THE CHAMPION GSE acquired by DEDIENNE AEROSPACE

MBDA has completed the acquisition of the 50% stake held by Safran in Roxel, making the tactical propulsion leader a 100% subsidiary of the MBDA Group. The transaction, finalized on December 19, 2024, and announced in January 2025, marks a significant shift from the joint venture structure established in 2003. Roxel will remain an autonomous entity, continuing to fulfill its contracts with other system integrators and pursuing export opportunities. The strategic rationale for the deal is driven by the urgent need to increase production cadences in a "war economy" environment. Full ownership allows MBDA to better synchronize industrial cycles between missile airframes and their propulsion systems, while accelerating R&D in solid propulsion technologies. This vertical integration is intended to strengthen MBDA’s resilience and industrial sovereignty in France and the UK. The deal was completed following months of strategic positioning, as MBDA sought full control of this essential sovereign asset to manage its massive backlog and future development programs.

PAI Partners and ADIA completed the acquisition of a majority stake in Alvest from Ardian. The incumbent sponsor, Ardian, retains a minority stake, and the founders and management team significantly reinvested in the transaction. This new ownership structure is designed to fund Alvest's next expansion phase, with a heavy emphasis on technological innovation: accelerating the deployment of electric GSE fleets, developing autonomous ground vehicles, and expanding high-margin services such as predictive maintenance and leasing solutions.

Ardian Growth entered into a partnership the management team of JPB Systeme through a minority equity investment. This primary transaction is designed to provide the company with the financial and strategic resources necessary to accelerate its international expansion and sustain its high-paced innovation strategy. The partnership focuses on consolidating JPB Systeme's leadership in its historical aerospace markets while supporting the commercial deployment of its Industry 4.0 innovations, such as Keyprod and Boltrakk. Ardian will leverage its global network to support the group's organizational scaling and its expansion into new industrial segments, aiming to reinforce the company's position as a strategic partner for the world's leading engine manufacturers.

Crane has successfully finalized the acquisition of 100% of Vian Enterprises, integrating the organization into its Fluid Solutions division within the Aerospace & Electronics segment. This strategic transaction is designed to significantly expand the group's portfolio of mission-critical aerospace flow control products, particularly in the lubrication and thermal management segments. The strategic rationale centers on the target’s sole-sourced and proprietary content on the most attractive and highest-volume commercial and military aircraft platforms currently in service. By incorporating the target’s specialized lubrication pump technology, the group strengthens its competitive positioning for future content opportunities on next-generation engines and power units. The partnership is expected to be immediately accretive to segment margins, leveraging a massive existing order backlog that provides technical durability for the combined platform. This integration allows for substantial industrial synergies in research and development and supply chain management, reinforcing the group’s standing as a primary technical partner for global aerospace OEMs. This acquisition highlights the group's commitment to inorganic growth through disciplined financial and strategic criteria.

Adagia Partners and Bpifrance entered exclusive negotiations to acquire ADHETEC from Alvest. The transaction aims to support management in its international expansion and to transform ADHETEC into a consolidation platform for customized protection and decoration products in the aerospace sector.

OpenGate Capital has completed the acquisition of ScioTeq from the American aerospace conglomerate TransDigm Group. This transaction follows a strategic decision by the seller to refocus on its core aerospace components. The carve-out allowed ScioTeq to become an autonomous entity after years of integration within larger groups (Barco, then Esterline, then TransDigm). The strategic rationale was based on restoring the operational agility of the Belgian specialist while maintaining its privileged access to the US market via its Georgia facilities. Following the acquisition, a value creation plan was implemented to accelerate product innovation in mission displays and optimize the cost structure, positioning ScioTeq as an ideal consolidation platform within the European defense electronics landscape.

The Carlyle Group signed a binding agreement to acquire 100% of Forgital from the family (83%) and Fondo Italiano d’Investimento (17%). The valuation reflects the group's critical position in the aerospace supply chain. The transaction allowed NB Aurora to generate a significant capital gain, receiving ~EUR50M from a carrying value of EUR21M. The deal was subject to Antitrust and Golden Power approvals in Italy and France due to the strategic nature of Forgital's technology.

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.

Ardian acquired a majority stake in Revima from Argos Wityu, which had held the company since 2017 and reinvested a portion of its proceeds to remain a minority shareholder. The management team also increased its stake. The financing package included a unitranche debt provided by Permira and Tikehau IM, with a leverage slightly exceeding 4.0x EBITDA. The strategic roadmap includes the construction of a new site in Thailand and the finalization of two bolt-on acquisitions in engine part repair and predictive maintenance.

Sagard, in partnership with Bpifrance, won the competitive auction to acquire Sabena Technics from the Marchais family (TAT Group), outbidding Air France-KLM, TowerBrook, and Chequers Capital. The sale process was managed by Financiere de Courcelles and led by former Airbus CEO. The deal marks a strategic exit for the Marchais family after 13 years of ownership, while providing Sabena with the institutional backing to consolidate its position in the European MRO market.