SPHEREA
Acquired by
ANDERA PARTNERS
SPHEREA acquired by ANDERA PARTNERS
Target
SPHEREA
Acquirer
ANDERA PARTNERS
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.
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 premium to the 10.2x average currently observed in the Industry & Manufacturing sector.
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Target
A former division of Airbus (spun off in 2014), Sphèrea 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
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with SPHEREA
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 01/2019 | OMNES CAPITAL / ANDERA PARTNERS | SPHEREA | FRANCE | Engines & Systems | 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. |
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