Stirling Square Capital Partners, a pan-European mid-market private equity firm, has acquired AD Industrie, a French manufacturer of complex, critical sub-assemblies and components for the aerospace, defence and energy markets.
AD Industrie was acquired for an undisclosed amount from majority owner Ingefin (a family holding company), and minority investors BPI France and GE Capital.
AD Industrie is headquartered in Paris and generates revenues in excess of EUR200 million. It employs more than 1,500 people across manufacturing facilities in France, Tunisia, and Morocco.
Since its creation in 2004, AD Industrie has developed unique capabilities in machining, sheet metal work, welding, heat treatment for large mechanical parts, complex forming, high-tech composite parts and hydraulic components.
As part of the transaction Stirling Square has appointed Evrard Willemaers to the position of CEO. With more than 15 years of experience in aerospace, Willemaers joins AD Industrie from Precision Castparts Corporation Europe where he spent nine years in various senior management positions.
Julien Horreard, of Stirling Square, says: “This is a classic primary investment for Stirling Square, with the potential to institutionalise the business whilst continuing to pursue organic growth and international M&A. We are delighted to partner with Evrard and the deeply experienced AD Industrie management team, and look forward to supporting the company in its expansion beyond France.”
Willemaers adds: “AD Industrie has become a leading supplier of high precision engineered parts and sub-assemblies for aircraft, helicopter and engine original equipment manufacturers. This announcement marks the beginning of another exciting chapter in the history of the company. Stirling Square has significant experience in supporting businesses with international growth ambitions and a proven track record in the aerospace sector.”
The transaction represents the sixth platform investment in Stirling Square’s third fund.
