PE-backed Addev Materials bolts on US businesses

This reinvestment by the PE firms aims to give Addev the necessary resources for its development in the aerospace sector in the US.

Tikehau is the lead investor in the transaction and backed Addev via its Growth Equity II fund, which held a first close on €150m in 2018. The fund has a €500m target, according to Unquote Data. 

Growth in the US and in Europe in the past year should allow the company to achieve a turnover of €170m, up by more than 50% over 2019, according to a statement by Tikehau. Following the latest US bolt-ons, Addev Materials employs 700 people.

In April this year, Tikehau and BPI France invested €38m in Addev Materials, acquiring a substantial minority stake in the business. A few weeks later, the GPs announced that the company had acquired UK-based Graytone Group.

Founded in 2006 and based in Lyon, Addev is an industrial company specialised in the conversion and custom cutting of high-performance materials (insulation, technical films, adhesives, foams, etc). The business has facilities both in Europe and North America.

Company
Andpak is a company specialising in the packaging of chemical products for the aerospace industry. Zip-Chem develops and manufactures surface preparation, anti-corrosion, lubricants and cleaning products. The two businesses are based in Morgan Hill.

People
Addev Materials – Julien Duvanel (CEO).
BPI France – Arnaud Legardeur (investment director).

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• Topics
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• Tikehau Capital
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