News

Paris, France, 20th October 2023: Stirling Square Capital Partners (“Stirling Square”), a pan-European mid-market private equity firm, today announces the sale of its majority stake in AD Industries (the “Company”), a leading industrial group specialising in mechanical, hydraulic and composite engineering for the aerospace industry, to Samvardhana Motherson International Limited (“Motherson”), one of the world’s leading diversified component manufacturing companies for OEMs. The transaction is subject to customary closing conditions and receipt of the required regulatory approvals.

Stirling Square acquired AD Industries in December 2016 via its Third Fund. Since then, Stirling Square has partnered with the Company’s management team to support expansion in Europe and internationally, and deepened AD Industries’ presence among core customers in aerospace & advance systems, energy and medical devices. The Company has evolved from a sub-contractor of build-to-print elementary parts into a recognised manufacturer of complex, high precision engineered parts and sub-assemblies for leading aircraft, helicopter and engine OEMs.

AD Industries has unique capabilities in machining, sheet metal work, heat treatment for large mechanical parts, complex forming, high-tech composite parts and engineered hydraulic components. It also possesses expertise in R&D, design, prototyping and manufacturing of mission-critical equipment. Founded in 2004, it has over 1,100 employees in eleven facilities across France, Morocco and Tunisia.

Julien Horreard, Partner at Stirling Square commented: “AD Industries is a European leader in the manufacture of high precision engineered parts and sub-assemblies serving the aerospace & advanced systems and industrial business segments. We are delighted that Motherson has identified AD Industries as the preferred platform to enable it to enter the aero engine components sector. We are proud to have partnered with CEO Evrard Willemaers and his talented management team to support the business expand internationally and diversify its programme offering to customers - many of the world’s leading aerospace & advance systems OEMs. As we complete our investment journey with AD Industries, we wish the company continued success during this exciting next phase.”

London, 19 December 2016 – Stirling Square Capital Partners (“Stirling Square”), a leading pan-European mid-market private equity firm, today announces the acquisition of AD Industries SAS (“AD Industries” or the “Company”).

AD Industries is a leading French manufacturer of complex, critical sub-assemblies and components for the aerospace, defence, and energy markets. The Company was acquired for an undisclosed amount from majority owner Ingefin (a family holding company), and minority investors BPI France and GE Capital. The Company is headquartered in Paris and generates revenues in excess of €200 million. It employs more than 1,500 people across manufacturing facilities in France, Tunisia, and Morocco.

Since its creation in 2004, AD Industries has developed unique capabilities in machining, sheet metal work, welding, heat treatment for large mechanical parts, complex forming, high-tech composite parts and hydraulic components. The Company possesses market-leading expertise in R&D, design, project management, and manufacturing of complex, critical sub-assemblies and equipment to original equipment manufacturers (including Safran, Rolls-Royce, Airbus, and Dassault, among others).

As part of the transaction Stirling Square has appointed Evrard Willemaers to the position of CEO. With more than 15 years of experience in aerospace, Mr. Willemaers joins AD Industries from Precision Castparts Corporation Europe where he spent 9 years in various senior management positions.

Julien Horreard of Stirling Square commented, “This is a classic primary investment for Stirling Square, with the potential to institutionalise the business whilst continuing to pursue organic growth and international M&A. We are delighted to partner with Evrard and the deeply experienced AD Industries management team, and look forward to supporting the Company in its expansion beyond France”.

Evrard Willemaers added, “AD Industries has become a leading supplier of high precision engineered parts and sub-assemblies for aircraft, helicopter and engine original equipment manufacturers. This announcement marks the beginning of another exciting chapter in the history of the Company. Stirling Square has significant experience in supporting businesses with international growth ambitions and a proven track record in the aerospace sector”.
The transaction represents the sixth platform investment in Stirling Square’s third fund.