Secondary Buyout • Aerospace

LBO France Acquires Alvest

On March 14, 2013, asset manager LBO France acquired aerospace company Alvest from Indigo Capital, Equistone and Ardian

Acquisition Context
  • This is LBO France’s 1st transaction in the Aerospace sector.
  • This is LBO France’s 45th transaction in France.
Investment Fate
  • Alvest was sold to a consortium of financial buyers in 2015.
  • Alvest was sold to a consortium of financial buyers in 2017.
  • Alvest was sold to a consortium of financial buyers in 2025.

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M&A Deal Summary

Date March 14, 2013
Target Alvest
Sector Aerospace
Buyer(s) LBO France
Sellers(s) Indigo Capital
Equistone
Ardian
Deal Type Secondary Buyout

Target Company

Alvest

Paris, France
Alvest designs, manufactures, and distributes technical products for the aviation industry, which include aviation ground support equipment, spare parts and services, and technical adhesives and markings for the aerospace and industrial markets. Alvest was founded in 2006 and is based in Paris, France.
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Buyer Overview 1

Buyer

LBO France

Paris, France

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1985
PE ASSETS 5.4B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

LBO France is an independent private equity group focused on acquiring majority stakes in French firms, or companies with French management. LBO France manages several funds, each targeting different types of businesses. The Firm's mid-market fund looks to acquire majority or minority stakes in companies valued from €100 million to €2.5 billion. The mid-market fund generally looks at companies with predictable sales, profits and cash flow, but will also consider businesses with under-utilized assets. LBO France's small cap fund targets majority stakes in smaller, profitable businesses valued from €10 to €100 million, with strong potential for growth or consolidation. In addition to its equity funds, LBO France also invests in real estate and provides LBO loans issued by medium-sized European companies (enterprise value between €150m and €2bn). LBO France was formed in 1985 and is based in Paris.


Deal Context for Buyer #
Overall 53 of 91
Sector: Aerospace 1 of 1
Type: Secondary Buyout 24 of 35
Country: France 45 of 75
Year: 2013 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-14 Mazarine

Paris, France

Mazarine is a communication agency dedicated to luxury and premium brands. It provides a variety of communications services for luxury brands, advising on digital strategy, advertising campaigns, product design, and large event planning. Mazarine was founded in 1992 and is based in Paris, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-09 Ideal Residences

Paris, France

Ideal Residences is an independent player specialising in the management of nursing homes for convalescing and elderly individuals. Ideal Residences was founded in 2005 and is based in Paris, France.

Sell -

Seller Profiles 3

SELLER

Indigo Capital

London, United Kingdom

Category Mezzanine Finance Firm
Founded 1990
PE ASSETS 1.6B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Indigo Capital is a provider of mezzanine capital to help fund buyouts, corporate acquisitions, expansions, and recapitalizations. Indigo typically invests alongside other private equity firms, however the Firm invests independently as well. Indigo is active throughout Europe and looks to commit €10 to €100 million per transaction. Indigo is sector agnostic and generally backs businesses with 'established market positions, strong, ambitious and incentivized management and attractive growth prospects.' Indigo Capital raised its first fund in 1990. The Firm has offices in London and Paris.


Deal Context for Seller #
Overall 25 of 41
Sector: Aerospace 1 of 1
Type: Secondary Buyout 12 of 23
Country: France 8 of 16
Year: 2013 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-13 Shearings Holidays

Wigan, United Kingdom

Shearings Holidays Ltd. is a specialising in escorted tours and operation of resort hotels. Shearings operates a fleet of 250 coaches and a chain of 50 resort hotels.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-19 European Cargo Services

Roissy, France

European Cargo Services is a broker representing airlines for the sale of air cargo capacity to freight forwarders. ECS also undertakes two complementary activities: handling (stock and preparation of goods before shipment) and chartering. European Cargo Services was founded in 1998 and is based in Roissy, France.

Sell -
SELLER

Equistone

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 9.6B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Equistone is a private equity firm that invests in small to mid-sized companies valued from €50 to €500 million. Equistone targets companies operating in the fields of services, healthcare, financial services, and consumer/travel. The Firm looks to invest €25 to €200 million in a variety of transactions, including buyouts, growth capital financings, recapitalizations, and take privates. Equistone was formed in 1997 and is based in London, United Kingdom.


Deal Context for Seller #
Overall 116 of 206
Sector: Aerospace 1 of 2
Type: Secondary Buyout 53 of 96
Country: France 36 of 62
Year: 2013 5 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-11 Tekfor

Hausach, Germany

Tekfor engages in the development and production of pioneering solutions for transmissions, engines, drivelines, special applications, and safety fasteners. Tekfor Holding GmbH has nine manufacturing facilities across Germany, the US, Brazil, Mexico, and Italy. Tekfor is based in Hausach, Germany.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-19 European Cargo Services

Roissy, France

European Cargo Services is a broker representing airlines for the sale of air cargo capacity to freight forwarders. ECS also undertakes two complementary activities: handling (stock and preparation of goods before shipment) and chartering. European Cargo Services was founded in 1998 and is based in Roissy, France.

Sell -
SELLER

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €1 billion per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


Deal Context for Seller #
Overall 66 of 248
Sector: Aerospace 2 of 3
Type: Secondary Buyout 26 of 94
Country: France 33 of 117
Year: 2013 6 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-11 Tekfor

Hausach, Germany

Tekfor engages in the development and production of pioneering solutions for transmissions, engines, drivelines, special applications, and safety fasteners. Tekfor Holding GmbH has nine manufacturing facilities across Germany, the US, Brazil, Mexico, and Italy. Tekfor is based in Hausach, Germany.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-09 Duplomatic

Parabiago, Italy

Duplomatic is a producer of hydraulic valves, pumps, and oil-pressure activated systems which are mainly utilised in industrial applications for industries such as energy, machine tools, construction machineries, rubber and wood industry as well as naval and agricultural industry. Duplomatic was established in 1952 and is based in Parabiago, Italy.

Sell -

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