MBO and Arkéa offload Sira in trade sale

Aequs is an aerospace manufacturing group with headquarters in Belagavi, India. Its acquisition of Sira is part of its strategy to expand into Europe, after setting up operations in the US via the T&K Machine bolt-on in 2015.

The trade sale will mark a full exit for private equity owners Arkéa and MBO Partenaires.

A minority shareholder in Sira since the early 2000s, Arkéa re-invested alongside MBO Partenaires when the latter supported a management buyout in July 2008. The deal saw both investors secure a joint 40% stake in Sira, while CEO Alain Blévin retained 40%.

Since then, Sira has grown by acquiring Ixmeca's three factories in France and Morocco, among other bolt-ons. These were fully financed by the company, without any support from the institutional backers.

According to an unquote" source, a sale scenario for Sira emerged around July 2015. Adamant that a trade sale was the most convenient exit route, Blévin and the two GPs mandated a corporate finance house to set up an auction process for the asset.

Out of a corporate-only pool of suitors, Aequs entered exclusivity towards the end of 2015; Aequs's complementary service sheet and capacity to support Sira's growth plans were key in winning the deal, the same source added.

Company
Created via the merger of Risoud and Sadam in 1998, Sira is an aerospace manufacturer that services Dassault, Safran and United Technologies Aircraft Systems, among other clients.

The business offers precision machining equipment and tests engine, landing gear and aircraft actuation components. Headquartered in Saint-Ouen-l'Aumône, near Paris, the company employs 300 people across five sites; it posted $50m in turnover in 2015.

People
Arkéa Capital Investissement – Marc Brière (managing director).

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