At what enterprise value was SPHEREA acquired in 2025?

During the acquisition of SPHEREA by ANDERA PARTNERS in 2025, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 300M - 700M EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Industry & Manufacturing industry currently tracks an average EBITDA multiple of 10.9x, providing a valuable benchmark for this transaction.

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. For comparison, the Industry & Manufacturing sector currently shows an average EBITDA multiple of 10.9x. Join our community for free to access full valuation data and industry trends.

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. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of SPHEREA during the acquisition?

SPHEREA's EBITDA is estimated to be in the range of 25M - 50M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

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.

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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.

Omnes Capital / Andera Partners had previously taken control of the company during an LBO in 2019.

SPHEREA, which reported an EBITDA margin of LOGIN in 2024, 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 (10.9x).

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.

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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).

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Other operations with SPHEREA

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
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.

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: 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: spherea

Acquirer: andera partners