At what enterprise value was TETHYS acquired in 2026?

During the acquisition of TETHYS by ABENEX / BPIFRANCE in 2026, 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 20M - 50M 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 11.2x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of TETHYS when it was acquired by ABENEX / BPIFRANCE?

The estimated EV/EBITDA multiple for TETHYS is in the range of 5x - 12x. For comparison, the Industry & Manufacturing sector currently shows an average EBITDA multiple of 11.2x. Join our community for free to access full valuation data and industry trends.

When was TETHYS acquired by ABENEX / BPIFRANCE?

TETHYS was acquired by ABENEX / BPIFRANCE in 2026.

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

The revenue of TETHYS at the time of the deal is estimated to be in the range of 5M - 25M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of TETHYS during the acquisition?

TETHYS's EBITDA is estimated to be in the range of 0M - 5M 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 TETHYS 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 TETHYS 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.abenex.com/fr/publications/abenex-acquiert-tethys

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Home Database Industry & ManufacturingTETHYS

05/2026

TETHYS acquired by ABENEX & BPIFRANCE

FRANCE Aerospace, Naval & Defense / Electronics EV 20M - 50M EUR

Context

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 (11.2x).

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.

-> Deep-dive in Industry & Manufacturing market trends

Target

Tethys, established in 2004, is a recognized European specialist in the design, assembly, and production of pyromechanical systems and components for critical applications. The company operates within a highly specialized niche market characterized by demanding reliability standards and significant barriers to entry. Its core business serves major industrial clients in the defense, aerospace, and security sectors, including prominent names such as MBDA, Naval Group, ArianeGroup, and Safran. The company distinguishes itself from larger, vertically integrated corporations and consortiums by its position as an agile and independent player, which enhances its strategic value and attractiveness to partners. Tethys’s business model is built on securing long-term industrial programs, where it often serves as the exclusive "single source" provider. These contracts typically span ten to twenty years, ensuring a high degree of revenue recurrence and long-term commercial visibility. The company's expertise is crucial for systems where absolute operational success is non-negotiable, cementing its role as a key supplier within the European industrial base for strategic technologies. Its operations are based in the Var region of France.

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REFERENCES

Valuation range: EV 20M - 50M EUR

Revenue range: 5M - 25M EUR

EBITDA range: 0M - 5M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of TETHYS by ABENEX / BPIFRANCE 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).

Press release: view release

Target: tethys

Acquirer: abenex / bpifrance