WAKE ENGINEERING acquired by INDRA GROUP
Context
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.
WAKE ENGINEERING, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Industry & Manufacturing sector (11.5x).
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Target
Wake Engineering is a specialized aeronautics firm, previously a division of the CPS Group, dedicated to the design, development, and production of Unmanned Aircraft Systems (UAS). The organization is a niche leader in Vertical Take-Off and Landing (VTOL) technology, boasting flight-proven prototypes designed to operate in restrictive environments such as naval vessels, mountainous terrain, or critical infrastructure lacking traditional runways. Its business model focuses on high-capability intelligence, surveillance, and reconnaissance (ISR) platforms. The entity's technology is designed for seamless integration into complex avionics and mission systems, providing a modular technological base for tactical unmanned solutions. By addressing the specific needs of modern armed forces for versatile and rapidly deployable aerial assets, the firm maintains a strong value proposition in both the military and civilian surveillance sectors.
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REFERENCES
Valuation range: EV 10M - 30M EUR
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