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06/2025MajorityLBO

Tikehau Capital takes majority stake in Scioteq

BELGIUM Aerospace, Naval & Defense / Electronics EV €300–700M

Context

Tikehau Capital has entered into exclusive negotiations to acquire a controlling stake in ScioTeq from OpenGate Capital, which will retain a minority interest in the business. This secondary buyout follows a successful four-year turnaround and carve-out from the American equipment manufacturer TransDigm. Since 2021, the target has significantly improved its operational performance, expanding its international footprint and sharply increasing its profitability. The transaction is supported by a unitranche facility provided by J.P. Morgan. Strategic rationale for the new ownership cycle includes expanding the target's presence in the land and naval defense sectors and pursuing further European bolt-on acquisitions. The partnership aims to capitalize on the structural growth of global defense spending and the target's unique position as a critical European technology provider.

In the past, Scioteq was acquired by Opengate Capital in 2021 as part of its expansion strategy.

Scioteq, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

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Target

ScioTeq is a leading European specialist in the design and manufacturing of advanced visual display solutions and embedded computing systems for the aviation, defense, and security markets. Originally a division of the Belgian group Barco, the company’s business model centers on high-reliability, "ruggedized" technology capable of operating in extreme environments. Its product portfolio includes cockpit displays for civil and military aircraft, as well as mission-critical screens for ground vehicles and naval applications. ScioTeq serves as a vital tier-one supplier to global aerospace and defense primes, with operations balanced between Europe and the United States (Atlanta site). Its value proposition is anchored in being the sole major European independent player in a market dominated by American competitors, providing critical technological sovereignty for European defense programs.

Ent. Value

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2024

2023

Other operations with Scioteq

Other operations with Scioteq
Date	Acquirer	Target	Country	Sector
09/2021	OPENGATE CAPITAL	SCIOTEQ	BELGIUM	Electronics

Other operations with Tikehau Capital

Other operations with Tikehau Capital
Date	Acquirer	Target	Country	Sector
04/2023	TIKEHAU CAPITAL / SAFRAN / AIRBUS	AUBERT & DUVAL	FRANCE	Metallurgy / Foundry
04/2022	TIKEHAU CAPITAL / BPIFRANCE / SOCIETE GENERALE CAPITAL PARTENAIRES	CROUZET	FRANCE	Sensors & Optics
10/2021	TIKEHAU CAPITAL	GROUPE STERNE	FRANCE	Road Freight
09/2021	FRENCH FOOD CAPITAL / BPIFRANCE / TIKEHAU CAPITAL	MARKAL	FRANCE	Food Products
05/2018	TIKEHAU CAPITAL	NEXTEAM	FRANCE	Aerostructures
07/2012	TIKEHAU CAPITAL / IDIA CAPITAL INVESTISSEMENT	LMB AEROSPACE	FRANCE	Engines & Systems

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REFERENCES

Valuation range: EV €300–700M

Revenue range: €100–200M

EBITDA range: €25–50M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Scioteq by Tikehau Capital 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: scioteq

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Scioteq, a Belgian company specialised in Electronics, by Tikehau Capital in 2025, structured as a leveraged buyout (LBO). This followed an earlier holding cycle initiated in September 2021, when the company was acquired by Opengate Capital.

How was the acquisition of Scioteq by Tikehau Capital valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €300–700M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

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

At the time of the transaction, Scioteq generated annual revenue estimated in the €100–200M range and EBITDA in the €25–50M bracket (FY 2024). Detailed financial figures are available to members.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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