Activity :
Other
Customer :
Tethys
Acquirer :
Abenex
Advice :
Paul Bougnoux, Thomas Bureau, Maxime Fournely, Jean-Baptiste François
About Largillière Finance
With offices in Paris, Nantes, Brussels and Geneva, Largillière Finance is an independent investment bank dedicated to assisting managers and shareholders of small and medium-sized companies with their capital transactions: company sales and acquisitions, financing (capital and/or debt), financial engineering (valuation, etc.) and financial strategy.
LBO/MBO/OBO - 2026
Abenex has announced the acquisition of a majority stake in Tethys (revenues: €10 million), a specialist in pyromechanical systems for critical applications, alongside the management team and Bpifrance. The objective is to accelerate Tethys’ development in France and internationally, across markets driven by increasing investment in the defense, space and energy sectors.
In this transaction, Largillière Finance acted as M&A advisor to the management team, Tethys’ shareholders and Bpifrance. This marks Largillière Finance’s fifth transaction in the aerospace and defense sector over the past 12 months, following the acquisition of Satys Cabin by UUDS Aéro, the LBO of Coraxes with Sodero and Cita, the sale of KEP Metal Solutions to Tikehau and Aciturri Aeroengines, and the MBO of UUDS Aéro with CAPZA.
Positioned in a niche market with high barriers to entry, and operating in a sector largely dominated by major groups, Tethys stands out through its status as an independent player, a source of agility and strategic attractiveness.
Driven by rising investment in defense, space and critical energy infrastructure, the pyromechanical devices market is experiencing sustained growth momentum. Tethys benefits from strong commercial visibility, supported by long-term programs generating recurring revenues and contracts frequently awarded on a single-source basis for periods ranging from 10 to 20 years.
With the support of Abenex and Bpifrance, Tethys intends to accelerate its growth strategy along several key pillars, notably through a significant expansion of its industrial capabilities via the extension of its production site, the development of business prospecting activities in France and across Europe, and the continuation of an active external growth strategy aimed at positioning Tethys as an independent European leader in pyromechanics.
The management team, led by Philippe Saussol, is also making a significant reinvestment alongside Bpifrance as part of the transaction.
Philippe Saussol, Chairman of Tethys :
“The arrival of Abenex marks a new phase of development for Tethys. Their operational approach, entrepreneurial DNA and ability to mobilize the right expertise were decisive factors in our decision. The Largillière Finance team was a highly committed partner from the initial reflection phase through to the selection process. Their deep understanding of both our company culture and the challenges specific to our market within the defense sector enabled them to introduce highly relevant potential investors.”
Paul Bougnoux, Chairman and Co-Founder of Largillière Finance :
“The Largillière Finance team is very pleased to have supported Tethys’ management team and Bpifrance in this transaction in the defense sector, where we have recognized expertise. The implementation of an in-depth competitive process enabled us to identify a leading financial partner, perfectly aligned with management’s ambitions.”
With more than 40 employees, a strong international presence and nearly 30 operations in 2024, Largillière Finance confirms its leader position in small and midcap in France.
Investment Bank: "Best growth dynamic": Golden Trophy 2025 Investment Bank: "Best M&A (small to mid) team": Special Mention 2025
Leading
Excellent
Highly Recommended
About Largillière Finance
With offices in Paris, Nantes, Brussels and Geneva, Largillière Finance is an independent investment bank dedicated to assisting managers and shareholders of small and medium-sized companies with their capital transactions: company sales and acquisitions, financing (capital and/or debt), financial engineering (valuation, etc.) and financial strategy.
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