Tikehau Ace Capital buys PCB manufacturer Elvia

The deal will be completed through Ace Capital's Ace Aero Partenaires fund, a spokesperson confirmed. The vehicle held a first close in July 2020 on EUR 630m with hopes to reach a total size of at least EUR 1bn. The fund targets investments designed to support the aeronautics industry. Airbus, Safran, Dassault and Thales jointly committed EUR 200m, while the French state committed EUR 200m, including EUR 50m from BPI France. Tikehau Capital invested EUR 230m from its own funds. 

Tikehau Ace Capital is a wholly owned subsidiary of Tikehau Capital that raises its own funds, said a spokesperson. Tikehau bought Ace Management in December 2018. 

A spokesperson said that M&A is part of the overall expansion plan, on top of organic growth. 

The transaction is expected to close in the first half of 2022. Its president and controlling shareholder, Bruno Cassin, will retain a seat on the board.

Company
Founded more than 40 years ago and headquartered in Coutances, Normandy, Elvia manufacturers electronic printed circuit boards for the aerospace, defence, automotive, industrial, medical, railway and telecoms sectors.

Elvia has 450 employees split across five specialised production sites throughout France, and sells to 200 clients globally. It has a turnover of EUR 60m, which Ace says makes it the largest circuitboard manufacturer in France.

People
Tikehau Ace Capital – Marwan Lahoud (executive chairman).
Elvia – Bruno Cassin (president and CEO).

Advisers
Company – Financiere de Courcelles (M&A).

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