Ace Management et al. invest €50m in Mecachrome

The transaction is backed by the main shareholder, Ace Management, through a dedicated fund combining the holdings in Mecachrome of the Aerofund funds and the Fonds de solidarité FTQ, and by BPI France, the group's historical shareholder.

Alongside the financing in equity, the company has benefited from a state-guaranteed loan from its banks to secure its cash flow requirements with a financing of €60m.

The aerospace industry is still reeling from the effects of the Covid-19 crisis. The investors stated that the capital injection and loan would enable Mecachrome to accelerate its transformation plan to position itself ahead of the expected recovery of the sector.

Ace Management invested in Mecachrome as part of a turnaround in 2009, a deal that also included investments from FTQ and FSI.

Company
Founded in 1937 and headquartered in Amboise, Mecachrome is a manufacturer of complex mechanical parts for aircraft structures and aeronautic and automotive engines. It has 13 production sites worldwide and employs 2,800 people.

People
Mecachrome – Christian Cornille (CEO); Christophe Klieber (CFO).
Ace Management – Guillaume Benhamou (managing partner).
BPI France – Eric Lefebvre (member of the management committee of BPI France Capital Développement); Stanislas de Tymowski (investment director); Aurélien Auvray (investment manager); Pierre-Yves Denez (deputy legal director).

Advisers
Company – Gibson, Jean-Pierre Farges, Amanda Bevan-de Bernède (legal); 8 Advisory, Pascal Raidron, Shafik Hosni, Edouard Dutheil, Julien Léauté (corporate finance).
Equity (Ace Management) – Cabinet Goodwin, Céline Domenget-Morin, Thomas Dupont-Sentilles, Arnaud David (legal).
Equity (BPI France) – Willkie Farr & Gallagher, Alexandra Bigot, David Lambert, Batiste Saint-Guily (legal).

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• Topics
• Restructuring
• Industrials
• Expansion
• France
• France
• BPI France
• Tikehau Capital
• ACE Management
• coronavirus