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Astorg's Aries Group to offload two subsidiaries – reports

Greg Gille
@unquotenews
14 September 2020

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Beleaguered aerospace sub-contractor Aries Group, owned by French private equity firm Astorg, is looking to sell subsidiaries ACB and Dufieux, according to local reports.

Dufieux, a French designer and builder of large-capacity machine-tools for milling, pocketing and high-speed applications for the aeronautic sector, was placed into receivership by the Grenoble Commercial Court earlier this month, news portal Atlantique Presse Information reported, without citing its source.

The piece claimed that several undisclosed industrial companies are interested in the company.

Dufieux has a headcount of 70 and posted €31.5m turnover in 2015, according to its annual accounts.

Another Aries subsidiary, ACB, is in talks to be acquired by turnaround fund Arcole Industries and PE firm Ace Management, according to another Atlantique Presse Information report. ACB is a Nantes-based hydraulic presses and metal forming machinery manufacturer.

The report cited Benjamin Dierickx, investment director at Astorg, as saying that both bidders would invest equally but Arcole would have the majority of voting rights and would take on the governance. Dierickx added that he aims to reach an agreement by the end of September.

ACB filed for a safeguard process before the Nantes Commercial Court in May, the report mentioned. It generates turnover of €100m with 190 employees.

In 2018, Astorg acquired a majority stake in Aries Alliance, a manufacturer of machine tools, titanium wing structures and engine parts for the aerospace sector, for less than €300m. CEO Eric Guyon and management retained a substantial minority in the business.

As part of the transaction, previous backers including family holding company Phoenix, CM-CIC Investissement, BNP Paribas Développement and Ace Management exited their investments.

Astorg drew capital from the €2.1bn Astorg VI fund to finance the deal. The transaction was supported by senior debt amounting to €80m, with A and B tranches provided by banks BNP Paribas, Banque Populaire du Grand Ouest, LCL and Societe Generale.