SAFEGATE INTERNATIONAL acquired by ADB SAFEGATE & PAI PARTNERS

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.

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.

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).

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. The transaction reflects a standard portfolio rotation for PAI Partners, crystallizing value in a scaled global platform while recycling capital into new investments. The deal was structured as a leveraged buyout, combining senior debt and subordinated financing instruments.

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.

PAI Partners acquired ADB Airfield Solutions from Montagu Private Equity in a control buyout following a prior carve-out from a former industrial group. ADB is a global leader in airfield ground lighting (AGL) systems, providing end-to-end solutions including runway and taxiway lighting, power supply equipment, and monitoring and control systems for airport operations. The company serves more than 2,000 airports across over 175 countries, with a strong international footprint and significant exposure to emerging markets. The transaction is intended to support the next stage of ADB’s development, focusing on: international expansion through local manufacturing and commercial capabilities, operational efficiency improvements via global integration, strengthening of technology leadership in airport lighting systems, and selective external growth through acquisitions. Rothschild acted as exclusive financial advisor to the seller and the company, while BNP Paribas advised the buyer.

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.

Montagu Private Equity acquired ADB from Siemens through a carve-out transaction designed to separate the airport lighting business from the German industrial group. The transaction led to the creation of ADB Airfield Solutions as an independent company, bringing together operations, employees and customer relationships previously spread across several Siemens entities. Following the acquisition, Montagu supported the company's transformation into a standalone global platform, focusing on international expansion, operational development, technology enhancement and growth in emerging markets.