ACE Management's Mecachrome buys Mecahers

Greg Gille
03 January 2012

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Mecachrome, a portfolio company of ACE Management, has wholly acquired aerospace supplier Mecahers.

The acquisition was financed via a €17m capital increase for Mecachrome, subscribed by ACE's Aerofund vehicles as well as FTQ and the FSI. ACE Management and FTQ now each hold a 35% stake in the group's holding, while FSI holds the remaining 30% share.

The move was motivated by the existing synergies between the two businesses. It will allow Mecachrome to operate in Toulouse, near its main clients, and will bolster its low-cost production capacity by expanding in Tunisia.

Previous funding
ACE Management organised the turnaround of Mecachrome in 2009, an operation that also included investments from FTQ and FSI. ACE also held a 30% stake in Mecachers since 2008.

Company
Founded in 1937, Mecachrome designs and manufactures high value-added parts, systems and structural assemblies for a range of industries; these include the aerospace, automotive, motor sports, defense and energy sectors. It forecasts a €225m turnover for 2011, with a 13% EBITDA margin.

Established in 1984, Mecahers is a supplier of technology and parts to the aerospace industry. It is forecasting a €27m turnover for 2011, and currently employs around 200 staff.

People
Xavier Herrmann and Corinne d'Agrain represented ACE Management on the deal.

Advisers
Company - Cabinet Joffe et Associés, Christophe Joffe, Éric Khau (Legal); PricewaterhouseCoopers, Guillaume Rochard, Nicolas Tixier, Julien Sauvard (Financial due diligence); Guillaume Rochard, Fabien Radisic, Jean Philippe Brillet (Tax).