STELLANT SYSTEMS acquired by TRANSDIGM

Harmattan AI has successfully raised $200 million (€171.2 million) in a Series B funding round led by the strategic industrial giant Dassault Aviation and Bpifrance. This capital increase follows previous rounds from FirstMark Capital, W Ventures, and Atlantic Labs, marking a definitive shift toward French and European strategic ownership. The strategic rationale for the partnership centers on the development of embedded AI for the future Rafale F5 and accompanying UCAS (Unmanned Combat Air Systems). Harmattan AI’s technology will provide the autonomous decision-making required for unit control without on-board pilots. The funds are earmarked for a massive industrial scale-up, including a move to a new production facility near Orly to meet a combined backlog of over 4,000 units for French and British forces. This rare alliance between a major aeronautics group and a disruptive startup structures the future of sovereign French combat cloud and autonomous warfare.

UUDS completed its first-ever Management Buy-Out (MBO) with Capza taking a majority stake. This primary LBO allowed the founder to hand over majority control while retaining a minority stake alongside CEO and key managers. The transaction was supported by a senior debt package arranged by a pool of major French banks with a leverage of less than 4x EBITDA. The financing includes a dedicated CAPEX line to fund future acquisitions, following the successful integration of Satys' cabin division. This deal aims to propel UUDS past the EUR100 million revenue mark in 2025 by capitalizing on the booming demand for premium cabin retrofitting.

Indra Group has reached an agreement with the CPS Group to acquire 100% of Wake Engineering’s UAS technology and assets. This strategic move is designed to accelerate Indra's response to the Spanish Ministry of Defence's Special Modernization Program (PEM), which envisages the supply of 49 medium-range Class-I UAS, including VTOL-capable platforms. The strategic rationale focuses on integrating Wake’s flight-proven VTOL capabilities into Indra’s existing TARSIS tactical drone family. This technological synergy allows for a common avionics base, reducing maintenance costs and enhancing interoperability across different branches of the armed forces. Beyond domestic programs, the acquisition positions Indra to compete for the €800 billion ReArm Europe plan, where VTOL solutions are increasingly prioritized for naval and border surveillance. The deal was supported by legal advisors Pérez-Llorca (for Indra) and Selier Abogados (for CPS/Wake), with Alvarez & Marsal providing financial due diligence.

Loar Group acquired 100% of LMB Aerospace from a consortium led by Tikehau Capital (Aero Fund), Amundi, and IDIA Capital Investissement. The transaction represents a significant multiple for Tikehau (>2.5x MOIC), doubling the entry valuation from 2021. The deal was financed via an incremental term loan provided by Blackstone. Despite initial concerns regarding industrial sovereignty and opposition from the French DGA (Directorate General of Armaments), the French Ministry of Economy authorized the sale in late 2025.

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.

FAE Technology S.p.A. has completed the first closing for the acquisition of 100% of the share capital of Kayser Italia S.r.l. and Kayser Space Ltd. This transaction officially marks the launch of the FAE Technology Space Division, a new business unit dedicated to supporting space exploration and microgravity research. The integration aims to combine Kayser’s specialist aerospace expertise with FAE’s industrial and technological infrastructure to serve the growing demand for LEO infrastructure and orbital services. The strategic rationale is to position FAE as a primary Italian player in the New Space Economy, bridging the gap between standard industrial electronics and mission-critical space hardware.

Arcline Investment Management has entered into a definitive agreement to acquire 100% of Novaria Group from KKR in an all-cash transaction. The deal marks a full exit for KKR, which had supported Novaria's rapid expansion since 2020. The strategic rationale for Arcline is to leverage Novaria as a premier platform for further consolidation in the highly fragmented aerospace component market. The transaction comes at a period of robust demand for commercial air travel and a significant ramp-up in OEM build rates (Boeing MAX, 777, and Airbus platforms). Arcline intends to partner with the existing management team, led by founder Bryan Perkins, to continue executing a strategy of innovation and niche acquisitions. The deal was advised by Guggenheim Securities (Financial) and Ropes & Gray LLP together with Paul Hastings LLP (Legal).

Artá Capital has reached an agreement to acquire 100% of the share capital of Aviaction from Buenavista Equity Partners, marking the latter’s full exit after a six-year holding period. Since 2019, Buenavista transformed the business from a niche cabin specialist (AIRE) into a diversified MRO leader through the strategic acquisitions of Air Clean Textil and Servitec. This successful buy-and-build phase allowed Aviaction to double its revenues to nearly €27 million by the end of 2024. The strategic rationale for Artá Capital is to utilize Aviaction as a primary platform to further consolidate the fragmented Spanish aircraft maintenance sector. The firm intends to support the existing management team, led by CEO Juan Antonio Carrasco, in expanding technical capabilities and opening new workshops. This transaction represents the fourth investment for Artá Capital Fund III. The deal was supported by Deloitte Corporate Finance (Financial & Debt) and Eversheds Sutherland (Legal) for the buyer, while Greenhill Mizuho and Addleshaw Goddard advised the seller.

Sodero has successfully acquired a minority stake in Coraxes to accelerate the company’s industrial scale-up and support its ambitious "2030 Roadmap". Sodero joins the company's existing historical private equity shareholder, perfectly aligning to provide robust financial backing. A notable aspect of this capital reorganization is the inaugural opening of the shareholding structure to the company's broader employee base, deeply aligning the workforce with the firm's strategic objectives. The primary rationale underpinning this partnership is to successfully finance upcoming heavy industrial investments, modernize production capabilities, and actively prepare a dedicated external growth campaign aimed at systematically doubling Coraxes's operational scale in the coming years.

THEON International has acquired 100% of Kappa Optronics. The acquisition aligns with THEON's strategy to expand its product portfolio into "Platform-based" optronics (cameras mounted on vehicles/aircraft) and strengthens its industrial footprint in Germany, following previous investments in Harder Digital and Andres Industries.