The Novara-based Mecaer changes ownership: agreement between Pai Partners and Fondo Italiano d’Investimento (Fii, controlled by Cdp).
Fondo Italiano d’Investimento, through the Fondo Italiano Consolidamento e Crescita II fund, and Pai Partners, through PAI Mid-Market Fund II, have signed a binding agreement for the acquisition of 100% of the capital of Mecaer Aviation Group, a company active in the design and production of components, systems, and services for the aeronautical sector.
This was announced today by Fii, a fund led by CEO Davide Bertone and also participated in by banks such as Intesa Sanpaolo, Unicredit, Banco Bpm, and Bper, specifying that the operation involves the purchase of shares held by Fondo Italiano Consolidamento e Crescita, the predecessor fund managed by the same Sgr, and by Stellex Capital Management.
Furthermore, the statement continues, the founding families, gathered in Sbi srl, will reinvest alongside Pai, Fii, Lgt Capital Partners, and the management team, maintaining a stake in the group’s capital. The operation therefore provides continuity in the corporate structure with the direct involvement of the founders, Fii emphasizes.
“The investment of FICC II in Mecaer, together with Pai, following that made by Ficc with Stellex, represents a further commitment by Fondo Italiano to support an industrial excellence of our country that is a global leader,” commented Guido Figliola, partner of Fondo Italiano d’Investimento Sgr.
The completion of the operation is expected by the end of 2026, subject to regulatory approvals.
The shares of the two funds that will control the company have not been disclosed.
All the details.
WHAT MECAER AVIATION IS
As stated on the Fii website, “founded in 1992, Mecaer specializes in the design and production of advanced flight-critical aeronautical equipment systems, including flight controls, actuators, and landing systems, and in providing maintenance and cabin outfitting services mainly for helicopters and business jets, with a significant presence in North America.”
Mecaer was actually born as a spin-off of Agusta, then part of the defense and aerospace giant Finmeccanica, now Leonardo. Headquartered in Borgomanero (Novara), the company has seven production plants including those in Monteprandone (in the province of Ascoli Piceno) and Reggio Emilia, as well as in Canada and the United States, with about 950 employees.
WHAT IT DOES
The aerospace company, currently led by Marco Acca, operates internationally in the development and production of advanced systems and technologies for helicopters, business jets, and general aviation. The activity is mainly divided into two divisions: the first, “Integrated Aircraft Systems,” deals with actuation, flight control, and landing systems; the second, “Aircraft Services,” focuses on cabin interiors and maintenance, repair, and mission customization services (Mro).
THE ENTRY OF THE FUND
It was in 2021 when Fondo Italiano d’Investimento acquired control of Mecaer together with the US fund Stellex Capital, through a capital increase of 100 million euros. Until now, the two investors held about 75.8% of the group through the vehicle Fly One spa, of which the Sgr owns a large majority (67.31%) and the US private equity 32.69%, Bebeez specified last month Bebeez.
THE PREVIOUS CORPORATE STRUCTURE
The remaining capital belonged to Sbi srl with 22.42%, participated by Polinvest srl, attributable to Lorenzo and Maria Elena Caporaletti (children of the former top executive since the start of Mecaer Amadeo Caporaletti) and by Fn investment consulting srl for 1.8%. Bebeez also reports that “the second shareholder of SBI is AAM Advisory Asset Management srl, which owns 20% and is headed by Giovanna Pisciotti, Alessandra and Valerio Pasqua.”
FII AND PAI PARTNERS ACQUIRE 100% OF MECAER’S CAPITAL
Today Fondo Italiano d’Investimento and Pai Partners have signed the agreement to acquire 100% of Mecaer with the goal to “support” its “future growth phase.”
The operation represents the second investment of Pai Mid-Market Fund II, after the acquisition of Orion, and the fourth operation carried out by Fondo Italiano Consolidamento e Crescita II. For Fondo Italiano Consolidamento e Crescita, this is the fourth exit since the start of activity, Fii’s note specifies.
THE STRATEGY
Furthermore, Fii and Pai will support CEO Marco Acca and Chairman Bruno Spagnolini in strengthening the group’s competitive positioning, with the aim of expanding presence on higher value-added platforms, supporting consolidation in the aerospace sector, and accelerating growth in the markets of Italy, the rest of Europe, and North America.
Under the management of the new shareholders, Mecaer has recorded a progressive improvement in economic results. The financial statements as of September 30, 2024, show revenues of 224 million euros, an increase of 26% compared to the 178 million achieved in the previous year, with an operating profit of 14.4 million and a net profit of 9.87 million, up 66%. “Growth has been supported by a combination of organic development and targeted M&A operations,” Fii states.
“Mecaer is a high-quality company, with solid engineering skills and long-term relationships with customers,” said Raffaele Vitale, Partner of PAI’s Mid-Market fund. “We are pleased to support management, Fondo Italiano, and the founding families in the next phase of development.”
