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M&A

THIFAN INDUSTRIE

Acquired by

GROUPE RIVOLIER

FRANCE Aerospace, Naval & Defense REV [1m EUR - 100m EUR] 04/2026

Target

THIFAN INDUSTRIE

Acquirer

GROUPE RIVOLIER

Context

Groupe RIVOLIER completed the acquisition of THIFAN INDUSTRIE to integrate specialized ammunition manufacturing capabilities and secure key ballistic intellectual property. This transaction allows the buyer to become the owner of the renowned Sauvestre brand and its associated BFS and FIP technologies, which are considered industry standards for hunting projectiles. The rationale for the deal is rooted in the buyer's broader industrial strategy to reinforce its "Made in France" positioning and contribute to national sovereignty by internalizing the production of critical components within the shooting and defense supply chain. Following previous acquisitions of firearms manufacturers and cartridge producers, this deal completes the group's technical offering, enabling it to provide a fully integrated solution of weapons and high-performance ammunition. The buyer intends to support the target's international growth while maintaining the high-quality standards established at the Saint-Doulchard production site.

Target

THIFAN INDUSTRIE operates as a specialized French manufacturer of ammunition, maintaining a historical production base in Saint-Doulchard. The business model is centered on the design and industrial production of high-performance projectiles and cartridges tailored specifically for the hunting and sport shooting markets. The firm is recognized for its technical mastery of advanced ballistic technologies, notably holding the proprietary rights to specialized arrow-bullet systems such as the Sauvestre Arrow Bullet (BFS) and the Internal Range Arrow (FIP). These technologies distinguish the company in the market by offering superior precision and terminal ballistics compared to standard ammunition. The entity manages the full production cycle from technical development to manufacturing, positioning itself as a key industrial player in the French small-caliber munitions sector with a reputation for quality and technological innovation.

Ent. Value

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Equity Value

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Multiples Analysis

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

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2023
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2022
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Other operations with THIFAN INDUSTRIE