Equistone sells EuroAvionics to Hensoldt

Oscar Geen
15 May 2017

Tweet
Facebook
LinkedIn
Google plus
Send to

Equistone Partners Europe has sold its majority share in civil aviation systems provider EuroAvionics to Hensoldt, a spinout from Airbus Group.

Details of the transaction were not disclosed. However, Equistone reported an increase in turnover from €14m in 2012 to €20m currently, and an increase in staff from 40 to 110 over the same time period.

Under Equistone's management EuroAvionics has made acquisitions in the UK (Aerotech UK) and the US (LCX Systems) and created the EuroAvionics US and EuroAvionics UK divisions. The business specialises in unmanned flight and brought a multicopter drone to the market at the start of 2017.

Hensoldt is mainly concentrated on the security and defence aviation markets and will expand its product and service portfolio through the acquisition.

The transaction is expected to close before the end of Q3 2017.

Previous funding
Equistone acquired an 84% stake in EuroAvionics in July 2012 for an undisclosed sum, tapping its €1.5bn vehicle Equistone Partners Europe Fund IV for the capital.

Company
Founded in 1993 and based in Pforzheim, EuroAvionics now also has offices in the UK and the US, and employs 110 people. The company designs, develops and manufactures civil certified avionics systems for aviation companies. These systems are predominantly used by operators engaged in air rescue, reconnaissance, fire-fighting and police services. The firm generated a turnover of €20m in 2016.

People
Equistone Partners Europe – Peter Hammermann, Alexis Milkovic (partners); Maximilian Göppert (investment manager).

Advisers
Equity – Lincoln (corporate finance); P+P Pöllath + Partners (legal); KPMG (financial due diligence); PwC (tax); Dechert (legal).