At what enterprise value was WAKE ENGINEERING acquired in 2025?

You can find the full valuation details of WAKE ENGINEERING on mynth capital. The transaction's Enterprise Value is estimated to be in the range of 10M - 30M 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 WAKE ENGINEERING when it was acquired by INDRA GROUP?

The exact EV/EBITDA multiple for WAKE ENGINEERING is available on mynth capital. 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 WAKE ENGINEERING acquired by INDRA GROUP?

WAKE ENGINEERING was acquired by INDRA GROUP in 2025.

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 WAKE ENGINEERING 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 WAKE ENGINEERING 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.edrmagazine.eu/indra-group-acquires-wake-engineerings-unmanned-aerial-systems-technology-to-enhance-its-vertical-take-off-capabilities

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Home Database Industry & ManufacturingWAKE ENGINEERING

12/2025

WAKE ENGINEERING acquired by INDRA GROUP

SPAIN Aerospace, Naval & Defense / Electronics EV 10M - 30M EUR

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 LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with 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.

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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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2024

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REFERENCES

Valuation range: EV 10M - 30M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of WAKE ENGINEERING by INDRA GROUP 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).