICS by SAGARD / BPIFRANCE are reserved for mynth community members. Register for free to unlock full data.
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: sabena technics