At what enterprise value was SPHEREA acquired in 2025?

During the acquisition of SPHEREA by ANDERA PARTNERS in 2025, the transaction's Enterprise Value is estimated to be in the range of 300M - 700M EUR.

What was the EV/EBITDA of SPHEREA when it was acquired by ANDERA PARTNERS?

The estimated EV/EBITDA multiple for SPHEREA is in the range of 10x - 18x.

When was SPHEREA acquired by ANDERA PARTNERS?

SPHEREA was acquired by ANDERA PARTNERS in 2025.

What was the revenue of SPHEREA at the time of the deal?

The revenue of SPHEREA at the time of the deal is estimated to be in the range of 250M - 500M EUR.

What was the EBITDA of SPHEREA during the acquisition?

SPHEREA's EBITDA is estimated to be in the range of 25M - 50M EUR.

How is the data for the SPHEREA acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the SPHEREA deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.cfnews.net/Les-alertes-de-CFNEWS/Spherea-double-de-taille-et-experimente-le-GP-led-550571#:~:text=Les%20%C3%A9quipes%20de%20management%20des,au%20capital%20du%20groupe%20agrandi.

What is the average EV/EBITDA multiple for the Industry & Manufacturing sector in 2026?

The average EV/EBITDA multiple for the Industry & Manufacturing sector in 2026 is 11.6x.

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Home Database Industry & ManufacturingSPHEREA

12/2025

SPHEREA acquired by ANDERA PARTNERS

FRANCE Aerospace, Naval & Defense / Engines & Systems EV 300M - 700M EUR

Context

Andera Partners structures a continuation fund to retain control of Spherea, a critical aerospace test equipment manufacturer acquired in 2019. This "GP-led" transaction allows historical investors (like Omnes Capital and old Andera funds) to exit, while bringing in new long-term backers: Unigestion and Mubadala Capital. This setup provides Spherea and its CEO Christian Dabasse with additional time and capital to pursue acquisitions in the defense and railway sectors, aiming to double the company's size within 4-5 years.

It is worth noting that the fund Omnes Capital / Andera Partners took control of Spherea through an LBO in 2019.

SPHEREA, which reported an EBITDA margin of in 2024, is valued in this transaction at an EV/EBITDA multiple of , representing a level the average currently observed in the Industry & Manufacturing sector (11.6x).

-> Deep-dive in Industry & Manufacturing market trends

Target

A former division of Airbus (spun off in 2014), Spherea is a world leader in test solutions for critical electronic systems. The company designs and manufactures test benches used to check the reliability of aircraft, helicopters, and military equipment. It employs over 600 people and has a strong international presence (Germany, UK, USA).

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

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2024

2023

Other operations with SPHEREA

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
01/2019	OMNES CAPITAL / ANDERA PARTNERS	SPHEREA	FRANCE	Engines & Systems

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 SPHEREA by ANDERA PARTNERS 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: spherea

Acquirer: andera partners