Etoile ID, Ace Management back Rafaut

Étoile ID is a subsidiary of the Crédit du Nord bank. Ace Management, which has backed the company since 2015 via its Aerofund III vehicle, reinvested to retain a minority stake.

HLD Europe – a holding company controlled by entrepreneurs Jean-Philippe Hecketsweiler, Jean-Bernard Lafonta and Philippe Donnet – has acquired an undisclosed majority stake in the business.

Owner Jacques Rafaut also reinvested in the business.

According to French publication Capital Finance, senior debt for the transaction was provided by BNP Paribas, Crédit du Nord, Banque Palatine, BIL, and Crédit Agricole Ile-de-France. The deal was also supported by mezzanine debt provided by Kartesia Advisor.

Company
Rafaut, founded in 1940 by current owner Jacques Rafaut's father, produces aerospace equipment for both military and civil aircraft. As a military equipment supplier, it manufactures payload and weapons dropping systems for combat aircraft, and flight control equipment. It also produces other mechanical equipment for civil aircraft and helicopters. The business, based in Villeneuve la Garenne, has a turnover of €50m and a workforce of 140 people.

People
HLD Associés – Jean-Bernard Lafonta (co-founder, partner); Jean-Hubert Vial (partner).
Étoile ID – Florence Guilas (CEO).
Ace Management – Thierry Letailleur (managing partner); Delphine Dinard (investment director).

Advisers
Equity – Invest Corporate Finance (corporate finance); Pretium Partners (corporate finance); Taj (corporate finance); Weil Gotshal & Manges (legal); Arsene Taxand (tax); Deloitte (financial due diligence); Candesic (commercial due diligence).
Vendor – Deloitte (financial due diligence); Veyssade (legal); Orsay Avocats Associes (legal).

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