Joining forces in the aerospace industry
Akzo Nobel has acquired the French aerospace coatings manufacturer Mapaero
Mapaero, a French aerospace coatings manufacturer, has joined AkzoNobel N.V., a leading global paints and performance coatings company.
Established in 1992 and specialized in sustainable water-based and advanced eco-friendly products for aircraft coatings and paintings, Mapaero operates a production facility in France and has sales offices in the UK, Germany, USA and Hong Kong. With 140 employees, the group produces between 400 and 500 references, divided into four categories: aircraft structure, interior, exterior and special coatings. Mapaero excels in structure and cabin interior coatings.
AzkoNobel’s expertise has set the standard in color and protection in the paints and performance coatings industry since 1792. Its world class brand portfolio includes Dulux, International, Sikkens and Interpon. Headquartered in the Netherlands, AkzoNobel is active in more than 150 countries and employs around 34,500 people. This transaction will create synergies and will further strengthen AkzoNobel’s global position in aerospace coatings, notably in the structural and cabin coating sub-segments.
We are very excited about this integration process with AkzoNobel, whose experience and engagement will be a real asset to Mapaero’s development, and we are looking forward to this new chapter for our company. Thanks to Oaklins’ support in France and abroad, from its office in California to the team in the Netherlands, we have been able to complete this transaction. Special thanks to the team in Toulouse!ERIC RUMEAU, CEO, MAPAERO, FRANCE
Market trends & Deal drivers
Despite the 737Max issue and a hardening regulatory environment, the market for A&D coatings is growing and will remain this way for some years. This growth is fueled by the ramping-up production of new aircraft and in-service fleet maintenance needs. The fierce competition between airlines to attract and retain customers leads them to invest more effort and money in cabin design, and to renovate interiors more often in order to remain up-to-date. This is very good news for cabin coating suppliers to address the specific needs of this particular market, involving aircraft manufacturers, cabin OEMs and airlines simultaneously.
M&A Valuation aspects
The valuation level for this transaction was not disclosed but exceeded shareholders’ initial expectations. Although valuation EBITDA multiples are generally high for the whole A&D sector thanks to these strong market drivers, significant premiums can be observed for OEMs with design capabilities or products with IP protection. Depending on profitability and growth levels, machined and cast parts usually trade between 6–9x EBITDA, while OEMs can go up to 10–13x. Significant premiums can even be paid on top of that for special niche activities or market positions such as Mapaero’s.
Thanks to Mapaero’s unique position and the very high entry barriers to this market, we benefited from a record level of interest from candidates all over the world — both strategic and financial. While structuring the most attractive transaction possible for the shareholders, this ideal situation allowed us to choose the best industrial projectRAPHAËL PETIT PARTNER OAKLINS, FRANCE
Oaklins found the best partner to develop the business
Oaklins’ aerospace & defense team in France assisted Mapaero and its shareholders throughout the sale process. The team approached investment funds and strategic buyers around the world and structured the most attractive transaction for its client. Oaklins’ A&D specialist team in California supported the transaction and the team in the Netherlands approached and helped with the negotiations with the buyer.
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