Abenex has completed the acquisition of a majority stake in Tethys, a French specialist in pyromechanical systems, through its second small-cap fund. This transaction represents a secondary leveraged buyout, facilitating a complete exit for the previous majority shareholders, which included a group of business angels operating as a search fund and Bpifrance's Definvest fund. The deal was the outcome of a competitive six-month auction process, primarily targeting financial sponsors, which saw Abenex emerge as the successful bidder against other private equity firms. The existing management team, led by President Philippe Saussol, has demonstrated strong confidence in the company's future by reinvesting significantly in the new structure. Bpifrance is also participating in the new chapter by reinvesting through a regional vehicle and its dedicated defense-focused retail fund. The strategic rationale for the acquisition is to accelerate Tethys’s growth trajectory, with the goal of substantially increasing its size over the next five years. Abenex plans to support this expansion by strengthening the commercial team, expanding production facilities, and pursuing a targeted buy-and-build strategy to establish Tethys as an independent European leader in its niche. The investment is underpinned by favorable market dynamics, including rising investment in the defense, space, and critical energy infrastructure sectors.

TETHYS, which reported an EBITDA margin of LOGIN in 2025, 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 (11.0x).

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