France FR

Scope of intervention

Sycomore Corporate Finance acted as advisor to Adagia Partners

Date of closing

May 2023

Adagia Partners, a leading European mid-market private equity fund manager and Bpifrance, the French national Investment Bank, have acquired Adhetec, a leader in the high-end aerospace adhesives sector, alongside management.


Over the past years, Adhetec has developed into a leading provider of high-end aerospace adhesive solutions, as a subsidiary of Alvest. This spin-off will allow Adhetec to have the means to fully pursue its growth path with the support of Adagia Partners and Bpifrance.

Adagia Partners and Bpifrance will bring their support to Adhetec’s development plan, which relies on:

  • A booming market, following the increase in aircraft manufacturers’ production rates after Covid-19, and growing adhesives use to cover new generation composite aircraft
  • Internationalisation acceleration, especially in China and North America
  • External growth, either geographically or in terms of products

ADHETEC at a glance

Adhetec is an industrial company specialising in the design and production of cutting-edge adhesive printing solutions for applications mainly in industry and transportation (automotive, aerospace).

Adhetec designs and manufactures innovative products adapted to the needs of its customers, relying on its R&D department, the foundations of its unique know-how. The company develops adhesive solutions for interior and exterior decoration, protection, and masking. Thanks to its customer-centric approach, the taking into account of their industrial processes and their concerns, Adhetec is considered as an expert in the industrial markets in which it evolves. Once the solution is implemented, the company constantly ensures first-class delivery and quality levels.

Adagia Partners at a glance

Adagia Partners is a leading European mid-market private equity firm with offices in Paris and Frankfurt. The firm invests in Midcap companies focusing on France, DACH and Benelux. The team is composed of professionals with a mix of investing and operational background. Adagia Partners has an industry specialist approach and focusses on three core investment sectors – Healthcare, Business Services and Tech Industries. The partners of Adagia Partners have a long track record of backing entrepreneurs in the implementation of their growth strategies, build-up, international expansion and Tech-Digital transformation.

Bpifrance at a glance

Bpifrance Investissement is the management company that handles Bpifrance’s equity investments.  Bpifrance is the French national investment bank: it finances businesses – at every stage of their development – through loans, guarantees, equity investments and export insurances. Bpifrance also provides extra financial services (training, consultancy) to help entrepreneurs meet their challenges (innovation, export…).