- Mecachrome designs, manufactures and assembles high precision equipment for the aerospace, automotive, defence and energy sectors
- WeAre Group specialises in precision machining for the aerospace and defence sectors
- The new group aims to become of the five largest manufacturers of aerospace parts in Europe
Mecachrome has finalised the purchase of WeAre Group, creating a group that aims to become one of the five largest manufacturers of aerospace parts in Europe.
The new group has a presence in five countries through more than 20 production sites and a workforce of 3,700. It aims to achieve a turnover close to €450 million in 2022 and to reach over €750 million by 2025.
The formation of the group has been backed by Tikehau Capital and Bpifrance, which own a 64.3 percent and 35.7 percent stake respectively.
WeAre Group was previously owned by the Farella family, who held about 84% of the capital before the transaction.
Christian Cornille, CEO of Mecachrome, becomes CEO of the new group and Pascal Farella, CEO of WeAre Group, becomes deputy CEO. Mecachrome and WeAre Group are both based in France, in Amboise and Montauban respectively.
“Mecachrome and WeAre Group are two strategic industrial players in the aeronautics, space, defence and automotive sectors,” said Marwan Lahoud, executive chairman of Tikehau Ace Capital. “By promoting and enabling the combination of their teams, we are pleased to contribute to the consolidation of the European market. We are convinced by the industrial logic and the relevance of this ambitious growth project. The new group is becoming a key player for the future of the sector.”
Tikehau is a pan-European asset manager and investor. It invests across private debt, real assets and private equity. The private equity arm of the firm, Tikehau Ace Capital, has €4.5 billion of assets under management. It looks to invest between €20 million to €150 million in each deal. Paris-headquartered Tikehau Ace Capital focuses on investments in strategic industries and technologies.
“We have been working with Mecachrome for more than 10 years and are proud to contribute to the combination of two leading French aerospace suppliers,” said Eric Lefebvre, director of capital development at Bpifrance. “This landmark transaction will give the new group the necessary assets to meet the challenges of the rapidly changing aeronautical sector thanks to its operational excellence and its capacity for innovation.”
Bpifrance, is the French public investment bank, which is based in Paris.
“The acquisition of WeAre Group is a key step in the history of the French aerospace industry,” said Christian Cornille, CEO of Mecachrome. “With Pascal Farella, we share the same ambition for growth and the same strategic vision of being the European leader in the manufacture of elementary parts and sub-assemblies. Together with shared values such as passion and commitment, we will combine the strengths of both groups to address all of our customers’ present and future needs. I would like to thank the Mecachrome and WeAre Group teams for their support in this integration and I welcome the WeAre Group teams.”