Officina Stellare bets on rare-earth-free motors with the acquisition of Mavel.
The Vicenza-based company specialized in the design and production of mission-critical technologies in the Space, Aeronautics, Defense Systems, Naval, and Cybersecurity sectors and listed on Euronext Growth Milan has announced the acquisition from MEH22 S.r.l. of 100% of Mavel.
The latter is active in the design, production, and sale of electrification technologies and rare-earth-free motors for the aerospace and defense sector, with applications for avionics systems, underwater systems, and unmanned systems.
The operation, whose completion is expected by October 2026, aims to strengthen the group’s expertise in the aerospace and defense sectors, following the business combination with Global Aerospace Technologies Group, finalized in early June 2026. Following the completion of the operation, Andrea Bonomi’s Investindustrial fund (pictured) holds 59.4% of Officina Stellare’s capital.
All the details.
TERMS OF THE OPERATION
Therefore, Officina Stellare will acquire 100% of Mavel to expand its technological expertise. The Vicenza-based company defined the value of the operation as “not significant,” therefore it did not disclose the amount.
The consideration will be settled approximately 80% in cash, through Officina Stellare’s own funds, while the remaining part will be paid through the allocation of newly issued company shares, subject to a lock-up restriction as part of a reserved capital increase.
The completion of the acquisition is subject to the fulfillment of certain conditions precedent, including authorization from the competent authorities pursuant to the golden power legislation. The closing is expected by October 2026.
WHAT MAVEL IS AND WHAT IT DOES
Mavel S.r.l., headquartered in Pont-Saint-Martin, Aosta Valley, operates in the design, production, and sale of electrification technologies and rare-earth-free electric motors for the aerospace and defense sector, with applications in avionics, underwater, and unmanned systems. The company also develops proprietary platforms based on artificial intelligence for the design of complex engineering systems.
THE LATEST FIGURES
As of December 31, 2025, Mavel recorded revenues of 3 million euros, an EBITDA of 1.2 million, a net profit of 700 thousand euros, and a positive net financial position of 100 thousand euros.
STRATEGIC OBJECTIVES OF THE ACQUISITION
According to Officina Stellare, the acquisition represents a further step in the group’s external growth strategy and will allow the integration of expertise in the design and production of electrification systems and rare-earth-free electric motors intended for aerospace and defense applications.
The operation also aims to strengthen the company’s technological positioning, expand the offering of high value-added solutions, and consolidate the value chain, creating new development opportunities in complementary markets.
Added to this is the contribution of proprietary artificial intelligence platforms developed by Mavel, intended for the design of complex engineering systems and considered by Officina Stellare as an element to strengthen the group’s engineering capabilities.
OFFICINA STELLARE’S COURSE
“This operation marks a new milestone in Officina Stellare’s growth path and strengthens the Group’s ability to transform innovation and research into industrial programs, accelerating the development of advanced technologies and the integration of artificial intelligence into our engineering processes,” commented Officina Stellare CEO Alessandro Franzoni.
Echoing this, Giovanni dal Lago, Chairman of the Vicenza-based company, said: “The operation leads to a technological expansion in the highly strategic sector of rare-earth-free electric motors, a particularly strategic sector to ensure the sovereignty of the national supply chain in the aerospace and defense sector.”
To date, the group has seven production plants in Italy, over 540 employees, and in 2025 invested 16 million euros in research and development through six dedicated centers.
FIGURES PROVIDED AT THE CAPITAL MARKETS DAY
Finally, the acquisition of Mavel fits into Officina Stellare’s expansion path outlined during the Capital Markets Day held last June 25. On that occasion, the group announced a record pro-forma backlog of 191.9 million euros at the end of May 2026, up from 163.1 million euros at the end of 2025 and 131.2 million euros recorded at the end of 2024. The figure takes into account the integration of Global Aerospace Technologies Group, the holding company controlling Logic, specialized in the design and production of advanced electronic and electromechanical systems for aerospace and defense, and Sitep Italia, active in the development of advanced electronic systems for naval defense.
The group also highlighted growth in orders acquired, amounting to 131 million euros in 2025, with a book-to-bill ratio of 1.3 times, while the increase in the order portfolio in the first five months of 2026 was mainly driven by the Space, Aeronautics, and Defense sectors.
Economically, Officina Stellare closed 2025 with a pro-forma production value of 98.8 million euros, an adjusted EBITDA of 17.8 million euros, an adjusted net profit of 4.4 million, and a positive net financial position of 30 million euros.
