{"id":10962,"date":"2026-05-06T16:57:12","date_gmt":"2026-05-06T14:57:12","guid":{"rendered":"https:\/\/largilliere-finance.com\/?p=10962"},"modified":"2026-05-07T11:03:59","modified_gmt":"2026-05-07T09:03:59","slug":"advised-by-largilliere-finance-tethys-a-specialist-in-pyromechanical-systems-for-critical-applications-welcomes-abenex-as-its-new-majority-shareholder-alongside-its-management-team-and-bpifrance","status":"publish","type":"post","link":"https:\/\/largilliere-finance.com\/en\/advised-by-largilliere-finance-tethys-a-specialist-in-pyromechanical-systems-for-critical-applications-welcomes-abenex-as-its-new-majority-shareholder-alongside-its-management-team-and-bpifrance\/","title":{"rendered":"Advised by Largilli\u00e8re Finance, Tethys, a specialist in pyromechanical systems for critical applications, welcomes Abenex as its new majority shareholder, alongside its management team and Bpifrance"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Abenex has announced the acquisition of a majority stake in Tethys (revenues: \u20ac10 million), a specialist in pyromechanical systems for critical applications, alongside the management team and Bpifrance. The objective is to accelerate Tethys\u2019 development in France and internationally, across markets driven by increasing investment in the defense, space and energy sectors.<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>In this transaction, Largilli\u00e8re Finance acted as M&amp;A advisor to the management team, Tethys\u2019 shareholders and Bpifrance. This marks Largilli\u00e8re Finance\u2019s fifth transaction in the aerospace and defense sector over the past 12 months, following the acquisition of Satys Cabin by UUDS A\u00e9ro, the LBO of Coraxes with Sodero and Cita, the sale of KEP Metal Solutions to Tikehau and Aciturri Aeroengines, and the MBO of UUDS A\u00e9ro with CAPZA.<\/strong><\/p>\n<section class=\"text-token-text-primary w-full focus:outline-none [--shadow-height:45px] has-data-writing-block:pointer-events-none has-data-writing-block:-mt-(--shadow-height) has-data-writing-block:pt-(--shadow-height) [&amp;:has([data-writing-block])&gt;*]:pointer-events-auto [content-visibility:auto] supports-[content-visibility:auto]:[contain-intrinsic-size:auto_100lvh] R6Vx5W_threadScrollVars scroll-mb-[calc(var(--scroll-root-safe-area-inset-bottom,0px)+var(--thread-response-height))] scroll-mt-[calc(var(--header-height)+min(200px,max(70px,20svh)))]\" dir=\"auto\" data-turn-id=\"request-6983493b-fed4-832a-9d6f-d5ca34a79cc8-6\" data-testid=\"conversation-turn-182\" data-scroll-anchor=\"false\" data-turn=\"assistant\">\n<div class=\"text-base my-auto mx-auto pb-10 [--thread-content-margin:var(--thread-content-margin-xs,calc(var(--spacing)*4))] @w-sm\/main:[--thread-content-margin:var(--thread-content-margin-sm,calc(var(--spacing)*6))] @w-lg\/main:[--thread-content-margin:var(--thread-content-margin-lg,calc(var(--spacing)*16))] px-(--thread-content-margin)\">\n<div class=\"[--thread-content-max-width:40rem] @w-lg\/main:[--thread-content-max-width:48rem] mx-auto max-w-(--thread-content-max-width) flex-1 group\/turn-messages focus-visible:outline-hidden relative flex w-full min-w-0 flex-col agent-turn\">\n<div class=\"mt-3 w-full empty:hidden\">\n<div class=\"text-center\">\n<section class=\"text-token-text-primary w-full focus:outline-none [--shadow-height:45px] has-data-writing-block:pointer-events-none has-data-writing-block:-mt-(--shadow-height) has-data-writing-block:pt-(--shadow-height) [&amp;:has([data-writing-block])&gt;*]:pointer-events-auto [content-visibility:auto] supports-[content-visibility:auto]:[contain-intrinsic-size:auto_100lvh] R6Vx5W_threadScrollVars scroll-mb-[calc(var(--scroll-root-safe-area-inset-bottom,0px)+var(--thread-response-height))] scroll-mt-[calc(var(--header-height)+min(200px,max(70px,20svh)))]\" dir=\"auto\" data-turn-id=\"request-6983493b-fed4-832a-9d6f-d5ca34a79cc8-6\" data-testid=\"conversation-turn-182\" data-scroll-anchor=\"false\" data-turn=\"assistant\">\n<div class=\"text-base my-auto mx-auto pb-10 [--thread-content-margin:var(--thread-content-margin-xs,calc(var(--spacing)*4))] @w-sm\/main:[--thread-content-margin:var(--thread-content-margin-sm,calc(var(--spacing)*6))] @w-lg\/main:[--thread-content-margin:var(--thread-content-margin-lg,calc(var(--spacing)*16))] px-(--thread-content-margin)\">\n<div class=\"[--thread-content-max-width:40rem] @w-lg\/main:[--thread-content-max-width:48rem] mx-auto max-w-(--thread-content-max-width) flex-1 group\/turn-messages focus-visible:outline-hidden relative flex w-full min-w-0 flex-col agent-turn\">\n<div class=\"flex max-w-full flex-col gap-4 grow\">\n<div class=\"min-h-8 text-message relative flex w-full flex-col items-end gap-2 text-start break-words whitespace-normal outline-none keyboard-focused:focus-ring [.text-message+&amp;]:mt-1\" dir=\"auto\" tabindex=\"0\" data-message-author-role=\"assistant\" data-message-id=\"3983322a-a75e-4dd7-9083-88aa7e4f55fe\" data-message-model-slug=\"gpt-5-5\" data-turn-start-message=\"true\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden\">\n<div class=\"markdown prose dark:prose-invert w-full wrap-break-word light markdown-new-styling\">\n<p data-start=\"0\" data-end=\"251\" data-is-last-node=\"\" data-is-only-node=\"\">Founded in 2004, Tethys has established itself as a recognized European player in the design, assembly and production of pyromechanical systems for defense, aerospace and security industry leaders such as MBDA, Naval Group, ArianeGroup and Safran.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\">The management team, led by Philippe Saussol, is also making a significant reinvestment alongside Bpifrance as part of the transaction.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\"><strong data-start=\"0\" data-end=\"47\" data-is-only-node=\"\">Philippe Saussol, Chairman of Tethys, <\/strong>said<strong data-start=\"0\" data-end=\"47\" data-is-only-node=\"\">: <\/strong><em data-start=\"50\" data-end=\"563\" data-is-last-node=\"\">&#8220;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 Largilli\u00e8re 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.&#8221;<\/em><\/p>\n<p style=\"text-align: justify;\"><strong data-start=\"0\" data-end=\"73\" data-is-only-node=\"\">Paul Bougnoux, Chairman and Co-Founder of Largilli\u00e8re Finance, <\/strong>added: <em data-start=\"76\" data-end=\"412\" data-is-last-node=\"\">&#8220;The Largilli\u00e8re Finance team is very pleased to have supported Tethys\u2019 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\u2019s ambitions.&#8221;<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>Stakeholders in the operation:<\/strong><\/span><\/p>\n<table style=\"height: 807px; width: 99.8532%; border-collapse: collapse;\">\n<tbody>\n<tr style=\"height: 24px;\">\n<td style=\"width: 49.9638%; height: 10px;\"><strong>Sellers<\/strong><\/td>\n<td style=\"width: 49.9638%; height: 10px;\">Management, shareholders of Tethys and Bpifrance<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 49.9638%; height: 49px;\"><strong>Buyers:<\/strong><\/td>\n<td style=\"width: 49.9638%; height: 49px;\"><\/td>\n<\/tr>\n<tr style=\"height: 56px;\">\n<td style=\"width: 49.9638%; height: 56px;\">\n<ul>\n<li><strong>Abenex<\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 49.9638%; height: 56px;\">Christian Dorl\u00e9ac, Ang\u00e8le France, Emmanuel Herbinet, Aur\u00e9lie Heckel<\/td>\n<\/tr>\n<tr style=\"height: 56px;\">\n<td style=\"width: 49.9638%; height: 56px;\">\n<ul>\n<li><strong>Bpifrance Investissement<\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 49.9638%; height: 56px;\">Laurence Gauthier, Xavier Gelot, Guillaume Dagorn<\/td>\n<\/tr>\n<tr style=\"height: 56px;\">\n<td style=\"width: 49.9638%; height: 63px;\"><strong>Seller Advisors:<\/strong><\/td>\n<td style=\"width: 49.9638%; height: 63px;\">Igor Doumenc, Julien Brouwer, Ghita Bouzoubaa<\/td>\n<\/tr>\n<tr style=\"height: 80px;\">\n<td style=\"width: 49.9638%; height: 61px;\">\n<ul>\n<li><strong>M&amp;A Advisor: Largilli\u00e8re Finance <\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 49.9638%; height: 61px;\">Paul Bougnoux, Thomas Bureau, Maxime Fournely, Jean-Baptiste Francois<\/td>\n<\/tr>\n<tr style=\"height: 56px;\">\n<td style=\"width: 49.9638%; height: 56px;\">\n<ul style=\"list-style-type: disc;\">\n<li><strong>Financial: Exelmans <\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 49.9638%; height: 56px;\">Manuel Manas, Maxime Grelou<\/td>\n<\/tr>\n<tr style=\"height: 56px;\">\n<td style=\"width: 49.9638%; height: 56px;\"><strong>Sell-side legal advisor: Franklin<\/strong><\/td>\n<td style=\"width: 49.9638%; height: 56px;\"><\/td>\n<\/tr>\n<tr style=\"height: 56px;\">\n<td style=\"width: 49.9638%; height: 22px;\">\n<ul>\n<li><strong>Corporate M&amp;A <\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 49.9638%; height: 22px;\">Antoine Denis-Bertin, Camille Menard, Jessica Arias, H\u00e9l\u00e8ne Bulut<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 49.9638%; height: 36px;\">\n<ul>\n<li><strong>Tax<\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 49.9638%; height: 36px;\">Jacques Mestoudjian (Partner), Rudy Marouani<\/td>\n<\/tr>\n<tr style=\"height: 120px;\">\n<td style=\"width: 49.9638%; height: 10px;\">\n<ul>\n<li><strong>Management package<\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 49.9638%; height: 10px;\">Antoine Denis-Bertin, Camille Menard<\/td>\n<\/tr>\n<tr style=\"height: 95px;\">\n<td style=\"width: 49.9638%; height: 40px;\"><strong>Buyer Advisors<\/strong><\/td>\n<td style=\"width: 49.9638%; height: 40px;\"><\/td>\n<\/tr>\n<tr style=\"height: 56px;\">\n<td style=\"width: 49.9638%; height: 43px;\">\n<ul>\n<li><strong>Strategy: Archery Strategy Consulting\u00a0<\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 49.9638%; height: 43px;\">R\u00e9my Bonnery, Baptiste Rosell<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 49.9638%; height: 32px;\">\n<ul>\n<li><strong>Financial: Oderis <\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 49.9638%; height: 32px;\">Thomas Corbineau, Sophie Barre de Saint-Venant<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 49.9638%; height: 25px;\">\n<ul>\n<li><strong>Legal: Lerins <\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 49.9638%; height: 25px;\">Laurent Julienne, Yohann-David Saadoun, No\u00e9 Mingeon<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 49.9638%; height: 30px;\">\n<ul>\n<li><strong>M&amp;A Advisor: Solid Partners <\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 49.9638%; height: 30px;\">Philippe Demign\u00e9, Salah Ben Hamoudi<\/td>\n<\/tr>\n<tr style=\"height: 56px;\">\n<td style=\"width: 49.9638%; height: 50px;\">\n<ul>\n<li><strong>Financing: Finaxeed <\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 49.9638%; height: 50px;\">Vincent Rivaillon, Anselme Fouelac Keunang<\/td>\n<\/tr>\n<tr style=\"height: 56px;\">\n<td style=\"width: 49.9638%; height: 56px;\">\n<ul>\n<li><strong>ESG: Oderis <\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 49.9638%; height: 56px;\">Radia Benhallam, Lucile Cotelle<\/td>\n<\/tr>\n<tr style=\"height: 56px;\">\n<td style=\"width: 49.9638%; height: 56px;\">\n<ul>\n<li><strong> Valuation: Oderis <\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 49.9638%; height: 56px;\">Matthieu Bullion, Nelson Fernandes<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 49.9638%;\">\n<ul>\n<li><strong>Debt arranger: BPMed <\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 49.9638%;\">Isabelle Dusserre<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 49.9638%;\">\n<ul>\n<li><strong>Financing legal advisor: Nabarro B\u00e9raud <\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 49.9638%;\">Magali Beraud, Marie Santunione, Margaux Houdin-Blondeau<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 49.9638%;\">\n<ul>\n<li><strong>Debt legal advisor: Simmons &amp; Simmons <\/strong><\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 49.9638%;\">Mary Serhal, Pierre Joly<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><b><u>Press Contact<\/u><\/b><\/p>\n<p><em><strong>Margie\u00a0<\/strong><\/em><\/p>\n<p>Ali\u00e9nor Miens &#8211; alienor.miens@margie.fr &#8211; +33 (0)6 64 32 81 75<\/p>\n<p>Sophia Beau de Lom\u00e9nie &#8211; sophia.beau.de.lomenie@margie.fr &#8211; +33 (0)7 82 67 84 82<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Abenex has announced the acquisition of a majority stake in Tethys (revenues: \u20ac10 million), a specialist in pyromechanical systems for critical applications, alongside the management team and Bpifrance. The objective is to accelerate Tethys\u2019 development in France and internationally, across markets driven by increasing investment in the defense, space and energy sectors. In this transaction, [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":10966,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[87],"tags":[],"class_list":["post-10962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-communiques-de-presse-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Advised by Largilli\u00e8re Finance, Tethys, a specialist in pyromechanical systems for critical applications, welcomes Abenex as its new majority shareholder, alongside its management team and Bpifrance - Largilli\u00e8re<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/largilliere-finance.com\/en\/advised-by-largilliere-finance-tethys-a-specialist-in-pyromechanical-systems-for-critical-applications-welcomes-abenex-as-its-new-majority-shareholder-alongside-its-management-team-and-bpifrance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Advised by Largilli\u00e8re Finance, Tethys, a specialist in pyromechanical systems for critical applications, welcomes Abenex as its new majority shareholder, alongside its management team and Bpifrance - Largilli\u00e8re\" \/>\n<meta property=\"og:description\" content=\"Abenex has announced the acquisition of a majority stake in Tethys (revenues: \u20ac10 million), a specialist in pyromechanical systems for critical applications, alongside the management team and Bpifrance. The objective is to accelerate Tethys\u2019 development in France and internationally, across markets driven by increasing investment in the defense, space and energy sectors. 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